Energy Recovery Inc (ERII) Reports Second Quarter Results

Energy Recovery Inc released financial results for the 2nd quarter ending June 30, 2008. The company provides ultra efficient energy recovery products and technology for seawater desalinization. Their financial results have definitely improved over the past year: net revenue is up 247% to $12.0 million, and net income has increased from a loss of .4 million to a profit of $1.8 million.

The company went public in July of this year, selling 16,100,000 shares of stock during its IPO. This will affect the financial results for the 3rd quarter.

GG Pique, President and CEO, commented on the results:

‘Our strong second quarter results reflect the continued growth of the desalination industry worldwide and our leading market share in the energy recovery segment. The recent IPO was a milestone event for the Company and our visibility as a leading player in our industry has risen as a result. The IPO proceeds put us on solid financial footing to pursue many important strategic initiatives that will further strengthen that leadership position.’

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