Energy Recovery (ERII) Posts Q4 Profit
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Energy Recovery Reports Fourth Quarter and Full Year 2015 Results
March 3, 2016 4:55 PM ESTFULL YEAR SUMMARY:
Signed 15-year deal with Schlumberger to provide exclusive rights to VorTeq® hydraulic fracturing technology which included a $75 million payment amortized over the term of the agreement (see details below)Total revenue increased 47% compared to a year ago to $44.7 million driven primarily by strengthening demand in the global water desalination industryGross profit margin improved to 56% from 55%, an increase of 100 basis point year-over-yearNet loss of $(11.6) million, or $(0.22) per share compared to $(18.7) million, or $(0.36) per share in 2014Net cash flow of $84.4 million in 2015 primarily attributable to $75 million exclusivity fee received... More