Pure Cycle Corporation (the �Company�) (NASDAQ: PCYO) today
announced results for the three fiscal years ended August 31, 2006.
The Company posted net losses of approximately $792,900 ($.05 per
share), $1,050,900 ($.08 per share), and $1,975,700 ($.22 per
share) for the years ended August 31, 2006, 2005 and 2004,
respectively. The Company had revenues of approximately $271,700,
$234,700 and $205,000 for the respective periods. The Company�s net
losses have decreased over the three-year period due mainly to
higher water usage fees during 2006 and 2005 due to below average
precipitation resulting in higher water sales, increases in water
usage rates and lower salary and related costs due to the Company�s
former CEO retiring in November 2004. Additionally, in fiscal 2006
the Company recorded approximately $390,900 of gain related to the
extinguishment of debt and the acquisition of certain contingent
interests. These favorable items were offset by the Company
recording approximately $209,600 of stock-based compensation
expense pursuant to Financial Accounting Standards No. 123 (revised
2004) and professional service fees and director fees increased
$34,700. The Company�s financial position as of August 31, 2006 was
dramatically enhanced by the acquisition of Arkansas River water
rights and various related assets for consideration of equity and
contingent payments based on water tap sales. This resulted in an
increase to the Company�s investments in water and water systems of
approximately $102.6 million and an increase in the Company�s
liabilities of approximately $80.7 million (this is comprised of
$66.1 million for a tap participation fee whereby the Company will
pay the seller 10% of the tap fees received on the sale of the next
40,000 water taps and $14.6 million related to an indirect
guarantee of notes that were retained by the seller). The Company
intends to develop this water for use along the Front Range of
Colorado. Additional financial highlights are presented below. The
Company�s President, Mark W. Harding, will host a conference call
to discuss the financial results as described below. CALL
INFORMATION
----------------------------------------------------------------------
What: Fiscal 2006 earnings call When: Wednesday November 29, 2006 -
2:00 p.m. 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. To Participate: Dial toll-free:
877-407-9210 also log on to our website to view the slides. REPLAY
INFORMATION
----------------------------------------------------------------------
The call will be available for replay until 9:59 p.m. Mountain on
December 6, 2006, and will be available on the Company's website
through January 15, 2007: Toll-free: 877-660-6853 Playback account
number: 286 Playback conference ID: 219734 For questions, please
contact Investor Relations at info@purecyclewater.com. FINANCIAL
HIGHLIGHTS � Results of Operations � Fiscal years ended August 31,
2006� 2005� 2004� Total revenues $ 271,700� $ 234,700� $ 205,000�
Total cost of revenues (73,900) (63,200) (60,600) Gross margin
197,800� 171,500� 144,400� � Total operating expenses (1,556,600)
(1,322,500) (799,000) Other income (expense) 565,900� 100,100�
(1,321,100) � Net loss $ (792,900) $(1,050,900) $(1,975,700) �
Weighted average shares outstanding (basic and diluted) 14,693,585�
13,674,156� 8,879,771� Loss per share $ (0.05) $ (0.08) $ (0.22)
Financial Position Data � August 31, 2006 August 31, 2005 � Current
assets $ 3,121,400� $ 5,740,300� Total assets $ 129,301,800� $
26,046,500� � Current liabilities $ 380,100� $ 689,400� Total
liabilities $ 89,234,900� $ 10,693,700� � Total stockholders'
equity $ 40,066,900� $ 15,352,700� Company Information Pure Cycle
provides water and wastewater services to customers located in the
Denver metropolitan area. These services include the design,
construction, operation and maintenance of water and wastewater
systems utilizing the valuable water supplies that we own.
