Pure Cycle Corporation Announces Fiscal 2007 Financial Results
November 14 2007 - 5:41PM
Marketwired
THORNTON, CO (NASDAQ: PCYO) announced today it posted a net loss
of approximately $6.9 million ($.37 per share) on revenues of
approximately $265,700 for the year ended August 31, 2007. This
compares to a net loss of approximately $792,900 ($.05 per share)
on revenues of approximately $271,700 for the year ended August 31,
2006, and a net loss of approximately $1.1 million ($.08 per share)
on revenues of approximately $234,700 for the year ended August 31,
2005. The increased loss is mainly attributable to the following,
which are described in greater detail in the Company's Form 10-K
filed with the SEC today:
-- Approximately $4.7 million of imputed interest expense related to the
"Tap Participation Fees payable to HP A&M," which the Company began
expensing on September 1, 2006;
-- Approximately $366,100 of depreciation and depletion charges, which
relate mainly to the Arkansas River Valley assets and the assets
constructed to provide water to the Arapahoe County Fairgrounds, which were
not depreciated in fiscal 2006 or 2005;
-- Approximately $287,300 of stock-based compensation expenses related to
stock options recorded pursuant to SFAS 123(R), which is compared to
$209,600 and $0 expensed in fiscal 2006 and 2005, respectively;
-- Approximately $256,000 of water assessment fees expensed, which is
compared to $0 in both fiscal 2006 and 2005;
-- Approximately $190,000 of additional professional fees related to the
High Plains asset acquisition and consultations with the SEC; and
-- Approximately $113,500 of additional State of Delaware franchise fees
and NASDAQ fees, which are a result of the increased asset values and
shares outstanding due to the High Plains asset acquisition on August 31,
2006.
The Company will host a conference call to discuss these results
on November 15, 2007. Details of the call and additional financial
highlights are below.
FINANCIAL HIGHLIGHTS
Unaudited Results of Operations
Years Ended August 31,
2007 2006 2005
------------ ------------ ------------
Total revenues $ 265,700 $ 271,700 $ 234,700
Total cost of revenues
Increase due mainly to
depletion of the Arapahoe
County Fairgrounds water
system (165,200) (73,900) (63,200)
------------ ------------ ------------
Gross margin 100,500 197,800 171,500
Total operating expenses (2,754,800) (1,556,600) (1,322,400)
Other (expense) income
Including imputed interest of
$4.7 million, $0 and $0 (4,260,400) 565,900 100,000
------------ ------------ ------------
Net loss $ (6,914,700) $ (792,900) $ (1,050,900)
============ ============ ============
Weighted average shares
outstanding (basic and diluted) 18,589,737 14,693,585 13,674,156
============ ============ ============
Loss per share $ (0.37) $ (0.05) $ (0.08)
============ ============ ============
Financial Position Data
August 31, August 31,
2007 2006
============== ==============
Current assets $ 7,288,400 $ 3,121,400
-------------- --------------
Total assets $ 111,891,900 $ 108,833,900
-------------- --------------
Current liabilities $ 183,300 $ 380,000
-------------- --------------
Total liabilities $ 54,047,100 $ 54,169,200
-------------- --------------
Total stockholders' equity $ 57,844,800 $ 54,664,700
-------------- --------------
CALL INFORMATION
What: Fiscal 2007 Earnings Release Call
When: November 15, 2007 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) 510-0676
Passcode: 16124045
REPLAY INFORMATION
The call will be available for replay until 9:59 p.m. on November 22, 2007:
Toll free: (888) 286-8010
Passcode: 70477808
A replay will be available on the Company's Website through January 2,
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 Pure Cycle 303-292-3456
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