Energy Technology News: Energy Recovery (NASDAQ: $ERII) Reports Second Quarter and First-Half 2016 Results
SAN LEANDRO, Calif., -- (Investorideas Newswire) Energy
Recovery Inc. (NASDAQ:ERII),
the leader in pressure energy technology for industrial fluid flows,
announced yesterday its financial results for the second quarter
ended on June 30, 2016, as well as year-to-date results for the first half of
2016.
Joel Gay, President and Chief Executive Officer, said,
"The second quarter is further evidence that 2016 is the year of delivery.
Having only generated greater revenues once in a second quarter in the
Company's post-IPO history, our topline performance is a positive indicator of
the full fiscal year prospects, especially as it relates to large-scale capital
projects within the desalination business. The Company also secured a purchase
order for the first multiple IsoBoost system installation for what will be one
of the largest gas processing plants in the Middle East, generating more
momentum for our centrifugal line of products in oil & gas. We also
continue to advance toward the execution of the two performance milestones
pursuant to our VorTeqTM licensing agreement with Schlumberger, which will
trigger the incremental $50 million in up-front contract payments. As
communicated at the onset of this year, through the execution of its long-term
strategy, Energy Recovery will continue to protect its market share in
desalination and further develop and gain traction in its emerging market
segments with the singular objective of driving and sustaining long-term
growth."
Second Quarter 2016 Summary
·
Total revenue
increased 26% to $13.2 million, one of the best second quarters in the
Company's post-IPO history
·
EPS of $0.01
·
Highest total gross
margin(1) in the Company's post-IPO history of 68% for the second quarter;
product gross margin was 65% for the same period
Revenues
The Company generated total revenue of $13.2 million in the second quarter of
2016, and $24.5 million for the first half of 2016, compared to $10.5 million
and $16.3 million in the same periods of the prior year. This marks one of the
best second quarters in the Company's history. The increase was primarily due
to strong OEM and aftermarket shipments and the amortization of the
Schlumberger exclusivity fee.
Energy Recovery had $12.0 million in product revenue
in the second quarter of 2016, up from $10.5 million in the second quarter of
2015. Year-to-date, the Company reported product revenue of $22.0 million, up
from $16.3 million in the first half of 2015.
The Company recognized $1.3 million in license and
development revenue during the second quarter of 2016 and $2.5 million
year-to-date. This revenue is associated with the amortization of the $75
million exclusivity fee paid by Schlumberger in the fourth quarter of 2015 for
the exclusive use of the Company's VorTeq hydraulic fracturing system. The
Company recognized no such revenue during the same period last year. The
Schlumberger exclusivity fee will continue to be amortized on a level basis
through the duration of the 15-year agreement. Schlumberger will also pay two
(2) separate $25 million payments (for a total of $50 million) subject to the
Company satisfying certain milestones and key performance indicators. Following
commercialization, Schlumberger will pay an annual royalty fee of $1.5 million
per VorTeq in service per year for the duration of the license agreement. Total
annual royalties are dictated by VorTeq minimum adoption requirements as a
percentage of Schlumberger's active fleets.
Gross Margin
Product gross margin increased 1,100 basis points to 65% for the second quarter
of 2016, compared to 54% in the second quarter of 2015. Including license and
development revenue associated with the Schlumberger exclusivity fee, total
gross margin(1) increased by 1,400 basis points to 68%, which represents the
highest total gross margin in the Company's post-IPO history.
Operating Expenses
Operating expenses for the second quarter of 2016 decreased to $8.5 million
from $8.9 million in the second quarter of 2015. Year to date, the Company
reported operating expenses of $18.3 million, down from $20.3 million in the first
half of 2015.
The decrease quarter over quarter was driven by a
reduction in non-recurring expenses and administrative expenses, offset by
higher R&D expenses associated with Schlumberger Milestone 1 testing.
