THORNTON, CO, Jan 09 (MARKET WIRE) --
Pure Cycle Corporation (NASDAQ: PCYO) announced financial results today for
the first quarter of fiscal 2008. For the three months ended November 30,
2007, we posted a net loss of approximately $1.9 million ($.09 per share) on
revenues of approximately $69,700. This compares to a net loss of approximately
$1.6
million ($.09 per share) on revenues of approximately $63,700 for the three
months ended November 30, 2006. The main components of our net losses for both
periodsnoted above, as well as reasons for the increase are as follows (certain
terms
used below, as well as further details of our financial results, are
described in our November 30, 2007 Form 10-Q):
-- Approximately $1.1 million of imputed interest expense, which is the
same for both periods, related to the Tap Participation Fee payable to HP
A&M;
-- Approximately $273,700 of loss related to the acquisition of certain
CAA interests, which did not occur in the first quarter of fiscal 2007;
-- Approximately $112,900 of consulting fees have been expensed during
the first quarter of fiscal 2008. These relate to the ongoing discussions
with the Land Board and Lend Lease over the water and wastewater service
agreement for the proposed development at the Lowry Range;
-- Approximately $95,600 and $90,500 of depreciation and depletion
charges have been incurred for the first fiscal quarter of 2008 and 2007,
respectively. These charges relate mainly to the Arkansas River Valley
assets and the assets constructed to provide water to the Arapahoe County
Fairgrounds;
-- Approximately $81,300 and $78,200 of stock-based compensation expenses
related to stock options recorded pursuant to SFAS 123(R) were recorded
during first fiscal quarter of 2008 and 2007, respectively;
-- Approximately $89,300 and $75,000 of Fort Lyon Canal water assessment
fees were expensed during the first fiscal quarter of 2008 and 2007,
respectively.
We will host a conference call to discuss the results at our Annual
Stockholders' Meeting on Tuesday, January 15, 2008 at 2 pm Mountain. The call
will be hosted by our President, Mark W. Harding. Call details are presented
below.
Additional information regarding the Annual Stockholders' Meeting is
included in our Proxy Statement filed with the Securities and Exchange
Commission
on December 14, 2007.
FINANCIAL HIGHLIGHTS
Unaudited Results of Operations
Three months ended
November 30,
2007 2006
------------ ------------
Total revenues $ 69,700 $ 63,700
Total cost of revenues (41,400) (41,400)
------------ ------------
Gross margin 28,300 22,300
Total operating expenses (725,100) (512,100)
Other (expense) income
Including imputed interest of $1.1 million
for both periods (1,198,200) (1,095,400)
------------ ------------
Net loss $ (1,895,000) $ (1,585,200)
============ ============
Weighted average shares outstanding (basic and
diluted) 20,136,157 18,353,443
============ ============
Loss per share $ (0.09) $ (0.09)
============ ============
Financial Position Data
November 30, August 31,
2007 2007
------------- -------------
Current assets $ 6,903,500 $ 7,288,400
------------- -------------
Total assets $ 111,421,000 $ 111,891,900
------------- -------------
Current liabilities $ 215,500 $ 183,300
------------- -------------
Total liabilities $ 53,484,400 $ 54,047,100
------------- -------------
Total stockholders' equity $ 57,936,600 $ 57,844,800
------------- -------------
CALL INFORMATION
What: First quarter fiscal 2008 Financial Release and
2008 Annual Stockholders' meeting Call
When: January 15, 2008 at 2:00 pm Mountain
To listen: Click on the link posted on the Company's website:
www.purecyclewater.com
Log-on 5 minutes early in case downloads are required.
Call in Number: Toll free: (866) 362-4831
Passcode: 90079735
REPLAY INFORMATION
The call will be available for replay until 9:59 pm on January 22, 2008:
Toll free: (888) 286-8010
Passcode: 56280144
A replay will be available on the Company's Website through April 10, 2008.
For questions, please contact Investor Relations at
info@purecyclewater.com.
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.
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.
Contact:
Mark W. Harding
President
303-292-3456
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