EXHIBIT 99.1
Pure Cycle Corporation Announces
Fiscal 2005 Financial Results
Thornton, Colorado – November 28, 2005 — Pure Cycle Corporation (NASDAQ Smcap: PCYO) today announced results for its fiscal year ended August 31, 2005.
Pure Cycle (the “Company”) posted a net loss of $1,051,000 ($.08 per share) on revenues of $235,000 for the fiscal year ended August 31, 2005, compared to a loss of $1,976,000 ($.22 per share) on total revenues of $205,000 for the fiscal year ended August 31, 2004. The reduced loss is mainly attributable to non-recurring expenses relating to the Company’s buyout of certain contingent obligations in 2004, offset in 2005 by an increase in general and administrative costs, healthcare costs and professional fees. Financial highlights are presented below.
The Company will hold a conference call on Wednesday November 30, 2005 at 2 PM Mountain to discuss the financial results. The call will be hosted by the Company’s President, Mark W. Harding, details are below.
Additionally, the Company announced today that it will hold its Annual Stockholders’ Meeting on January 17, 2006, at 2:00 PM Mountain. Additional information regarding the Meeting is included in the Company’s Form 10-KSB filed with the Securities and Exchange Commission today.
CONFERENCE CALL INFORMATION
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What: |
Fiscal 2005 Earnings Release |
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When: |
November 30, 2005 at 2:00 PM Mountain. |
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To listen: |
Click on the link posted on the Company’s website: |
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www.purecyclewater.com |
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Please log in 5 minutes before the call in case any |
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downloads are required. |
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To Participate: |
To participate in the call dial toll free: (877) 407-9210 |
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also log in to our website to view the slides. |
REPLAY INFORMATION
The call will be available for replay until 11:59 p.m. on December 7, 2005 by dialing:
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Toll free: |
(877) 660-6853 |
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Playback account number: |
286 |
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Playback conference ID: |
175098 |
A digitized replay will be available on the Company’s Web site through January 17, 2006.
For questions, please contact Investor Relations at info@purecyclewater.com.
FINANCIAL HIGHLIGHTS
Results of Operations
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Years Ended August 31, |
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2005 |
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2004 |
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Total revenues |
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$ |
235,000 |
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$ |
205,000 |
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Total cost of revenues |
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(29,000 |
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(32,000 |
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Gross margin |
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206,000 |
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173,000 |
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Total operating expenses |
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(1,357,000 |
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(828,000 |
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Other income (expense) |
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100,000 |
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(1,321,000 |
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Net loss |
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$ |
(1,051,000 |
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$ |
(1,976,000 |
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Weighted average shares outstanding (basic and diluted) |
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13,674,156 |
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8,879,771 |
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Loss per share |
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$ |
(0.08 |
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$ |
(0.22 |
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Financial Position Data
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August 31, 2005 |
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August 31, 2004 |
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Current assets |
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$ |
5,740,000 |
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$ |
5,739,000 |
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Total assets |
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$ |
26,047,000 |
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$ |
25,626,000 |
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Current liabilities |
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$ |
689,000 |
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$ |
201,000 |
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Total liabilities |
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$ |
10,694,000 |
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$ |
12,302,000 |
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Total stockholders’ equity |
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$ |
15,353,000 |
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$ |
13,324,000 |
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Company Information
Pure Cycle Corporation owns water assets in the Denver, Colorado metropolitan area and on the western slope of Colorado. Pure Cycle provides water and wastewater services to customers located in the Denver metropolitan area which includes the design, construction, operation and maintenance of water and wastewater systems.
Our common stock is traded on the NASDAQ SmallCap market under the symbol “PCYO.” Additional information including our recent press releases and our fiscal year ended August 31, 2005 Annual Report are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456.