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

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
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO 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 over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...