Non-recurring expenses in the second quarter of 2015 totaled $2.7 million -
primarily due to the CEO transition - whereas the Company did not have any
material non-recurring expenses in the second quarter of 2016.
Bottom Line Summary
To summarize financial performance, the Company
reported net income of $0.5 million, or $0.01 per share, in the second quarter
of 2016. Comparatively, the Company reported a net loss of $(3.3) million, or
$(0.06) per share, in the second quarter of 2015. Summarizing the year to date
financial performance, Energy Recovery reported a net loss of $(1.5) million,
or $(0.03) per share, versus a net loss of $(11.6) million, or $(0.22) per
share, for the first half of 2015.
The improvement was driven by strengthening demand in
global desalination markets, a favorable shift in product mix, revenue
associated with the Schlumberger exclusivity fee amortization, and a reduction
in operating expenses.
Excluding non-recurring items, the Company reported
adjusted net income(1) of $0.5 million, or $0.01 per share in the second quarter
of 2016.
Comparatively, the Company reported an adjusted net
loss(1) of $(0.7) million, or $(0.01) per share, in the second quarter of
2015(1). Year to date, the Company reported an adjusted net loss(1) of $(0.5)
million versus a $(5.9) million for the first half of 2015.
Cash Flow Highlights
The Company ended the quarter with unrestricted cash of $79.0 million, current
and non-current restricted cash of $4.1 million, and short-term investments of
$15.1 million, all of which represent a combined total of $98.2 million.
During the second quarter of 2016, the Company's net
cash provided by operating activities was $1.1 million. This includes net
income of $0.5 million and non-cash expenses of $1.6 million, the largest of
which were share-based compensation of $0.7 million and depreciation and
amortization of $0.9 million. The reduction of inventory contributed $0.6
million and increases in other liabilities contributed $0.3 million to cash
from operating activities, offset by $(0.6) million in increased accounts
receivable and a reduction of $(1.3) million in deferred revenue related to the
amortization of the Schlumberger exclusivity fee. Cash used in investing
activities was $(15.3) million driven by $(14.9) million in purchases of
marketable securities and $(0.5) million in capital expenditures. Cash used in
financing activities was $(3.3) million, attributed to stock repurchases of
$(4.3) million, offset by $1.0 million collected from the issuance of common
stock related to option exercises.
During the first half of 2016, cash provided by
operating activities was $0.8 million. This includes a net loss of $(1.5)
million and non-cash expenses of $3.5 million, the largest of which were
share-based compensation of $1.9 million and depreciation and amortization of
$1.9 million. The monetization of receivables favorably impacted cash from
operating activities by $3.4 million, offset by $(2.1) million in accounts
payable and other liabilities and a reduction of $(2.5) million in deferred
revenue related to the amortization of the Schlumberger exclusivity fee. Cash
used in investing activities was $(15.8) million driven by $(14.9) million in
purchases of marketable securities and $(0.6) million in capital expenditures.
Cash used in financing activities was $(5.9) million, attributed to stock
repurchases of $(8.4) million, offset by $2.5 million collected from the
issuance of common stock related to option exercises.
1 Total gross profit, total gross margin,
adjusted net income (loss), and adjusted basic and diluted net income (loss)
per share are Non-GAAP financial measures. Please refer to the discussion under
headings "Use of Non-GAAP Financial Measures" and
"Reconciliations of Non-GAAP Financial Measures."
