Energy Recovery, Inc. (Energy Recovery), a US based manufacturer of energy recovery devices for water desalination industry, has reported net revenues of $52.1 million for the year-end 2008, compared with the net revenues of $35.4 million in the previous year-end. It has also reported a net income of $8.66 million, or $0.18 per diluted share, for the year-end 2008, compared with the net income of $5.8 million, or $0.14 per diluted share, in the previous year-end.
In the fourth quarter of 2008, the company achieved net revenue of $22.0 million, a 59% increase over the same period last year and at the top of the Company’s guidance range of $20 million to $22 million.
Energy Recovery also reported net income of $5.3 million, or $0.10 per diluted share, for the three months ended December 31, 2008 compared to $2.7 million, or $0.06 per diluted share, for the same period last year.
This was a record year for the company in terms of revenue, earnings and cash flow, and strengthening our balance sheet with the IPO proceeds. Our net revenue for the fourth quarter alone exceeded our total annual revenue in 2006, said GG Pique, president and chief executive officer of Energy Recovery As we begin 2009, we believe we are on solid financial footing to grow our business and introduce new products to our customers. As reflected in our guidance, we expect to see overall growth in both revenue and earnings in 2009.