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Pure Cycle Corporation Announces Second Quarter Fiscal 2013 Financial Results

Stocks in this article: PCYO

DENVER, April 12, 2013 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced the following summary results of operations:

Summary Statements

Our summarized results of operations for the six months ended February 28, 2013 and February 29, 2012 are as follows:

  Six Months Ended (Unaudited)    
  February 28, 2013 February 29, 2012 $ Change % Change
Revenues  $ 872,900  $ 117,500  $ 755,400 643%
Cost of revenues  (197,300)  (86,400)  (110,900) 128%
Gross margin  675,600  31,100  644,500 771%
Operating expenses:        
General and administrative  (1,141,700)  (1,183,200)  41,500 -4%
Other  (109,800)  (108,500)  (1,300) 1%
Loss from operations  (575,900)  (1,260,600)  684,700 769%
Other (expense) income:        
Interest on TPF and Convertible Debt  (1,544,800)  (1,713,800)  169,000 -10%
Other  128,600  249,100  (128,600) -52%
Net loss  $ (1,992,100)  $ (2,725,300)  $ 725,100 707%
Weighted average shares outstanding (basic and diluted)  24,037,596  24,037,596    
Loss per share  $ (0.08)  $ (0.11)    

Our summarized financial position as of February 28, 2013 and August 31, 2012 is as follows:

       
  February 28, 2013    
  (Unaudited) August 31, 2012 $ Change
Assets      
Cash, cash equivalents and marketable securities  $ 4,428,000  $ 2,724,900  $ 1,703,100
Other current assets  7,132,500  4,936,900  2,195,600
Total current assets  11,560,500  7,661,800  3,898,700
Investments in water and water systems, net  88,485,000  88,510,400  (25,400)
Land - Sky Ranch  3,773,200  3,778,500  3,773,200
Other long-term assets  6,503,500  15,409,900  (8,906,400)
Total assets  $ 110,322,200  $ 111,582,100  $ (1,259,900)
       
Liabilities and Shareholders' Equity      
Current liabilities  $ 1,030,600  $ 913,900  $ 116,700
Current portion of mortgages payable  5,232,200  5,340,900  (108,700)
Tap participation fee payable to HP A&M  69,813,900  68,269,200  1,544,700
Other long-term liabilities  6,095,700  6,940,300  (844,600)
Total liabilities  82,172,400  81,464,300  708,100
Total shareholders' equity  28,149,800  30,117,800  (1,968,000)
Total liabilities and shareholders' equity  $ 110,322,200  $ 111,582,100  $ (1,259,900)

Summary of Significant Events and Changes

Revenues increased approximately 640% during the first six months of our fiscal 2013 attributable to (i) increased water sales due to delivery of frack water to the area; and, (ii) we assumed management of our farms and began receiving 100% of the income generated from our agricultural farm operations when, as of August 31, 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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