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 %||39%||37%||41%|
|General and administrative||(1,808,200)||(1,942,200)||(2,316,300)||134,000||374,100|
|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|
|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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