Energy Recovery, Inc. Reports Third Quarter 2010 Financial Results: Loss of $0.07 Per Share

Energy Recovery, Inc. ERII, a leader in the design and development of energy recovery devices for desalination, announced today the results of its third quarter ended September 30, 2010. In the third quarter of 2010, ERI achieved net revenue of $6.9 million, a 27% decrease compared to the net revenue for the same period last year and below the Company's guidance range of $10 to $12 million. For the three months ended September 30, 2010, ERI reported a net loss on a generally accepted accounting principles (GAAP) basis of $3.9 million, or $0.07 per share, and non-GAAP loss of $3.3 million, or $0.06 per share. For the same period last year, ERI reported a GAAP net profit of $550,000, or $0.01 per share.