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Click on the links below to view the items :
Pure Cycle 2007 Press Releases
Pure Cycle 2006 Press Releases
Pure Cycle 2005 Press Releases
Earnings Releases
Pure Cycle Corporation Announces Q3 Fiscal 2008 Financial Results
Thornton, Colorado – July 8, 2008 –
Pure Cycle Corporation (the “Company”) (NASDAQ Capital Market: PCYO)
announced financial results today for the nine months ended May 31, 2008.
Pure Cycle is reporting net losses of approximately $5.3 million ($.26 per share) and $5.2 million ($.28 per share),
for the nine months ended May 31, 2008 and 2007, respectively. The main components of our losses are items that do not
currently require the use of cash, and are comprised of the following:
9 months ended May |
| Imputed expenses or non-cash expenses |
31, 2008 |
31, 2007 |
|
Imputed Interest on the Tap Participation Fee |
$3,255,000 |
$3,463,500 |
|
Loss on extinguishment of contingent oblications |
273,700 |
|
|
Depreciation and depletion |
286,200 |
274,000 |
|
Stock based compensation expense |
263,800 |
223,900 |
|
Total imputed and non-cash expenses |
$4,078,700 |
$3,961,400 |
These items are explained in greater detail in our Form 10-K for the year ended August 31, 2007 and
further in our Form 10-Q for the three and nine months ended May 31, 2008, to be filed with the SEC
on July 10, 2008. In addition to the above items, for the nine months ended May 31, 2008 and 2007,
respectively, we also incurred approximately $190,200 and $24,200 of consulting fees related to the
ongoing discussions with the Land Board and Lend Lease over water and wastewater service agreements
for the proposed development at the Lowry Range. Excluding the cash paid for consulting and the expenses
described above, our net losses for the nine months ended May 31, 2008 and 2007 would have been:
|
Nine Months Ended: |
|
|
May 31, 2008 |
May 31, 2007 |
$ Change |
% Change |
|
Net losses as reported |
$(5,273,000) |
$(5,157,400) |
$ 115,600 |
2% |
|
Imputed and non-cash expenses described above |
4,078,700 |
3,961,400 |
|
|
| Consulting fees |
190,200 |
24,200 |
|
|
| As adjusted net losses |
$(1,004,100) |
$(1,171,800) |
$(167,700) |
-14% |
The as adjusted net losses for the current year decreased because (i) we did not incur in the current
year the professional fees we incurred last year arising out of SEC consultations and (ii) we have eliminated
franchise fees paid to the State of Delaware as a result of our reincorporation in Colorado.
We will host a conference call to discuss the results on Friday July 11, 2008 at 2 pm Mountain.
The call will be hosted by our President, Mark W. Harding. Call details are presented below.
Financial Highlights
(Unaudited Results of Operations)
9 months ended May |
| |
31, 2008 |
31, 2007 |
| Total Revenues |
$194,100 |
$178,100 |
| Total Cost of Revenues |
(118,500) |
(121,100) |
| Gross Margin |
75,600 |
57,000 |
| Total Operating Expenses |
(2,030,400) |
(1,858,800) |
| Other Income (Expense) |
(3,318,200) |
(3,355,600) |
- Includes imputed interest of $3.3 million and $3.5 million
|
| Net Loss |
$(5,273,000) |
$(5,157,400) |
| Weighted Average Shares Outstanding (Basic & Diluted) |
20,182,668 |
18,399,887 |
| Loss Per Share |
$(0.26) |
$(0.28) |
FINANCIAL POSITION DATA
|
|
May 31, 2008
|
August 31, 2007
|
|
Current Assets |
$5,881,800
|
$7,288,400
|
| Total Assets
|
$110,392,600 |
$111,891,900 |
|
Current Liabilities
|
$214,700 |
$183,300 |
| Total Liabilities |
$55,659,000 |
$54,047,100
|
| Total Equity |
$54,733,700 |
$57,844,800 |
CALL INFORMATION
| What: |
Third quarter fiscal 2008 Financial Release |
| When: |
July 11, 2008 at 2:00 pm Mountain |
| To Listen: |
Click on the link posted onthe company's website www.purecyclewater.com |
| Call in Number: |
Toll free: 888-396-2386 |
| Passcode: |
11707635 |
Listen Live
July 11th - 2PM Mountain Q3 Financial Release Call
REPLAY INFORMATION
The call will be available for replay until 9:59 p.m. on July 18, 2008:
Toll free:
(888) 286-8010
Passcode:
94544977
A replay will be available on the Company’s Website through August 31, 2008.
