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Pure Cycle Corporation Announces First Quarter Fiscal 2011 Financial Results

DENVER, Jan. 7, 2011 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced the following summary results of operations:

Summary Statements

Our summarized approximate results of operations for the three months ended November 30, 2010 and 2009 are as follows:

  Three Months Ended November 30,    
  2010 2009 $ Change % Change
Revenues  $ 68,000  $ 59,600  $ 8,400 14%
Cost of revenues  (41,500)  (42,500)  1,000 -2%
Gross margin  26,500  17,100  9,400 12%
Operating expenses:        
General and administrative  (421,500)  (357,400)  (64,100) 18%
Other  (53,100)  (74,700)  21,600 -29%
Loss from operations  (448,100)  (415,000)  (33,100) 1%
Other (expense) income:        
Interest on TPF and Convertible Debt  (1,031,000)  (884,000)  (147,000) 17%
Other  18,300  20,300  (18,300) -90%
Net loss  $ (1,460,800)  $ (1,278,700)  $ (198,400) -73%
Weighted average shares outstanding (basic and diluted)  21,466,277  20,206,566    
Loss per share  $ (0.07)  $ (0.06)    

Our summarized approximate financial position as of November 30, 2010 and August 31, 2010 is as follows:

  November 30, 2010 August 31, 2010 $ Change
Assets      
Cash, cash equivalents and marketable securities  $ 5,114,300  $ 1,446,100  $ 3,668,200
Other current assets  293,100  373,500  (80,400)
Total current assets  5,407,400  1,819,600  3,587,800
Investments in water and water systems, net  106,595,600  102,931,300  3,526,000
Land - Sky Ranch  3,739,000  --   3,877,200
Other long-term assets  946,800  1,626,900  (680,100)
Total assets  $ 116,688,700  $ 106,377,800  $ 10,310,900
       
Liabilities and Shareholders' Equity      
Current liabilities  $ 280,700  $ 171,300  $ 109,400
Tap participation fee payable to HP A&M  62,081,300  61,141,300  940,000
Other long-term liabilities  7,881,700  2,605,200  5,276,500
Total liabilities   70,243,700  63,917,800  6,325,900
Total shareholders' equity   46,445,000  42,460,000  3,985,000
Total liabilities and shareholders' equity  $ 116,688,700  $ 106,377,800  $ 10,310,900

Summary of Significant Events and Changes

Revenues increased approximately 14% during the first quarter of our fiscal 2011 mainly due to increases in water and wastewater monthly fees which were effective July 1, 2010.

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