Energy Recovery, Inc. Reports First Quarter 2009 Financial Results
May 07, 2009 at 16:05 PM EDT
Energy Recovery, Inc. (Nasdaq:ERII), a leader in the design and development of energy recovery devices for desalination, announced today the results of its first quarter ended March 31, 2009. In the first quarter of 2009, ERI achieved net revenue of $12.6 million, a 39% increase over the same period last year and at the midpoint of the Company’s net revenue guidance range of $12 million to $13 million. ERI reported net income of $1.6 million, or $0.03 per diluted share, for the three months ended March 31, 2009 compared to $947,000, or $0.02 per diluted share, for the same period last year.
“During the first quarter, we shipped the largest single order of PX devices in the company’s history to the Hadera desalination plant in Israel,” said GG Pique, President and CEO of Energy Recovery, Inc. “We continue to see strong growth in the reverse osmosis sector of the desalination industry in Australia, Spain, China, the Middle East and North Africa, as well as emerging growth in countries such as India where water scarcity persists.”
ERI provides the following guidance for the second quarter of 2009 and the full year:
Forward Looking Statements
This press release includes “forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements regarding ERI’s estimated net revenue, net income and earnings per diluted share for the second quarter of 2009 and for the 2009 fiscal year and statements about the growth of the reverse osmosis sector of the desalination industry. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in those forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, delays in, or cancellation of, the construction of desalination plants, the inability of our customers to obtain project financing, delays in governmental approvals, changes in end users’ budgets for desalination plants or the timing of their purchasing decisions, the world economic crisis and other risks detailed in the Company's filings with the Securities and Exchange Commission (“SEC”). All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements. For more details relating to the risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, please refer to the Company's SEC filings.
Conference Call to Discuss First Quarter 2009 Results
The conference call scheduled today at 1:30 p.m. PST will be in a "listen-only" mode for all participants other than the investment professionals who regularly follow the Company. The toll-free phone number for the call is 800-762-8908 or 408-629-9031 and the access code is 4057072. Callers should dial in approximately 15 minutes prior to the scheduled start time. A telephonic replay will be available at 800-406-7325 or 303-590-3030, Access Code: 4057072, until Thursday, May 21, 2009. Investors may also access the live call or the replay over the internet at www.energyrecovery.com. The replay will be available approximately three hours after the live call concludes.
Energy Recovery, Inc. (NASDAQ: ERII) is a leading manufacturer of energy recovery devices that are helping make desalination affordable. ERI’s PX Pressure Exchanger® (PX®) device is a rotary positive displacement pump designed to recover energy from the high pressure reject stream of SWRO systems at up to 98% efficiency with no downtime. The company is headquartered in the San Francisco Bay Area with offices in key desalination centers worldwide, including Madrid, Shanghai, Florida and the United Arab Emirates. For more information on ERI and its PX devices, please visit www.energyrecovery.com.