EXHIBIT 99.1
Pure Cycle Corporation Announces
First Quarter 2006 Financial Results
Thornton, Colorado -- January 13, 2006 -- Pure Cycle Corporation (the “Company”) (NASDAQ Smcap: PCYO) announces results for the quarter ended November 30, 2005.
The Company posted a net loss of $205,100 ($.01 per share) on revenues of $65,600 for the quarter ended November 30, 2005, compared to a loss of $206,000 ($.02 per share) on revenues of $54,000 for the quarter ended November 30, 2004. The reduced loss is mainly attributable to lower salary and related costs due to the Company’s former CEO retiring in November 2004, offset by the expensing of stock compensation costs under Financial Accounting Standards No. 123 (revised 2004). Financial highlights are presented below.
The Company will host a conference call to discuss the results during its Annual Stockholders’ Meeting, Tuesday January 17, 2006 at 2 pm Mountain. The call will be hosted by the Company’s President, Mark W. Harding.
Additional information regarding the Annual Stockholders’ Meeting is included in the Company’s Proxy Statement filed with the Securities and Exchange Commission on December 12, 2005.
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CALL INFORMATION |
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What: |
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First quarter fiscal 2006 earnings call |
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When: |
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Tuesday January 17, 2006 at 2:00 pm Mountain |
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To listen: |
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Click on the link posted on the Company’s
website: |
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To Participate: |
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To participate in the call dial toll free:
(877) 407-9210 |
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REPLAY INFORMATION |
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The call will be available for replay until 11:59 p.m. on January 24, 2006: |
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Toll free: |
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(877) 660-6853 |
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Playback account number: |
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286 |
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Playback conference ID: |
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186187 |
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A digitized replay will be available on the Company’s Website through March 31, 2006.
For questions, please contact Investor Relations at info@purecyclewater.com.
FINANCIAL HIGHLIGHTS
Unaudited Results of Operations
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Three months ended November 30, |
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2005 |
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2004 |
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Total revenues |
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$ |
65,600 |
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$ |
54,000 |
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Total cost of revenues |
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(7,600 |
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(10,400 |
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Gross margin |
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58,000 |
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43,600 |
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Total operating expenses |
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(302,400 |
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(270,500 |
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Other income (expense) |
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39,300 |
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20,900 |
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Net loss |
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$ |
(205,100 |
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$ |
(206,000 |
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Weighted average shares outstanding (basic and diluted) |
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14,371,263 |
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13,330,421 |
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Loss per share |
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$ |
(0.01 |
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$ |
(0.02 |
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Financial Position Data
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November 30, 2005 |
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August 31, 2005 |
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(unaudited) |
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Current assets |
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$ |
5,457,700 |
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$ |
5,740,000 |
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Total assets |
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$ |
25,988,500 |
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$ |
26,047,000 |
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Current liabilities |
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$ |
518,200 |
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$ |
689,000 |
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Total liabilities |
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$ |
10,532,100 |
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$ |
10,694,000 |
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Total stockholders’ equity |
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$ |
15,456,400 |
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$ |
15,353,000 |
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Company Information
Pure Cycle 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 including the design, construction, operation and maintenance of water and wastewater systems.
Additional information including our recent press releases and 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.