Welcome!

News Feed Item

Pure Cycle Corporation Announces First Fiscal Quarter 2014 Financial Results

DENVER, CO -- (Marketwired) -- 01/10/14 -- Pure Cycle Corporation (NASDAQ: PCYO) today reported financial results for the three months ended November 30, 2013. Basic and diluted loss per share decreased 36% from a loss of $.06 per share last year to $.04 per share this year.

"In our first quarter we continued delivering record revenue and are continuing momentum for our Company," commented Mark Harding, President of Pure Cycle Corporation. "This was an exciting quarter for Pure Cycle, both operationally and financially, and we are well positioned to continue our strong performance and drive long-term shareholder value."

The following table summarizes results of operations for the three months ended November 30, 2013 and 2012:


                               Three Months Ended
                                  November 30,
                            ------------------------
                                2013         2012       $ Change   % Change
                            -----------  -----------  -----------  --------
  Industrial water used for
   fracking                 $   290,300  $     3,700  $   286,600      7746%
  Water & wastewater             41,100       53,700      (12,600)      -23%
  Farm operations               220,300      362,700     (142,400)      -39%
  Other                          26,800       18,300        8,500        46%
                            -----------  -----------  -----------  --------
Total Revenues                  578,500      438,400      140,100        32%
Cost of revenues               (180,400)     (71,500)    (108,900)      152%
                            -----------  -----------  -----------  --------
Gross margin                    398,100      366,900       31,200         9%
Operating expenses:
  General and
   administrative              (619,900)    (838,100)     218,200       -26%
  Other                         (15,500)     (55,500)      40,000       -72%
                            -----------  -----------  -----------  --------
Loss from operations           (237,300)    (526,700)     289,400       -55%
Other (expense) income:
  Interest on TPF and
   Convertible Debt            (657,200)    (894,600)     237,400       -27%
  Other income                  112,100      114,600       (2,500)       -2%
  Other expenses                (64,100)     (26,900)      64,100      -100%
                            -----------  -----------  -----------  --------
Net loss                    $  (846,500) $(1,333,600) $   588,400       -44%
                            ===========  ===========  ===========  ========

Loss per share              $     (0.04) $     (0.06) $      0.02        33%

Revenues increased approximately 32% during the our three months ended November 30, 2013 compared to our three months ended November 30, 2012 primarily as a result of increased water sales used for fracking.

Our summarized approximate financial position as of November 30, 2013 and August 31, 2013 is as follows:


                                   November 30,   August 31,
                                       2013          2013        $ Change
                                  ------------- ------------- -------------
Assets
---------------------------------
  Cash, cash equivalents and
   marketable securities          $   1,481,000 $   2,448,400 $    (967,400)
  Other current assets                7,735,500     7,451,600       283,900
                                  ------------- ------------- -------------
    Total current assets              9,216,500     9,900,000      (683,500)
  Investments in water and water
   systems, net                      88,944,300    88,512,200       432,100
  Land - Sky Ranch                    3,765,400     3,768,000     3,765,400
  Other long-term assets              6,362,700     6,438,100       (75,400)
                                  ------------- ------------- -------------
    Total assets                  $ 108,288,900 $ 108,618,300 $    (329,400)
                                  ============= ============= =============

Liabilities and Shareholders'
 Equity
---------------------------------
  Current liabilities             $     937,600 $     733,400 $     204,200
  Current portion of mortgages
   payable                            4,654,500     4,668,900       (14,400)
  Tap participation fee payable
   to HP A&M                         48,432,700    59,807,300   (11,374,600)
  Other long-term liabilities         5,251,500     5,636,200      (384,700)
                                  ------------- ------------- -------------
    Total liabilities                59,276,300    70,845,800   (11,569,500)
  Total shareholders' equity         49,012,600    37,772,500    11,240,100
                                  ------------- ------------- -------------
    Total liabilities and
     shareholders' equity         $ 108,288,900 $ 108,618,300 $    (329,400)
                                  ============= ============= =============

Consistent with prior years, management hosts earnings calls reviewing mid-year and year end results. Our next earnings call will be hosted after the release of our second quarter results -- anticipated to be in April 2014. We have posted a detailed slide presentation which overviews the Company and presents summary financial results on our website which can be accessed at www.purecyclewater.com.

The Company will be holding its annual shareholders' meeting on Wednesday, January 15, 2014 at 2PM Mountain. The meeting will be held at the offices of Davis, Graham & Stubbs LLP, at 1550 17th Street, Suite 500, Denver, CO 80202. Additional details can be found on our website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are all statements, other than statements of historical facts, including in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated or intended. Except as required by law, we disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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. Pure Cycle also owns approximately 16,700 acres in Southeastern Colorado that are leased to area farmers.

Additional information including our recent press releases and Annual Reports are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at [email protected].

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...