Energy Recovery Inc. has presented its somersaulting fourth quarter income today .Energy Recovery, Inc (NASDAQ:ERII) engages in the design, development, manufacture, and sale of energy recovery devices for sea water reverse osmosis desalination worldwide. For more information regarding World Issues, make sure to visit the most Exclusive and Leading in Depth newsletter website at: http://www.wallstreetgrand.com/.
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Energy Recovery Inc.(NASDAQ:ERII) said Thursday its fourth-quarter income plunged 69 percent as the banking meltdown led to delays in the financing of major projects.
The San Leandro, Calif., company, which makes energy recovery devices for sea water reverse osmosis desalination operations, reported income of $1.65 million, or 3 cents a share, in the fourth quarter. That compares with earnings of $5.26 million, or 10 cents a share, in the same quarter of 2008.
Revenue dipped 28 percent to $15.7 million.
About Energy recovery Inc:
Energy Recovery, Inc. engages in the design, development, manufacture, and sale of energy recovery devices for sea water reverse osmosis desalination worldwide. The company markets its energy recovery devices under the ERI, PX, Pressure Exchanger, and PX Pressure Exchanger trademarks. It serves engineering and construction firms, and original equipment manufacturers. Energy Recovery, Inc. was founded in 1992 and is headquartered in San Leandro, California.
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