PURE CYCLE CORPORATION DENVER, CO / ACCESSWIRE / April 10, 2017 / Pure Cycle Corporation (NASDAQ Capital Market: PCYO) today reported financial results for its second fiscal quarter ended February 28, 2017.
"We are pleased to report our results for the three and six months ended February 28, 2017. During the second quarter, we continue to focus on developing and marketing lots to home builders at Sky Ranch looking to bring the project on line later this summer. In addition to our organic growth at Sky Ranch, we completed our first water system acquisition in neighboring Elbert County and look forward to operating the Wild Pointe Water System for its residents and customers," commented Mark Harding, President of Pure Cycle Corporation.
We will file our Form 10-Q on Monday, April 10, 2017, and will host a conference call on Tuesday, April 11, 2017, at 4:30PM Eastern (2:30PM Mountain) to discuss these results. Call details are below. Additionally, we will post a detailed slide presentation which overviews our operations and presents summary financial results on our website prior to our call, which can be accessed at www.purecyclewater.com.
The following table summarizes results of operations for the three and six months ended February 28, 2017:
In 000's (except per share) | ||||||||||||||||
Three Months Ended, | Six Months Ended, | |||||||||||||||
February 28, 2017 | February 29, 2016 | February 28, 2017 | February 29, 2016 | |||||||||||||
Revenues | $ | 237 | $ | 76 | $ | 436 | $ | 202 | ||||||||
Cost of revenues | (169 | ) | (121 | ) | (314 | ) | (253 | ) | ||||||||
Gross margin | 68 | (45 | ) | 122 | (51 | ) | ||||||||||
Operating expenses: | ||||||||||||||||
General and administrative | (449 | ) | (449 | ) | (893 | ) | (889 | ) | ||||||||
Other | (74 | ) | (63 | ) | (148 | ) | (116 | ) | ||||||||
Loss from operations | (455 | ) | (557 | ) | (919 | ) | (1,056 | ) | ||||||||
Other (expense) income: | ||||||||||||||||
Oil and gas royalties and lease income, net | 77 | 234 | 150 | 518 | ||||||||||||
Other income | (3 | ) | 3 | (5 | ) | (1 | ) | |||||||||
Interest income | 66 | 78 | 140 | 141 | ||||||||||||
Net (loss) from continuing operations | (315 | ) | (242 | ) | (634 | ) | (398 | ) | ||||||||
Net income (loss) from discontinued operations | (12 | ) | (29 | ) | (21 | ) | 30 | |||||||||
Net (loss) after taxes | $ | (327 | ) | $ | (271 | ) | $ | (655 | ) | $ | (368 | ) | ||||
Loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | * | ||||||
(*) Amount is less than $.01 per share | ||||||||||||||||
Revenues increased approximately 212% and 116% during the three and six months ended February 28, 2017, compared to the three and six months ended February 29, 2016, respectively. The increases are attributable to an increase in frack water sales.
Our summarized financial position, as of February 28, 2017 and August 31, 2016, is as follows:
In 000's | ||||||||||||
February 28, 2017 | August 31, 2016 | $ Change | ||||||||||
Assets | ||||||||||||
Cash, cash equivalents and available for | ||||||||||||
sale securities | $ | 28,138 | $ | 27,874 | $ | 264 | ||||||
Other current assets | 1,136 | 1,212 | (76 | ) | ||||||||
Total current assets | 29,274 | 29,086 | 188 | |||||||||
Long-term investments | 1,425 | 6,853 | (5,428 | ) | ||||||||
Investments in water and water systems, net | 33,743 | 28,322 | 5,421 | |||||||||
Land and mineral interests | 5,462 | 5,346 | 116 | |||||||||
Other long-term assets | 1,307 | 1,273 | 34 | |||||||||
Total assets | $ | 71,211 | $ | 70,880 | $ | 331 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Current liabilities | $ | 1,430 | $ | 483 | $ | 947 | ||||||
Other long-term liabilities | 1,369 | 1,399 | (30 | ) | ||||||||
Total liabilities | 2,799 | 1,882 | 917 | |||||||||
Total shareholders' equity | 68,412 | 68,998 | (586 | ) | ||||||||
Total liabilities and shareholders' equity | $ | 71,211 | $ | 70,880 | $ | 331 | ||||||
CALL DETAILS
When: 4:30PM Eastern on Tuesday, April 11, 2017
Call in number: 866-682-6100 (no pass codes required)
International Call in number: 862-255-5401 (no pass codes required)
Replay available until: 11:59 PM ET
Replay call in number: 877-481-4010
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are all statements, other than statements of historical facts, including in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as the transformative nature of the sale of our farms, the focus on our water utility assets, and our position to take advantage of new opportunities to expand our water services Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated or intended. Except as required by law, we disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Information
Pure Cycle owns water assets in the State of Colorado in the Denver, Colorado metropolitan area. Pure Cycle provides wholesale 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, is available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at info@purecyclewater.com.
SOURCE: Pure Cycle Corporation
