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Pure Cycle Corporation Announces First Quarter Fiscal 2013 Financial Results

Stocks in this article: PCYO

DENVER, Jan. 14, 2013 (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, 2012 and 2011 are as follows:

  Three Months Ended November 30,  
  2012 2011 $ Change % Change
Revenues  $ 438,400  $ 67,600  $ 370,800 549%
Cost of revenues  (71,500)  (47,200)  (24,300) 51%
Gross margin  366,900  20,400  346,500 600%
Operating expenses:        
General and administrative  (838,000)  (599,500)  (238,500) 40%
Other  (55,500)  (53,500)  (2,000) 4%
Loss from operations  (526,600)  (632,600)  106,000 644%
Other (expense) income:        
Interest on TPF and Convertible Debt  (894,600)  (851,400)  (43,200) 5%
Other  87,600  122,300  (87,600) -72%
Net loss  $ (1,333,600)  $ (1,361,700)  $ (24,800) 577%
Weighted average shares outstanding (basic and diluted)  24,037,596  24,037,596    
Loss per share  $ (0.06)  $ (0.06)    

Our summarized approximate financial position as of November 30, 2012 and August 31, 2012 is as follows:

  November 30, 2012 August 31, 2012 $ Change
Assets      
 Cash, cash equivalents and marketable securities  $ 5,342,700  $ 2,724,900  $ 2,617,800
 Other current assets  6,392,600  4,936,900  1,455,700
 Total current assets  11,735,300  7,661,800  4,073,500
 Investments in water and water systems, net  88,536,300  88,510,400  25,900
 Land - Sky Ranch  3,775,900  3,778,500  3,775,900
 Other long-term assets  6,826,100  15,409,900  (8,583,800)
 Total assets  $ 110,873,600  $ 111,582,100  $ (708,500)
       
Liabilities and Shareholders' Equity      
 Current liabilities  $ 116,200  $ 261,400  $ (145,200)
 Tap participation fee payable to HP A&M  69,163,800  68,269,200  894,600
 Other long-term liabilities  12,799,800  12,933,700  (133,900)
 Total liabilities   82,079,800  81,464,300  615,500
 Total shareholders' equity   28,793,900  30,117,800  (1,323,900)
 Total liabilities and shareholders' equity  $ 110,873,700  $ 111,582,100  $ (708,400)

Summary of Significant Events and Changes

Revenues increased approximately 550% during the first quarter of our fiscal 2013 mainly because we assumed management of our farms and began receiving 100% of the income generated from our agricultural farm operations when, as of August 3, 2012, we terminated a property management agreement with High Plains A&M, LLC ("HP A&M"), after HP A&M defaulted on certain promissory notes due to third parties.   

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