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Energy Recovery Reports Unaudited Financial Results For 2012, Achieving 52% Revenue Growth Over 2011

Stocks in this article: ERII

FOURTH QUARTER HIGHLIGHTS:

  • Net revenue increased 147% from $6.1 million in the fourth quarter of 2011 to $15.1 million in the fourth quarter of 2012
  • Gross profit margin increased from 1% in the fourth quarter of 2011 to 43% in the current period
  • Operating expenses decreased $1.9 million, or 18%, from $10.6 million in the fourth quarter of 2011 to $8.7 million in the fourth quarter of 2012
  • Net loss reduced $7.8 million, or 78%, from $(10.0) million in the fourth quarter of the prior year to $(2.2) million in the current period
  • Loss per share reduced from $(0.19) in the quarter ended December 31, 2011 to $(0.04) in the quarter ended December 31, 2012

FULL YEAR HIGHLIGHTS:

  • Net revenue increased 52% from $28.0 million in 2011 to $42.6 million in 2012
  • Gross profit margin increased from 28% in 2011 to 47% in 2012
  • Operating expenses decreased $4.2 million, or 13%, from $33.1 million in 2011 to $28.9 million in 2012
  • Net loss reduced $18.2 million, or 69%, from $(26.4) million in 2011 to $(8.3) million in 2012
  • Loss per share reduced from $(0.50) in 2011 to $(0.16) in 2012

SAN LEANDRO, Calif., March 6, 2013 (GLOBE NEWSWIRE) -- Energy Recovery, Inc. (Nasdaq:ERII), a global leader in harnessing reusable energy from industrial fluid flows and pressure cycles, announced today its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012.  In the fourth quarter of 2012, the Company achieved net revenue of $15.1 million, representing one of the strongest revenue quarters in the Company's history. Due to five mega-project shipments in the current period, four to the Middle East and one to North Africa, the Company attained net revenue growth of $9.0 million, or 147%, from the fourth quarter of 2011 to the fourth quarter of 2012. Comparatively, the fourth quarter of 2011 contained no revenue for mega-project shipments, with all revenue attributable instead to OEM and aftermarket sales.   Strong revenue in the current period was reflective of overall growth in the desalination market, which compared favorably to depressed market activity in 2011 caused by the persistent effects of the global economic crisis and geopolitical events in the Middle East. In this growing market, the Company realized sizeable gains in market share due to significant awards for large desalination projects around the world. Complementing the increase in mega-project activity was substantial improvement in OEM and after-market sales.

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