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Pure Cycle Corporation Announces Fiscal 2010 Results

DENVER, Nov. 12, 2010 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasda:PCYO) announced the following summary results of operations:

  Fiscal Years Ended August 31, 2010-2009 2009-2008
  2010 2009 2008 $ Change $ Change
Revenues  $ 264,100  $ 260,200  $ 282,400  $ 3,900  $ (22,200)
Cost of revenues  (161,800)  (163,400)  (166,000)  1,600  2,600
Gross margin  102,300  96,800  116,400  5,500  (19,600)
 Gross margin % 39% 37% 41%    
           
Operating expenses:          
 General and administrative  (1,808,200)  (1,942,200)  (2,316,300)  134,000  374,100
 Other  (166,500)  (293,100)  (292,800)  126,600  (300)
Loss from operations  (1,872,400)  (2,138,500)  (2,492,700)  266,100  354,200
Other (expense) income:          
 Interest imputed on the "TPF"  (3,620,000)  (3,733,000)  (4,393,000)  113,000  660,000
 Other  101,100  143,400  (41,000)  (42,300)  184,400
Net loss  $ (5,391,300)  $ (5,728,100)  $ (6,926,700)  $ 336,800  $ 1,198,600
           
Weighted average shares outstanding (basic and diluted)  20,206,566  20,206,566  20,188,675    
Loss per share  $ (0.27)  $ (0.28)  $ (0.34)  $ 0.01  $ 0.06

Increases in fiscal 2010 revenues were mainly attributable to increases in water usage and wastewater monthly fees effective July 1, 2010. These increases were offset partially by decreased water usage at our largest customer as a result of its closing of student housing facilities. Due to our ability to actively manage our expenditures, including energy costs, our gross margin increased 2% in 2010 following a decline of 4% from 2008 to 2009 as a result of the decreased water usage.

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