For questions, please contact Investor Relations at
info@purecyclewater.com.
Company Information
Pure Cycle owns water assets in several river basins in the State of Colorado as well as certain aquifers
in the Denver, Colorado metropolitan area. Pure Cycle provides water and wastewater services to
customers located in the Denver metropolitan area including the design, construction, operation and
maintenance of water and wastewater systems.
Additional information including our recent press releases and fiscal year ended August 31, 2005
Annual Report are available at www.purecyclewater.com
, or you may contact our President, Mark W. Harding, at 303-292-3456.
Pure Cycle Corporation Announces Q2 Fiscal 2008 Financial Results
Thornton, Colorado – April 8, 2008 –
Pure Cycle Corporation (the “Company”) (NASDAQ Capital Market: PCYO) announced financial results today for the six months ended February 29, 2008.
Pure Cycle is reporting net losses of approximately $3.5 million ($.18 per share) and $3.4 million ($.19 per share),
for the six months ended February 29, 2008 and February 28, 2007, respectively. However, approximately $2.8 million
and $2.6 million of the reported losses relate to expense items which do not currently require the use of cash or other
current assets which results in cash expenses totaling approximately $.8 million for each period. Although they are
components of our net losses, management does not include these items when reviewing the performance of the Company;
therefore, management believes it is necessary to highlight these items for investors. The items are comprised of the following:
6 months ended Febuary |
| Imputed expenses or non-cash expenses |
29,
2008 |
27, 2007 |
|
Imputed Interest on the Tap Participation Fee |
$2,141,000 |
$2,286,700 |
|
Loss on extinguishment of contingent oblications |
273,700 |
|
|
Depreciation and depletion |
190,800 |
182,200 |
|
Stock based compensation expense |
170,400 |
156,500 |
|
Total imputed and non-cash expenses |
$2,775,900 |
$2,625,400 |
These items are explained in greater detail in our Form 10-K for the year ended August 31, 2007
and further in our Form 10-Q for the three and six months ended February 29, 2008, to be filed
with the SEC on April 9, 2008. In addition to the above items, for the six months ended February 29, 2008
and February 28, 2007, respectively, we also incurred approximately $152,700 and $5,000 of consulting
fees related to the ongoing discussions with the Land Board and Lend Lease over the water and wastewater
service agreements for the proposed development at the Lowry Range. Excluding the cash paid for consulting
and the expenses described above our net losses for the six months ended February 29, 2008 and February 28, 2007 would have been:
|
Six Months Ended: |
|
|
Febuary 29, 2008 |
Febuary 28, 2007 |
$ Change |
% Change |
|
Net losses as reported |
$(3,544,700) |
$(3,414,500) |
$ 130,200 |
4% |
|
Imputed and non-cash expenses described above |
2,775,900 |
2,625,400 |
|
|
|
Consulting fees |
152,700 |
5,000 |
|
|
|
As adjusted net losses |
$(616,100) |
$(784,100) |
$(168,000) |
-21% |
The as adjusted net losses for the current year decreased as a result of lower professional
fees due to the consultation with the SEC we had in the prior fiscal year and the reduction
of state franchise fees paid to the State of Delaware as a result of our reincorporation into Colorado.
We will host a conference call to discuss the results on Thursday April 10, 2008 at 2 pm Mountain.