Forward-Looking Statements
Certain matters discussed in this press release and on
the conference call are "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, including the Company's
expectations for its financial performance in 2016 and the Company's ability to
achieve the milestones under the Schlumberger licensing agreement and receive
the related contractual payments. These forward-looking statements are
based on information currently available to us and on management's beliefs,
assumptions, estimates, or projections and are not guarantees of future events
or results. Potential risks and uncertainties include our ability to
achieve the milestones under the Schlumberger agreement, any other factors that
may have been discussed herein regarding the risks and uncertainties of our
business, and the risks discussed under "Risk Factors" in our Form
10-K filed with the U.S. Securities and Exchange Commission ("SEC")
on March 3, 2016 as well as other reports filed by the Company with the SEC
from time to time. Because such forward-looking statements involve risks and
uncertainties, the Company's actual results may differ materially from the
predictions in these forward-looking statements. All
forward-looking statements are made as of today, and the Company assumes no
obligation to update such statements.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial
measures, including total gross profit, total gross margin, adjusted net income
(loss), and adjusted basic and diluted net income (loss) per share. Generally,
a non-GAAP financial measure is a numerical measure of a company's performance,
financial position, or cash flows that either exclude or include amounts that
are not normally excluded or included in the most directly comparable measure
calculated and presented in accordance with generally accepted accounting
principles in the United States of America, or GAAP. These non-GAAP
financial measures do not reflect a comprehensive system of accounting, differ
from GAAP measures with the same captions, and may differ from non-GAAP
financial measures with the same or similar captions that are used by other
companies. As such, these non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. The Company uses these non-GAAP financial
measures to analyze its operating performance and future prospects, develop
internal budgets and financial goals, and to facilitate period-to-period
comparisons. The Company believes these non-GAAP financial measures reflect an
additional way of viewing aspects of its operations that, when viewed with its
GAAP results, provide a more complete understanding of factors and trends
affecting its business.
Conference Call to Discuss Second Quarter 2016 Results
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LIVE
CONFERENCE CALL WEBCAST:
Thursday, August 4, 2016, 7:30 AM PDT
Listen-only, Toll-free: 888-539-3612
Listen-only, Local: 719-457-2604
Access code: 5906242
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CONFERENCE
CALL REPLAY:
Expiration: August 18, 2016, 10:30 AM PDT
Toll-free: 888-203-1112
Local: 719-457-0820
Access code: 5906242
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About Energy Recovery Inc.
Energy Recovery (ERII) is an energy
solutions provider to industrial fluid flow markets worldwide. Energy Recovery
solutions recycle and convert wasted pressure energy into a usable asset and
preserve pumps that are subject to hostile processing environments. With
award-winning technology, Energy Recovery simplifies complex industrial systems
while improving productivity, profitability, and efficiency within the oil
& gas, chemical processing, and water industries. Energy Recovery products
save clients more than $1.7 billion (USD) annually. Headquartered in the
Bay Area, Energy Recovery has offices in Ireland, Shanghai, and Dubai.
For more information about the Company, please visit www.energyrecovery.com.
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ENERGY
RECOVERY, INC.
|
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CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
(in
