Business
Energy Recovery Reports Product Revenue Growth of 26% for Fiscal Year 2020
$50 Million Share Buyback Program AnnouncedSAN LEANDRO, CA / ACCESSWIRE / March 11, 2021 / Energy Recovery, Inc. (NASDAQ:ERII) today announced its financial
About this update from Energy Recovery, Inc.
[{"type":"text","content":"$50 Million Share Buyback Program AnnouncedSAN LEANDRO, CA / ACCESSWIRE / March 11, 2021 / Energy Recovery, Inc. (NASDAQ:ERII) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Company achieved 26% product revenue growth for the fiscal year 2020 across all business segments, which includes a 27% year-over-year growth in our core seawater desalination business.Strong 2020 results combined with projected growth in 2021 and 2022 will likely increase Energy Recovery's cash balances. As a result, the Board of Directors of the Company approved a share repurchase program on March 9, 2021. Under this program, the Company may repurchase up to $50.0 million of the Company's outstanding common stock. The repurchases will take place in open-market transactions and will focus on maximizing the number of shares purchased by Energy Recovery.\"We ended a difficult 2020 stronger than we started,\" said Bob Mao, Chairman of the Board, President, and Chief Executive Officer of Energy Recovery. \"We kept our employees safe while keeping our production running, grew our base water business and achieved record revenue despite the pandemic, launched our new Ultra PX™ energy recovery device for industrial wastewater treatment, and issued our first Environmental, Social and Governance (\"ESG\") report.\"Mr. Mao continued, \"I believe 2021 is going to be an even more exciting year for Energy Recovery. In early March, we deployed the VorTeq at a live well with one of the largest independent oil producers in the U.S., a key step towards demonstrating the value proposition of the product and ensuring readiness for commercial deployment. We continue to work on the other critical hurdle for profitable commercialization - extending the service life of the VorTeq cartridges.\"Mr. Mao concluded, \"We also continue to push the boundaries of our core technology, the pressure exchanger, to handle new operating environments and industrial applications, including actively developing capabilities to handle gases. With this broader operating range, our first target is to address the challenges faced in industrial and commercial refrigeration. We are taking a disciplined approach to incubating new products, with clear financial and time bounds on each of our initiatives, which we believe will enable us to more rapi...