$ERII
Energy Recovery, Inc.

2016 Q3 Form 10-Q Financial Statement

#000143774916041012 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $11.02M $12.11M
YoY Change -8.98% 126.73%
Cost Of Revenue $3.968M $4.948M
YoY Change -19.81% 64.55%
Gross Profit $7.056M $7.164M
YoY Change -1.51% 206.81%
Gross Profit Margin 64.01% 59.15%
Selling, General & Admin $6.483M $5.785M
YoY Change 12.07% 6.56%
% of Gross Profit 91.88% 80.75%
Research & Development $2.319M $1.474M
YoY Change 57.33% -30.83%
% of Gross Profit 32.87% 20.58%
Depreciation & Amortization $920.0K $940.0K
YoY Change -2.13% -8.74%
% of Gross Profit 13.04% 13.12%
Operating Expenses $8.960M $7.418M
YoY Change 20.79% -1.88%
Operating Profit -$654.0K -$254.0K
YoY Change 157.48% -95.33%
Interest Expense $1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net $78.00K -$48.00K
YoY Change -262.5%
Pretax Income -$576.0K -$302.0K
YoY Change 90.73% -94.45%
Income Tax $3.000K $38.00K
% Of Pretax Income
Net Earnings -$579.0K -$340.0K
YoY Change 70.29% -93.82%
Net Earnings / Revenue -5.25% -2.81%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 52.11M shares
Diluted Shares Outstanding 52.11M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.70M $22.80M
YoY Change 319.74% -26.92%
Cash & Equivalents $80.69M $21.50M
Short-Term Investments $15.00M $1.300M
Other Short-Term Assets $1.900M $2.900M
YoY Change -34.48% -53.23%
Inventory $5.839M $9.100M
Prepaid Expenses
Receivables $8.193M $8.900M
Other Receivables $100.0K $0.00
Total Short-Term Assets $113.2M $43.80M
YoY Change 158.34% -16.57%
LONG-TERM ASSETS
Property, Plant & Equipment $9.182M $11.30M
YoY Change -18.74% -18.71%
Goodwill $12.79M
YoY Change
Intangibles $2.058M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.000K $2.200M
YoY Change -99.82% 4.76%
Total Long-Term Assets $28.36M $29.40M
YoY Change -3.55% -12.24%
TOTAL ASSETS
Total Short-Term Assets $113.2M $43.80M
Total Long-Term Assets $28.36M $29.40M
Total Assets $141.5M $73.20M
YoY Change 93.32% -14.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.796M $1.700M
YoY Change 5.65% 30.77%
Accrued Expenses $6.300M $4.800M
YoY Change 31.25% -11.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00K $0.00
YoY Change
Total Short-Term Liabilities $15.07M $8.100M
YoY Change 85.99% -3.57%
LONG-TERM LIABILITIES
Long-Term Debt $30.00K $0.00
YoY Change
Other Long-Term Liabilities $65.80M $800.0K
YoY Change 8125.0% -11.11%
Total Long-Term Liabilities $30.00K $800.0K
YoY Change -96.25% -11.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.07M $8.100M
Total Long-Term Liabilities $30.00K $800.0K
Total Liabilities $83.10M $11.10M
YoY Change 648.62% -4.31%
SHAREHOLDERS EQUITY
Retained Earnings -$61.40M
YoY Change
Common Stock $56.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.21M
YoY Change
Treasury Stock Shares $3.722M
Shareholders Equity $58.41M $62.10M
YoY Change
Total Liabilities & Shareholders Equity $141.5M $73.20M
YoY Change 93.32% -14.88%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$579.0K -$340.0K
YoY Change 70.29% -93.82%
Depreciation, Depletion And Amortization $920.0K $940.0K
YoY Change -2.13% -8.74%
Cash From Operating Activities $1.480M $250.0K
YoY Change 492.0% -117.24%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$130.0K
YoY Change 123.08% -18.75%
Acquisitions
YoY Change
Other Investing Activities $290.0K $3.040M
YoY Change -90.46% -14.37%
Cash From Investing Activities $0.00 $2.910M
YoY Change -100.0% -14.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 260.0K
YoY Change -23.08% -126.53%
NET CHANGE
Cash From Operating Activities 1.480M 250.0K
Cash From Investing Activities 0.000 2.910M
Cash From Financing Activities 200.0K 260.0K
Net Change In Cash 1.680M 3.420M
YoY Change -50.88% 256.25%
FREE CASH FLOW
Cash From Operating Activities $1.480M $250.0K
Capital Expenditures -$290.0K -$130.0K
Free Cash Flow $1.770M $380.0K
YoY Change 365.79% -129.46%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Addition of New Revenue Stream to Revenue Recognition Policy - IsoBoost and IsoGen</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In July 2016 we finalized a purchase order associated with a previously announced letter of award to provide multiple units of our IsoBoost technology for integration into a major gas processing plant to be constructed in the Middle East. The contract is for approximately $7 million worth of equipment and services, with an option for an additional $4 million to be determined at a later date. The optional supply may not be confirmed by the customer until the latter portion of 2017. This contract is comprised of fixed prices, with customer specific specifications, and will take over one year to complete.</div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">IsoBoost and IsoGen systems are highly engineered, customized solutions that are designed and manufactured over an extended period of time and are built specifically to meet a customer&#x2019;s specifications. It is the Company&#x2019;s position that percentage-of-completion method of accounting is appropriate for IsoBoost and IsoGen systems given the facts and circumstances of these projects. In the event that a purchase order for an IsoBoost or IsoGen does not meet these facts and circumstances then percentage-of-completion method of accounting does not apply. </div></div><div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Revenue from fixed price contracts is recognized using the percentage-of-completion method of accounting in the ratio of costs incurred to estimated final costs. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Pre-contract costs with no future benefit are expensed in the period in which they are incurred. Since the financial reporting of these contracts depends on estimates, which are assessed continually during the term of the contract, recognized revenues and profit are subject to revisions as the contract progresses to completion. Revisions in profit estimates are reflected in the period in which the facts that give rise to the revisions become known. If material, the effects of any changes in estimates are disclosed in the notes to the consolidated financial statements. When estimates indicate that a loss will be incurred on a contract, a provision for the expected loss is recorded in the period in which the loss becomes evident. Revenue is recognized only to the extent costs have been recognized in the same period.</div></div></div></div></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#x201c;U.S. GAAP&#x201d;) requires our management to make judgments, assumptions, and estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The accounting policies that reflect our more significant estimates and judgments and that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are revenue recognition - completed contract and percentage-of-completion; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill, long-lived assets, and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; and deferred taxes and valuation allowances on deferred tax assets. Actual results could differ materially from those estimates.</div></div></div></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52106000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52237000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52227000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52071000

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