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Pure Cycle Corporation Announces Second Quarter Fiscal 2009 Results
THORNTON, Colo., April 9, 2009 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (NasdaqCM:PCYO - News) announced the following summary results of operations:
Six Months Ended
Feb. 28, 2009 Feb. 29, 2008 Change
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Total revenues $ 117,900 $ 126,500 $ (8,600)
Total cost of revenues (83,500) (82,200) (1,300)
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Gross margin 34,400 44,300 (9,900)
Total operating expenses (1,238,000) (1,369,100) 131,100
Other (expense) income
Interest imputed on
the Tap Participation
Fee liability (2,004,000) (2,141,000) 137,000
Other 94,300 (78,900) 173,200
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Net loss $ (3,113,300) $ (3,544,700) $ 431,400
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Weighted average shares
outstanding
(basic and diluted) 20,206,566 20,170,588
Loss per share $ (0.15) $ (0.18) $ 0.03
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The gross margin was negatively impacted by testing procedures required every three years as well as certain maintenance procedures performed on one of our water tanks in the first quarter of fiscal 2009. Operating expenses decreased as a result of reduced consulting expenses and the elimination of franchise fees to the State of Delaware as a result of our reincorporation into the State of Colorado. We reduced the number of consultants because the developer of the Lowry Range terminated their agreement with the State of Colorado Board of Land Commissioners.
The results reported above include significant imputed and non-cash expense items which do not require the use of current assets but are expensed for reporting purposes. Because none of these items require the use of current assets, management thought it important to note these items.
Six months ended
Feb. 28, 2009 Feb. 29, 2008
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Imputed expenses or non-cash
expenses:
Imputed Interest on the Tap
Participation Fee $ 2,004,000 $ 2,141,000
Loss on extinguishment of
contingent obligations -- 273,700
Depreciation and depletion 189,800 190,800
Stock-based compensation expense 153,600 170,400
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Total imputed and non-cash expenses $ 2,347,400 $ 2,775,900
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As will be reported in our financial statements contained in the Form 10-Q filed with the SEC today our financial position as of February 28, 2009 is as follows:
Financial Position Data
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February 28, 2009 August 31, 2008
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Current assets $ 4,654,500 $ 5,502,200
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Total assets $ 108,916,700 $ 109,899,400
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Current liabilities $ 202,900 $ 163,900
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Total liabilities $ 58,708,700 $ 56,731,600
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Total stockholders' equity $ 50,208,000 $ 53,167,800
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At February 28, 2009, our total assets include approximately $103.2 million of capitalized costs related to our water rights and water systems and our total liabilities include approximately $55.8 million related to the Tap Participation Fee liability which is a result of our acquisition of Arkansas River water rights from High Plains A&M, LLC in 2006. Both are further detailed in our Form 10-Q.
We will host a conference call to discuss the results on Tuesday, April 14, 2009 at 2 pm Mountain (4 pm Eastern). The call will be hosted by our President, Mark W. Harding. Call details are presented below.
CALL INFORMATION
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What: Second quarter Fiscal 2009 Financial Release
When: April 14, 2009 at 2:00 pm Mountain (4:00 pm Eastern)
To listen: Click on the link posted on the Company's website:
http://www.purecyclewater.com
Log-on 5 minutes early in case downloads
are required.
Call in Number: To participate in the call, dial toll free:
(800) 510-0178
Passcode: 14165677
REPLAY INFORMATION -------------------------------------------------------------------- The call will be available for replay until 9:59 pm Mountain on April 21, 2009: Toll free: (888) 286-8010 Passcode: 47294130
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.
The Pure Cycle Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6070
Additional information including our recent press releases and Annual Reports are available at http://www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at info@purecyclewater.com.
Contact:
Pure Cycle Corporation
Mark W. Harding, President
303-292-3456
info@purecyclewater.com
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