THORNTON, CO announced financial results today for the six
months ended February 29, 2008.
Pure Cycle is reporting net losses of approximately $3.5 million
($.18 per share) and $3.4 million ($.19 per share), for the six
months ended February 29, 2008 and February 28, 2007, respectively.
However, approximately $2.8 million and $2.6 million of the
reported losses relate to expense items which do not currently
require the use of cash or other current assets which results in
cash expenses totaling approximately $.8 million for each period.
Although they are components of our net losses, management does not
include these items when reviewing the performance of the company;
therefore, management believes it is necessary to highlight these
items for investors. The items are comprised of the following:
Six Months Ended:
February 29, February 28,
2008 2007
------------- -------------
Imputed expenses or non-cash expenses:
Imputed Interest on the Tap Participation Fee $ 2,141,000 $ 2,286,700
Loss on extinguishment of contingent
obligations 273,700 -
Depreciation and depletion 190,800 182,200
Stock based compensation expense 170,400 156,500
------------- -------------
Total imputed and non-cash expenses $ 2,775,900 $ 2,625,400
============= =============
These items are explained in greater detail in our Form 10-K for
the year ended August 31, 2007 and further in our Form 10-Q for the
three and six months ended February 29, 2008, to be filed with the
SEC on April 9, 2008. In addition to the above items, for the six
months ended February 29, 2008 and February 28, 2007, respectively,
we also incurred approximately $152,700 and $5,000 of consulting
fees related to the ongoing discussions with the Land Board and
Lend Lease over the water and wastewater service agreements for the
proposed development at the Lowry Range. Excluding the cash paid
for consulting and the expenses described above our net losses for
the six months ended February 29, 2008 and February 28, 2007 would
have been:
Six Months Ended:
February 29, February 28,
2008 2007 $ Change % Change
----------- ----------- ----------- -----------
Net losses as reported $(3,544,700) $(3,414,500) $ 130,200 4%
Imputed and non-cash
expenses described
above 2,775,900 2,625,400
Consulting fees 152,700 5,000
----------- ----------- ----------- -----------
As adjusted net losses $ (616,100) $ (784,100) $ (167,800) -21%
=========== =========== =========== ===========
The as adjusted net losses for the current year decreased as a
result of lower professional fees due to the consultation with the
SEC we had in the prior fiscal year and the reduction of state
franchise fees paid to the State of Delaware as a result of our
reincorporation into Colorado.
We will host a conference call to discuss the results on
Thursday, April 10, 2008 at 2 pm Mountain. The call will be hosted
by our President, Mark W. Harding. Call details are presented
below.
FINANCIAL HIGHLIGHTS
Unaudited Results of Operations
Six Months Ended:
February 29, February 28,
2008 2007
------------ ------------
Total revenues $ 126,500 $ 115,700
Total cost of revenues (82,200) (80,600)
------------ ------------
Gross margin 44,300 35,100
Total operating expenses (1,369,100) (1,267,200)
Other (expense) income
Including imputed interest of $2.1 million
and $2.3 million (2,219,900) (2,182,400)
------------ ------------
Net loss $ (3,544,700) $ (3,414,500)
============ ============
Weighted average shares outstanding
(basic and diluted) 20,170,588 18,361,083
============ ============
Loss per share $ (0.18) $ (0.19)
============ ============
Financial Position Data
February 29, 2008 August 31, 2007
----------------- -----------------
Current assets $ 6,303,700 $ 7,288,400
----------------- -----------------
Total assets $ 110,858,200 $ 111,891,900
----------------- -----------------
Current liabilities $ 145,000 $ 183,300
----------------- -----------------
Total liabilities $ 54,489,600 $ 54,047,100
----------------- -----------------
Total stockholders' equity $ 56,368,600 $ 57,844,800
----------------- -----------------
CALL INFORMATION
------------------------------------------------------------------------
What: Second quarter fiscal 2008 Financial Release
When: April 10, 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: (888) 679-8038
Passcode: 95637026
REPLAY INFORMATION
------------------------------------------------------------------------
The call will be available for replay until 9:59 p.m. on April 17, 2008:
Toll free: (888) 286-8010
Passcode: 24325281
A replay will be available on the Company's Website through May 31, 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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