$ERII
Energy Recovery, Inc.

2017 Q2 Form 10-Q Financial Statement

#000143774917013704 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $10.86M $11.97M
YoY Change -9.26% 14.2%
Cost Of Revenue $3.572M $4.236M
YoY Change -15.68% -12.41%
Gross Profit $7.292M $7.737M
YoY Change -5.75% 36.99%
Gross Profit Margin 67.12% 64.62%
Selling, General & Admin $6.101M $5.927M
YoY Change 2.94% -19.43%
% of Gross Profit 83.67% 76.61%
Research & Development $3.077M $2.422M
YoY Change 27.04% 71.77%
% of Gross Profit 42.2% 31.3%
Depreciation & Amortization $940.0K $920.0K
YoY Change 2.17% -6.12%
% of Gross Profit 12.89% 11.89%
Operating Expenses $9.336M $8.507M
YoY Change 9.74% -4.67%
Operating Profit $1.006M $480.0K
YoY Change 109.58% -114.65%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $111.0K $79.00K
YoY Change 40.51% 295.0%
Pretax Income $1.117M $559.0K
YoY Change 99.82% -117.17%
Income Tax $188.0K $103.0K
% Of Pretax Income 16.83% 18.43%
Net Earnings $929.0K $456.0K
YoY Change 103.73% -113.71%
Net Earnings / Revenue 8.55% 3.81%
Basic Earnings Per Share $0.02 $0.01
Diluted Earnings Per Share $0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 53.75M shares 52.37M
Diluted Shares Outstanding 55.57M shares 55.70M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.80M $94.10M
YoY Change -3.51% 312.72%
Cash & Equivalents $33.28M $78.99M
Short-Term Investments $57.50M $15.10M
Other Short-Term Assets $3.500M $2.200M
YoY Change 59.09% -12.0%
Inventory $6.370M $6.178M
Prepaid Expenses
Receivables $12.35M $8.242M
Other Receivables $300.0K $200.0K
Total Short-Term Assets $118.1M $112.6M
YoY Change 4.85% 157.16%
LONG-TERM ASSETS
Property, Plant & Equipment $10.97M $9.762M
YoY Change 12.42% -19.32%
Goodwill $12.79M $12.79M
YoY Change 0.0%
Intangibles $1.585M $2.216M
YoY Change -28.47%
Long-Term Investments
YoY Change
Other Assets $2.000K $2.000K
YoY Change 0.0% -99.88%
Total Long-Term Assets $27.76M $28.72M
YoY Change -3.34% -4.9%
TOTAL ASSETS
Total Short-Term Assets $118.1M $112.6M
Total Long-Term Assets $27.76M $28.72M
Total Assets $145.9M $141.4M
YoY Change 3.19% 91.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.829M $1.518M
YoY Change 86.36% -36.75%
Accrued Expenses $6.900M $5.200M
YoY Change 32.69% 6.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00K $10.00K
YoY Change 10.0%
Total Short-Term Liabilities $16.03M $14.03M
YoY Change 14.25% 52.53%
LONG-TERM LIABILITIES
Long-Term Debt $22.00K $33.00K
YoY Change -33.33%
Other Long-Term Liabilities $61.90M $67.10M
YoY Change -7.75% 7355.56%
Total Long-Term Liabilities $22.00K $33.00K
YoY Change -33.33% -96.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.03M $14.03M
Total Long-Term Liabilities $22.00K $33.00K
Total Liabilities $80.33M $83.27M
YoY Change -3.53% 577.02%
SHAREHOLDERS EQUITY
Retained Earnings -$59.25M -$60.82M
YoY Change -2.57%
Common Stock $58.00K $56.00K
YoY Change 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.49M $15.21M
YoY Change 34.66%
Treasury Stock Shares $4.263M $3.607M
Shareholders Equity $65.53M $58.08M
YoY Change
Total Liabilities & Shareholders Equity $145.9M $141.4M
YoY Change 3.19% 91.02%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $929.0K $456.0K
YoY Change 103.73% -113.71%
Depreciation, Depletion And Amortization $940.0K $920.0K
YoY Change 2.17% -6.12%
Cash From Operating Activities -$1.160M $1.110M
YoY Change -204.5% -115.93%
INVESTING ACTIVITIES
Capital Expenditures -$3.250M -$460.0K
YoY Change 606.52% 84.0%
Acquisitions
YoY Change
Other Investing Activities -$18.93M -$14.88M
YoY Change 27.22% -403.67%
Cash From Investing Activities -$22.18M -$15.34M
YoY Change 44.59% -429.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.630M -3.280M
YoY Change 10.67% -8300.0%
NET CHANGE
Cash From Operating Activities -1.160M 1.110M
Cash From Investing Activities -22.18M -15.34M
Cash From Financing Activities -3.630M -3.280M
Net Change In Cash -26.97M -17.51M
YoY Change 54.03% 667.98%
FREE CASH FLOW
Cash From Operating Activities -$1.160M $1.110M
Capital Expenditures -$3.250M -$460.0K
Free Cash Flow $2.090M $1.570M
YoY Change 33.12% -123.36%

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="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="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="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=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 18pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. generally accept<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ed accounting principles (&#x201c;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; allowance for doubtful accounts; allowance for product warranty; valuation of stock options; valuation and impairment of goodwill and acquired intangible assets; useful lives for depreciation and amortization; valuation adjustments for excess and obsolete inventory; deferred taxes and valuation allowances on deferred tax assets; and evaluation and measurement of contingencies. Those estimates could change, and as a result, actual results could differ materially from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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