Attached files
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| 8-K - CURRENT REPORT - PURE CYCLE CORP | pcyo_8k.htm |
Pure
Cycle Corporation Announces Fiscal Year and Fourth Quarter Ended
2017 Financial Results
Denver,
Colorado – November 13, 2017 – Pure Cycle Corporation
(NASDAQ Capital Market: PCYO) today reported financial results for
its fiscal year ended August 31, 2017.
“We
are pleased to report our results for fiscal and fourth quarter
2017. Fiscal year 2017 was highlighted by a number of
infrastructure additions to our water systems and the start of
development of our Sky Ranch property, including the completion of
our water transmission line to Sky Ranch as well as our first water
system acquisition in neighboring Elbert County,” commented
Mark Harding, President of Pure Cycle Corporation. “We also
entered into agreements with three national home builders for the
sale of approximately 500 lots in the first phase of the Sky Ranch
development,” continued Mr. Harding.
We will host a conference call on Wednesday, November 15, 2017, at
12PM Eastern (10AM Mountain) to discuss these results. Call details
are below. Additionally, we will post a detailed slide
presentation, which overviews the Company and presents summary
financial results on our website and can be accessed at
www.purecyclewater.com.
The
following table summarizes results of operations for the quarters
and fiscal years ended August 31, 2017 and 2016:
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Period Ended August 31,
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In 000's (except per share)
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4th Quarter
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Fiscal Year
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2017
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2016
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2017
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2016
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Revenues
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$658
|
$149
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$1,228
|
$452
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Cost
of revenues
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(322)
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(141)
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(803)
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(529)
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Gross
margin
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336
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8
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425
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(77)
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Operating
expenses:
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General
and administrative
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(790)
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(556)
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(2,202)
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(1,850)
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Other
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(127)
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(70)
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(354)
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(253)
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Loss
from operations
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(581)
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(618)
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(2,131)
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(2,180)
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Other
(expense) income:
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Oil
and gas royalties and lease income, net
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24
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79
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205
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705
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Other
income
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(3)
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12
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(10)
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4
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Interest
income
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58
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66
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257
|
241
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Net
loss from continuing operations
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(502)
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(461)
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(1,679)
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(1,230)
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Net
income (loss) from discontinued operations
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1
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(58)
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(32)
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(80)
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Net
loss before taxes
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(501)
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(519)
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(1,711)
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(1,310)
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Taxes
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-
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-
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-
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-
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Net
loss after taxes
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$(501)
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$(519)
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$(1,711)
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$(1,310)
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Revenues
increased approximately 342% and 172% during the three and twelve
months ended August 31, 2017 as compared to the three and twelve
months ended August 31, 2016, respectively. The increases are
attributable to an increase in frack
water sales as well as an increase in water tap fee
sales.
1
Our summarized financial position as of August 31, 2017 and
2016 is as follows:
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August 31,
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In 000's
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2017
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2016
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$ Change
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Assets
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Cash,
cash equivalents and marketable securities
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$25,630
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$27,873
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$(2,243)
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Other
current assets
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1,494
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1,213
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281
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Total
current assets
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27,124
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29,086
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(1,962)
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Long-term
investments
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188
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6,853
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(6,665)
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Investments
in water and water systems, net
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34,576
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28,322
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6,254
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Land
and mineral interests
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6,248
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5,346
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902
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Other
long-term assets
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1,652
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1,273
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379
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Total
assets
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$69,788
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$70,880
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$(1,092)
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Liabilities and
Shareholders' Equity
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Current
liabilities
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$940
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$482
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$458
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Other
long-term liabilities
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1,342
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1,400
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(58)
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Total
liabilities
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2,282
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1,882
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400
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Total
shareholders' equity
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67,506
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68,998
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(1,492)
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Total
liabilities and shareholders' equity
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$69,788
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$70,880
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$(1,092)
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2017
EARNINGS CALL
When:
12:00PM Eastern (10AM Mountain on November 15, 2017)
Call in
number: 866-682-6100 (no pass codes required)
Replay
available until: November 29, 2017 at 12:00PM ET
Replay
call in number 877-481-4010 #22677
Company Information
Pure
Cycle owns land and water assets in the State of Colorado in the
Denver, Colorado metropolitan area. Pure Cycle provides wholesale
water and wastewater services to customers located in the Denver
metropolitan area, including the design, construction, operation
and maintenance of water and wastewater systems.
Additional
information including our recent press releases and Annual Reports
are available at www.purecyclewater.com,
or you may contact our President, Mark W. Harding, at 303-292-3456
or at info@purecyclewater.com.
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