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

Mark W. Harding
President
303-292-3456
[email protected]

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
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...