Welcome!

News Feed Item

Pure Cycle Corporation Announces Second Fiscal Quarter 2014 Financial Results

DENVER, CO -- (Marketwired) -- 04/11/14 -- Pure Cycle Corporation (NASDAQ: PCYO) today reported financial results for the six months ended February 28, 2014. Basic and diluted loss per share decreased 38% from a loss of $.08 per share in last year to $.05 per share this year.

"During the second quarter we continued to see our business grow and develop driving long-term shareholder value," commented Mark Harding, President of Pure Cycle Corporation. "We are very excited to have record water sales and deliveries and are continuing to add value to our Company through monetizing our valuable water assets."

The following table summarizes approximate results of operations for the six months ended February 28, 2014 and 2013:



                                  Six Months Ended
                                    February 28,
                              ------------------------
                                  2014         2013      $ Change  % Change
                              -----------  -----------  ---------  --------
 Industrial water used for
  fracking                    $   654,600  $    85,600  $ 569,000       665%
 Water & wastewater                81,900       86,600     (4,700)       -5%
 Farm operations                  526,900      667,900   (141,000)      -21%
 Other                             51,000       32,800     18,200        55%
                              -----------  -----------  ---------  --------
Total Revenues                  1,314,400      872,900    441,500        51%
Cost of revenues                 (364,800)    (197,300)  (167,500)       85%
                              -----------  -----------  ---------  --------
Gross margin                      949,600      675,600    274,000        41%
Operating expenses:
 General and administrative    (1,304,900)  (1,141,600)  (163,300)       14%
 Other                            (22,900)    (109,800)    86,900       -79%
                              -----------  -----------  ---------  --------
Loss from operations             (378,200)    (575,800)   197,600       -34%
Other (expense) income:
 Interest on TPF and
  Convertible Debt             (1,060,200)  (1,544,800)   484,600       -31%
 Other income                     260,400      231,700     28,700        12%
 Other expenses                  (124,500)    (103,200)   124,500      -100%
                              -----------  -----------  ---------  --------
Net loss                      $(1,302,500) $(1,992,100) $ 835,400       -42%
                              ===========  ===========  =========  ========

Loss per share                $     (0.05) $     (0.08) $    0.03        38%


Revenues increased approximately 51% during the our six months ended February 28, 2014 compared to our six months ended February 28, 2013 primarily as a result of increased water sales used for fracking.

Our summarized approximate financial position as of February 28, 2014 and August 31, 2013 is as follows:



                                     February 28,  August 31,
                                         2014         2013       $ Change
                                     ------------ ------------ ------------
Assets
------------------------------------
 Cash, cash equivalents and
  marketable securities              $    289,600 $  2,448,400 $ (2,158,800)
 Other current assets                  12,929,900    7,451,600    5,478,300
                                     ------------ ------------ ------------
  Total current assets                 13,219,500    9,900,000    3,319,500
 Investments in water and water
  systems, net                         89,010,600   88,512,200      498,400
 Land - Sky Ranch                       3,778,300    3,768,000    3,778,300
 Other long-term assets                 2,481,300    6,438,100   (3,956,800)
                                     ------------ ------------ ------------
  Total assets                       $108,489,700 $108,618,300 $   (128,600)
                                     ============ ============ ============

Liabilities and Shareholders' Equity
------------------------------------
 Current liabilities                 $  1,374,300 $    733,400 $    640,900
 Current portion of mortgages
  payable                               3,511,700    4,668,900   (1,157,200)
 Tap participation fee payable to HP
  A&M                                  24,632,100   59,807,300  (35,175,200)
 Other long-term liabilities            6,152,000    5,636,200      515,800
                                     ------------ ------------ ------------
  Total liabilities                    35,670,100   70,845,800  (35,175,700)
 Total shareholders' equity            72,819,600   37,772,500   35,047,100
                                     ------------ ------------ ------------
  Total liabilities and
   shareholders' equity              $108,489,700 $108,618,300 $   (128,600)
                                     ============ ============ ============


We will host a conference call on Thursday April 17, 2014 at 4PM Eastern (2PM Mountain) to discuss these results. Call details are below. Additionally, 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.

CALL DETAILS
When: 4PM Eastern on Thursday April 17, 2014
Call in number: 1-855-241-1929 (no pass codes required)
Replay available until: April 24, 2014
Replay call in number: 1-855-859-2056
Passcode: 28250018

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, including the design, construction, operation and maintenance of water and wastewater systems, to wholesale customers, which are local governmental entities who provide water and wastewater services to their end-use customers located in the greater Denver metropolitan area. Pure Cycle also owns approximately16,200 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 CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, 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. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
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 ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...