Pure Cycle Corporation Announces Third Quarter Fiscal 2010 Results
DENVER, July 9, 2010 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced the following summary results of operations:
|Nine Months Ended May 31,|
|Total revenues||$ 168,700||$ 180,400||$ (11,700)|
|Total cost of revenues||(115,600)||(120,400)||4,800|
|Gross margin %||31%||33%|
|General and administrative expenses||(1,327,500)||(1,547,900)||220,400|
|Other operating expenses||(223,900)||(218,800)||(5,100)|
|Loss from operations||(1,498,300)||(1,706,700)||208,400|
|Other (expense) income:|
|Interest imputed on the Tap|
|Participation Fee liability||(2,694,000)||(2,862,000)||168,000|
|Net loss||$ (4,126,400)||$ (4,438,500)||$ 312,100|
|Weighted average shares outstanding (basic and diluted)||20,206,566||20,206,566|
|Loss per share||$ (0.20)||$ (0.22)||$ 0.02|
Revenues for the nine months ended May 31, 2010 decreased 6% over the comparable period in 2009. This was mainly attributable to decreased water usage at our largest customer due to a reduction in funding experienced by the customer as a result of the economy, which resulted in the closing of student housing facilities and reduced water usage. Due to our ability to actively manage our expenditures including some of our energy costs, the gross margin percentage decreased 2%, period over period despite a 6% decrease in revenues.
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