thousands, except share data and par value)
|
|
|
(unaudited)
|
|
|
|
|
|
|
June
30, 2016
|
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December
31, 2015
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ASSETS
|
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|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
$
|
78,987
|
|
$
|
99,931
|
|
|
Restricted
cash
|
|
1,058
|
|
|
1,490
|
|
|
Short-term
investments
|
|
15,095
|
|
|
257
|
|
|
Accounts
receivable, net of allowance for doubtful accounts of $168 and $166 at June
30, 2016 and December 31, 2015, respectively
|
|
8,242
|
|
|
11,590
|
|
|
Unbilled
receivables, current
|
|
1,804
|
|
|
1,879
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|
|
Inventories
|
|
6,178
|
|
|
6,503
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|
Deferred
tax assets, net
|
|
—
|
|
|
938
|
|
|
Prepaid
expenses and other current assets
|
|
1,272
|
|
|
943
|
|
|
Total
current assets
|
|
112,636
|
|
|
123,531
|
|
|
Restricted
cash, non-current
|
|
3,065
|
|
|
2,317
|
|
|
Unbilled
receivables, non-current
|
|
—
|
|
|
6
|
|
|
Deferred
tax assets, non-current
|
|
885
|
|
|
—
|
|
|
Property
and equipment, net of accumulated depreciation of $19,872 and $18,338 at June
30, 2016 and December 31, 2015, respectively
|
|
9,762
|
|
|
10,622
|
|
|
Goodwill
|
|
12,790
|
|
|
12,790
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|
Other
intangible assets, net
|
|
2,216
|
|
|
2,531
|
|
|
Other
assets, non-current
|
|
2
|
|
|
2
|
|
|
Total
assets
|
$
|
141,356
|
|
$
|
151,799
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
1,518
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|
$
|
1,865
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|
|
Accrued
expenses and other current liabilities
|
|
5,233
|
|
|
7,808
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|
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Income
taxes payable
|
|
89
|
|
|
2
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|
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Accrued
warranty reserve
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|
411
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|
|
461
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|
|
Deferred
revenue
|
|
6,772
|
|
|
5,878
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|
|
Current
portion of long-term debt
|
|
10
|
|
|
10
|
|
|
Total
current liabilities
|
|
14,033
|
|
|
16,024
|
|
|
Long-term
debt, net of current portion
|
|
33
|
|
|
38
|
|
|
Deferred
tax liabilities, non-current
|
|
2,109
|
|
|
2,360
|
|
|
Deferred
revenue, non-current
|
|
66,462
|
|
|
69,000
|
|
|
Other
non-current liabilities
|
|
637
|
|
|
718
|
|
|
Total
liabilities
|
|
83,274
|
|
|
88,140
|
|
|
Commitments
and Contingencies (Note 9)
|
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|
|
|
|
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|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or
outstanding
|
|
—
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|
|
—
|
|
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Common
stock, $0.001 par value; 200,000,000 shares authorized; 55,731,277 shares
issued and 52,124,021 shares outstanding at June 30, 2016, and 54,948,235
shares issued and 52,468,779 shares outstanding at December 31, 2015
|
|
56
|
|
|
55
|
|
|
Additional
paid-in capital
|
|
134,156
|
|
|
129,809
|
|
|
Accumulated
other comprehensive loss
|
|
(101
|
)
|
|
(64
|
)
|
|
Treasury
stock at cost, 3,607,256 and 2,479,456 shares repurchased at June 30, 2016
and December 31, 2015, respectively
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(15,213
|
)
|
|
(6,835
|
)
|
|
Accumulated
deficit
|
|
(60,816
|
)
|
|
(59,306
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)
|
|
Total
stockholders' equity
|
|
58,082
|
|
|
63,659
|
|
|
Total
liabilities and stockholders' equity
|
$
|
141,356
|
|
$
|
151,799
|
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ENERGY
RECOVERY, INC.
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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|
(in
thousands, except per share data)