The call will be hosted by our President, Mark W. Harding. Call details are presented below
Financial Highlights
(Unaudited Results of Operations)
6 months ended February |
| |
29, 2008 |
28, 2007 |
| Total Revenues |
$126,500 |
$115,700 |
| Total Cost of Revenues |
(82,200) |
(80,600) |
| Gross Margin |
44,300 |
35,100 |
| Total Operating Expenses |
(1,369,100) |
(1,267,200) |
| Other Income (Expense) |
(2,219,900) |
(2,182,400) |
- Includes imputed interest of $2.1 million and $2.3 million
|
| Net Loss |
$(3,544,700) |
$(3,414,500) |
| Weighted Average Shares Outstanding (Basic & Diluted) |
20,170,588 |
18,361,083 |
| Loss Per Share |
$(0.18) |
$(0.19) |
FINANCIAL POSITION SHEET
|
|
Feb 29, 2008
(unaudited)
|
Feb 28, 2007
(restated)
|
|
Current Assets |
$6,303,700
|
$7,288,400
|
|
Total Assets
|
$110,858,200
|
$111,891,900
|
|
Current Liabilities
|
$145,000
|
$183,300
|
|
Total Liabilities
|
$54,489,600
|
$54,047,100
|
|
Total Equity
|
$56,368,600
|
$57,844,800
|
Q2-2008 Earnings Slides
For questions, please contact Investor Relations at
info@purecyclewater.com.
Company Information
Pure Cycle owns water assets in several river basins in the State of Colorado as well as certain aquifers
in the Denver, Colorado metropolitan area. Pure Cycle provides water and wastewater services to
customers located in the Denver metropolitan area including the design, construction, operation and
maintenance of water and wastewater systems.
Additional information including our recent press releases and fiscal year ended August 31, 2005
Annual Report are available at www.purecyclewater.com
, or you may contact our President, Mark W. Harding, at 303-292-3456.
Pure Cycle Corporation Announces Q1 Fiscal 2008 Financial Results
Thornton, Colorado – January 9, 2008 –
Pure Cycle Corporation (the “Company”) (NASDAQ Capital Market: PCYO) announced financial results today for the first quarter of fiscal 2008.
For the three months ended November 30, 2007, we posted a net loss of approximately $1.9 million ($.09 per share) on revenues of approximately $69,700.
This compares to a net loss of approximately $1.6 million ($.09 per share) on revenues of approximately $63,700 for the three months ended November 30, 2006.
The main components of our net losses for both periods noted above, as well as reasons for the increase are as follows (certain terms used below, as well
as further details of our financial results, are described in our November 30, 2007 Form 10-Q):
- Approximately $1.1 million of imputed interest expense, which is the same for both periods,
related to the Tap Participation Fee payable to HP A&M;
- Approximately $273,700 of loss related to the acquisition of certain
CAA interests, which did not occur in the first quarter of fiscal 2007;
- Approximately $112,900 of consulting fees have been expensed during
the first quarter of fiscal 2008. These relate to the ongoing discussions with the
Land Board and Lend Lease over the water and wastewater service agreement for the
proposed development at the Lowry Range;
- Approximately $95,600 and $90,500 of depreciation and depletion charges
have been incurred for the first fiscal quarter of 2008 and 2007, respectively.
These charges relate mainly to the Arkansas River Valley assets and the assets constructed
to provide water to the Arapahoe County Fairgrounds;
- Approximately $81,300 and $78,200 of stock-based compensation expenses
related to stock options recorded pursuant to SFAS 123(R) were recorded during first
fiscal quarter of 2008 and 2007, respectively; and
- Approximately $89,300 and $75,000 of Fort Lyon Canal water assessment
fees were expensed during the first fiscal quarter of 2008 and 2007, respectively.
We will host a conference call to discuss the results at our Annual Stockholders’
Meeting on Tuesday January 15, 2008 at 2 pm Mountain. The call will be hosted by our President, Mark W. Harding.
Call details are presented below.
Additional information regarding the Annual Stockholders’ Meeting is included in our Proxy Statement filed with
the Securities and Exchange Commission on December 14, 2007.
Financial Highlights
(Unaudited Results of Operations)
3 months ended November 30, |
| |
2007 |
2006 |
| Total Revenues |
$69,700 |
$63,700 |
| Total Cost of Revenues |
$41,400 |
$41,400 |
| Gross Margin |
$28,300 |
$22,300 |
| Total Operating Expenses |
$725,100 |
$512,100 |
| Other Income (Expense) |
$1,198,200 |
$1,095,400 |
- Includes imputed interest of $1.1 million for both periods
|
| Net Loss |
$1,895,000 |
$1585,200 |
| Weighted Average Shares Outstanding (Basic & Diluted) |
20,136,157 |
18,353,443 |
| Loss Per Share |
$0.09 |
$0.09 |
FINANCIAL POSITION SHEET
|
