Business
Energy Recovery Reports First Quarter Financial Results
SAN LEANDRO, CA / ACCESSWIRE / April 30, 2020 / Energy Recovery Inc. (NASDAQ:ERII) ("Energy Recovery," "we," "our," or the "Company"), a leader in pressure
About this update from Energy Recovery, Inc.
[{"type":"text","content":"SAN LEANDRO, CA / ACCESSWIRE / April 30, 2020 / Energy Recovery Inc. (NASDAQ:ERII) (\"Energy Recovery,\" \"we,\" \"our,\" or the \"Company\"), a leader in pressure energy technology for industrial fluid flows, today announced its financial results for the first quarter ended March 31, 2020.First Quarter 2020 Highlights:Total product revenue of $19.0 million, an increase of 18% year-over-yearTotal revenue of $21.5 million, an increase of 9% year-over-yearProduct gross margin of 70.1%, an increase of 80 basis points year-over-yearNet income of $0.6 million, or diluted earnings per share of $0.01, a decrease of $0.04 year-over-yearChairman and Interim President and Chief Executive Officer Robert Mao remarked, \"We came into the first quarter confident in our confirmed order backlog and successfully navigated the COVID-19 pandemic challenges late in the quarter. We delivered a strong Q1 in which we fulfilled all of our contractual shipments and achieved year-over-year quarterly revenue growth.\"Mr. Mao continued, \"These results are a testament to the talent, flexibility and hard work of our global team. Thanks to their calm and determined execution, we have been able to safely continue limited manufacturing operations in our San Leandro and Katy facilities and progress our newest manufacturing facility in Tracy, California in accordance with government guidance. Moreover, we have continued to close contracts since California's shelter-in-place order came into effect in mid-March, including large orders from China and Egypt. We cannot anticipate what events may transpire over the coming months, but we can say with certainty that we are as prepared as we can be, with a strong financial position, flexible balance sheet, a solid order backlog and a smart team with deep knowledge of our markets.\"COVID-19 PandemicIn response to measures taken in mid-March by the State of California and local governments in the State of California to fight the COVID-19 pandemic, we elected to temporarily suspend our manufacturing activities to assess the impact of these measures, and to implement health and safety actions recommended by government and health officials to better protect employees who are required to be present at our facilities. In addition, the majority of our office employees have been working remotely since that time. In early April, w...