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(unaudited)
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|
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Three
Months Ended
June 30,
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|
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Six
Months Ended
June 30,
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|
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|
2016
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2015
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|
2016
|
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|
2015
|
|
|
Product
revenue
|
$
|
11,973
|
|
$
|
10,484
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|
$
|
22,024
|
|
$
|
16,348
|
|
|
Product
cost of revenue
|
|
4,236
|
|
|
4,836
|
|
|
|
7,910
|
|
|
7,367
|
|
|
Product
gross profit
|
|
7,737
|
|
|
5,648
|
|
|
|
14,114
|
|
|
8,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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License
and development revenue
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|
1,250
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|
|
—
|
|
|
|
2,500
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|
|
—
|
|
|
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Operating
expenses:
|
|
|
|
|
|
|
|
|
|
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General
and administrative
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3,992
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|
|
5,362
|
|
|
|
8,876
|
|
|
11,640
|
|
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Sales
and marketing
|
|
1,935
|
|
|
1,994
|
|
|
|
4,005
|
|
|
4,427
|
|
|
Research
and development
|
|
2,422
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|
|
1,410
|
|
|
|
5,087
|
|
|
3,943
|
|
|
Amortization
of intangible assets
|
|
158
|
|
|
158
|
|
|
|
315
|
|
|
317
|
|
|
Total
operating expenses
|
|
8,507
|
|
|
8,924
|
|
|
|
18,283
|
|
|
20,327
|
|
|
Income
(loss) from operations
|
|
480
|
|
|
(3,276
|
)
|
|
|
(1,669
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)
|
|
(11,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Interest
expense
|
|
—
|
|
|
—
|
|
|
|
(1
|
)
|
|
(40
|
)
|
|
Other
non-operating income (expense)
|
|
79
|
|
|
20
|
|
|
|
58
|
|
|
(82
|
)
|
|
Income
(loss) before income taxes
|
|
559
|
|
|
(3,256
|
)
|
|
|
(1,612
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)
|
|
(11,468
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)
|
|
Provision
(benefit) for income taxes
|
|
103
|
|
|
71
|
|
|
|
(102
|
)
|
|
142
|
|
|
Net
income (loss)
|
$
|
456
|
|
$
|
(3,327
|
)
|
|
$
|
(1,510
|
)
|
$
|
(11,610
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share - basic
|
$
|
0.01
|
|
$
|
(0.06
|
)
|
|
$
|
(0.03
|
)
|
$
|
(0.22
|
)
|
|
Net
income (loss) per share - diluted
|
$
|
0.01
|
|
$
|
(0.06
|
)
|
|
$
|
(0.03
|
)
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic
|
|
52,369
|
|
|
52,026
|
|
|
|
52,288
|
|
|
51,987
|
|
|
Weighted
average shares outstanding - diluted
|
|
55,698
|
|
|
52,026
|
|
|
|
52,288
|
|
|
51,987
|
|
|
|
|
|
|
|
|
|
|
|
|
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ENERGY
RECOVERY, INC.
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CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
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(in
thousands)
|
|
(unaudited)
|
|
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|
|
Six
Months Ended
June 30,
|
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|
|
2016
|
|
2015
|
|
|
Cash
Flows From Operating Activities
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(1,510
|
)
|
$
|
(11,610
|
)
|
|
Adjustments
to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
1,865
|
|
|
3,053
|
|
|
Depreciation
and amortization
|
|
1,851
|
|
|
1,959
|
|
|
Provision
for warranty claims
|
|
96
|
|
|
15
|
|
|
Unrealized
loss on foreign currency transactions
|
|
52
|
|
|
21
|
|
|
Amortization
of premiums on investments
|
|
34
|
|
|
130
|
|
|
Change
in fair value of put options
|
|
33
|
|
|
—
|
|
|
Provision
