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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,
    2010 2009 $ Change  
Total revenues    $ 168,700  $ 180,400  $ (11,700)  
Total cost of revenues    (115,600)  (120,400)  4,800  
Gross margin    53,100  60,000  (6,900)  
 Gross margin %   31% 33%    
Operating expenses:          
 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  
 Other    65,900  130,200  (64,300)  
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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