Additional information about Pure Cycle is available at
www.purecyclewater.com, or you may contact Mark Harding at
303-292-3456. Pure Cycle Corporation (the "Company") (NASDAQ: PCYO)
today announced results for the three fiscal years ended August 31,
2006. The Company posted net losses of approximately $792,900 ($.05
per share), $1,050,900 ($.08 per share), and $1,975,700 ($.22 per
share) for the years ended August 31, 2006, 2005 and 2004,
respectively. The Company had revenues of approximately $271,700,
$234,700 and $205,000 for the respective periods. The Company's net
losses have decreased over the three-year period due mainly to
higher water usage fees during 2006 and 2005 due to below average
precipitation resulting in higher water sales, increases in water
usage rates and lower salary and related costs due to the Company's
former CEO retiring in November 2004. Additionally, in fiscal 2006
the Company recorded approximately $390,900 of gain related to the
extinguishment of debt and the acquisition of certain contingent
interests. These favorable items were offset by the Company
recording approximately $209,600 of stock-based compensation
expense pursuant to Financial Accounting Standards No. 123 (revised
2004) and professional service fees and director fees increased
$34,700. The Company's financial position as of August 31, 2006 was
dramatically enhanced by the acquisition of Arkansas River water
rights and various related assets for consideration of equity and
contingent payments based on water tap sales. This resulted in an
increase to the Company's investments in water and water systems of
approximately $102.6 million and an increase in the Company's
liabilities of approximately $80.7 million (this is comprised of
$66.1 million for a tap participation fee whereby the Company will
pay the seller 10% of the tap fees received on the sale of the next
40,000 water taps and $14.6 million related to an indirect
guarantee of notes that were retained by the seller). The Company
intends to develop this water for use along the Front Range of
Colorado. Additional financial highlights are presented below. The
Company's President, Mark W. Harding, will host a conference call
to discuss the financial results as described below. -0- *T CALL
INFORMATION
----------------------------------------------------------------------
What: Fiscal 2006 earnings call When: Wednesday November 29, 2006 -
2:00 p.m. 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. To Participate: Dial toll-free:
877-407-9210 also log on to our website to view the slides. *T -0-
*T REPLAY INFORMATION
----------------------------------------------------------------------
The call will be available for replay until 9:59 p.m. Mountain on
December 6, 2006, and will be available on the Company's website
through January 15, 2007: Toll-free: 877-660-6853 Playback account
number: 286 Playback conference ID: 219734 For questions, please
contact Investor Relations at info@purecyclewater.com. *T -0- *T
FINANCIAL HIGHLIGHTS Results of Operations
----------------------------------------------------------------------
Fiscal years ended August 31, -------------------------------------
2006 2005 2004 ----------- ------------ ------------ Total revenues
$271,700 $234,700 $205,000 Total cost of revenues (73,900) (63,200)
(60,600) ----------- ------------ ------------ Gross margin 197,800
171,500 144,400 Total operating expenses (1,556,600) (1,322,500)
(799,000) Other income (expense) 565,900 100,100 (1,321,100)
----------- ------------ ------------ Net loss $(792,900)
$(1,050,900) $(1,975,700) =========== ============ ============
Weighted average shares outstanding (basic and diluted) 14,693,585
13,674,156 8,879,771 =========== ============ ============ Loss per
share $(0.05) $(0.08) $(0.22) =========== ============ ============
*T -0- *T Financial Position Data
----------------------------------------------------------------------
August 31, 2006 August 31, 2005 --------------- ---------------
Current assets $3,121,400 $5,740,300 ---------------
--------------- Total assets $129,301,800 $26,046,500
--------------- --------------- Current liabilities $380,100
$689,400 --------------- --------------- Total liabilities
$89,234,900 $10,693,700 --------------- --------------- Total
stockholders' equity $40,066,900 $15,352,700 ---------------
--------------- *T Company Information Pure Cycle provides water
and wastewater services to customers located in the Denver
metropolitan area. These services include the design, construction,
operation and maintenance of water and wastewater systems utilizing
the valuable water supplies that we own. Additional information
about Pure Cycle is available at www.purecyclewater.com, or you may
contact Mark Harding at 303-292-3456.
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