for doubtful accounts
|
|
16
|
|
|
59
|
|
|
Valuation
adjustments for excess or obsolete inventory
|
|
(42
|
)
|
|
21
|
|
|
Other
non-cash adjustments
|
|
(49
|
)
|
|
86
|
|
|
Reversal
of accruals related to expired warranties
|
|
(146
|
)
|
|
—
|
|
|
Deferred
income taxes
|
|
(199
|
)
|
|
131
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
3,333
|
|
|
3,472
|
|
|
Deferred
revenue, product
|
|
855
|
|
|
714
|
|
|
Inventories
|
|
389
|
|
|
(1,520
|
)
|
|
Income
taxes payable
|
|
89
|
|
|
4
|
|
|
Unbilled
receivables
|
|
81
|
|
|
60
|
|
|
Litigation
settlement
|
|
—
|
|
|
(1,700
|
)
|
|
Accounts
payable
|
|
(347
|
)
|
|
549
|
|
|
Prepaid
and other assets
|
|
(384
|
)
|
|
239
|
|
|
Deferred
revenue, SLB license
|
|
(2,500
|
)
|
|
—
|
|
|
Accrued
expenses and other liabilities
|
|
(2,668
|
)
|
|
(3,633
|
)
|
|
Net
cash provided by (used in) operating activities
|
|
849
|
|
|
(7,950
|
)
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Investing Activities
|
|
|
|
|
|
|
|
Maturities
of marketable securities
|
|
—
|
|
|
8,235
|
|
|
Restricted
cash
|
|
(315
|
)
|
|
2,422
|
|
|
Capital
expenditures
|
|
(613
|
)
|
|
(429
|
)
|
|
Purchases
of marketable securities
|
|
(14,903
|
)
|
|
—
|
|
|
Net
cash (used in) provided by investing activities
|
|
(15,831
|
)
|
|
10,228
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
|
|
|
|
|
|
Net
proceeds from issuance of common stock
|
|
2,511
|
|
|
293
|
|
|
Proceeds
from long-term debt
|
|
—
|
|
|
55
|
|
|
Repayment
of long-term debt
|
|
(5
|
)
|
|
(2
|
)
|
|
Repurchase
of common stock
|
|
(8,378
|
)
|
|
—
|
|
|
Net
cash (used in) provided by financing activities
|
|
(5,872
|
)
|
|
346
|
|
|
Effect
of exchange rate differences on cash and cash equivalents
|
|
(90
|
)
|
|
(18
|
)
|
|
Net
change in cash and cash equivalents
|
|
(20,944
|
)
|
|
2,606
|
|
|
Cash
and cash equivalents, beginning of period
|
|
99,931
|
|
|
15,501
|
|
|
Cash
and cash equivalents, end of period
|
$
|
78,987
|
|
$
|
18,107
|
|
|
|
|
|
|
|
|
|
ENERGY RECOVERY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
This press release includes non-GAAP financial
information because we plan and manage our business using such information. Our
non-GAAP Total Gross Profit, Total Gross Margin are determined by adding back
the license and development revenue associated with the amortization of the
Schlumberger exclusivity fee. Our non-GAAP Adjusted Net Income and per share
information also exclude non-recurring expenses.
|
|
Three
Months Ended
June 30
|
|
Six
Months Ended
June 30
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
Product
revenue
|
$
|
11,973
|
|
$
|
10,484
|
|
$
|
22,024
|
|
$
|
16,348
|
|
|
|
License
and development revenue
|
|
1,250
|
|
|
-
|
|
|
|
|
|
2,500
|
|
|
|
Total
revenue
|
|
13,223
|
|
|
10,484
|
|
|
|
|
|
24,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
gross profit
|
|
7,737
|
|
|
5,648
|
|
|
|
|
|
14,114
|
|
|
|
License
and development revenue
|
|
1,250
|
|
|
-
|
|
|
|
|
|
2,500
|
|
|
|
Total
gross profit (Non-GAAP)
|
|
8,987
|
|
|
5,648
|
|
|
|
|
|
16,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
gross margin
|
|
65
|
%
|
|
54
|
%
|
|
64
|
%
|
|
55
|
%
|
|
|
Total
gross margin (Non-GAAP)
|
|
68
|
%
|
|
54
|
%
|
|
68
|
%
|
|
55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
456
|
|
|
(3,327
|
)
|
|
(1,510
|
)
|
|
(11,610
|
)
|
|
|
Non-recurring
operating expenses
|
|
-
|
|
|
2,674
|
|
|
1,008
|
|
|
5,719
|
|
|
|
Adjusted
net income (loss) (Non-GAAP)
|
|
456
|
|
|
(653
|
)
|
|
(502
|
)
|
|
(5,891
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net income (loss) per share
|
|
0.01
|
|
|
(0.06
|
)
|
|
(0.03
|
)
|
|
(0.22
|
)
|
|
|
Adjusted
basic and diluted net income (loss) per share (Non-GAAP)
|
|
0.01
|
|
|
(0.01
|
)
|
|
(0.01
|
)
|
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic
|
|
52,369
|
|
|
52,026
|
|
|
52,288
|
|
|
51,987
|
|
|
|
Weighted
average shares outstanding - diluted
|
|
55,698
|
|
|
52,026
|
|
|
52,288
|
|
|
51,987
|
|
|
Contact
Chris Gannon
Chief Financial Officer
510-483-7370
Source: Energy Recovery
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