Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - PURE CYCLE CORP | pcyo_8k.htm |
Exhibit
99.1
Pure
Cycle Corporation Announces Fiscal Year and Fourth Quarter Ended
2018 Financial Results
Denver,
Colorado – November 8, 2018 – Pure Cycle Corporation
(NASDAQ Capital Market: PCYO) today reported financial results for
its fiscal year ended August 31, 2018.
“We
are pleased to report our results for fiscal and fourth quarter
2018. Fiscal year 2018 was highlighted by the start of development
of our Sky Ranch property, including the completion of our water
tank as well as the start of our wastewater facility,”
commented Mark Harding, President of Pure Cycle Corporation.
“We also closed the sale of 150 platted lots with two
national home builders out of approximately 500 lots in the first
phase of the Sky Ranch development, generating our first revenues
from our land development segment,” continued Mr.
Harding.
We will host a conference call on Monday, November 12, 2018, at 4PM
Eastern (2PM 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 that can be accessed at www.purecyclewater.com.
The
following table summarizes results of operations for the quarters
and fiscal years ended August 31, 2018 and 2017:
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|
In 000's
(except per share)
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|||
|
|
4th
Quarter
|
Fiscal
Year
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||
|
|
2018
|
2017
|
2018
|
2017
|
|
Revenues
|
$3,892
|
$658
|
$6,959
|
$1,228
|
|
Cost
of revenues
|
(2,988)
|
(322)
|
(4,162)
|
(803)
|
|
Gross
margin
|
904
|
336
|
2,797
|
425
|
|
Operating
expenses:
|
|
|
|
|
|
General
and administrative
|
(1,039)
|
(790)
|
(2,855)
|
(2,202)
|
|
Other
|
128
|
(127)
|
(251)
|
(354)
|
|
Loss
from operations
|
(7)
|
(581)
|
(309)
|
(2,131)
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|
Other
(expense) income:
|
|
|
|
|
|
Oil
and gas royalties and lease income, net
|
52
|
24
|
242
|
205
|
|
Other
income (loss)
|
-
|
(3)
|
(7)
|
(10)
|
|
Interest
income
|
30
|
58
|
206
|
257
|
|
Net
income (loss) from continuing operations
|
75
|
(502)
|
132
|
(1,679)
|
|
Net
income (loss) from discontinued operations
|
-
|
1
|
-
|
(32)
|
|
Net
income (loss) before taxes
|
75
|
(501)
|
132
|
(1,711)
|
|
Taxes
benefit
|
282
|
-
|
282
|
-
|
|
Net
income (loss)
|
$357
|
$(501)
|
$414
|
$(1,711)
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share
|
$0.01
|
$(0.02)
|
$0.02
|
$(0.07)
|
Revenues
increased approximately 492% and 467% during the three and twelve
months ended August 31, 2018 as compared to the three and twelve
months ended August 31, 2017, respectively. The increases are
attributable to revenue from lot sales
and an increase in industrial water sales.
1
Our summarized financial position as of August 31, 2018 and
2017 is as follows:
|
|
August
31,
|
|
|
|
|
In
000's
|
|
|
|
|
2018
|
2017
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$
Change
|
|
Assets
|
|
|
|
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Cash,
cash equivalents and marketable securities
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$20,283
|
$25,630
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$(5,347)
|
|
Other
current assets
|
7,635
|
1,494
|
6,141
|
|
Total
current assets
|
27,918
|
27,124
|
794
|
|
Long-term
investments
|
190
|
188
|
2
|
|
Investments
in water and water systems, net
|
36,722
|
34,576
|
2,146
|
|
Land
and mineral interests
|
4,660
|
6,248
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(1,588)
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Other
long-term assets
|
2,417
|
1,652
|
765
|
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Total
assets
|
$71,907
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$69,788
|
$2,119
|
|
|
|
|
|
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Liabilities and Shareholders' Equity
|
|
|
|
|
Current
liabilities
|
$2,054
|
$940
|
$1,114
|
|
Other
long-term liabilities
|
400
|
1,342
|
(942)
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|
Total
liabilities
|
2,454
|
2,282
|
172
|
|
Total
shareholders' equity
|
69,453
|
67,506
|
1,947
|
|
Total
liabilities and shareholders' equity
|
$71,907
|
$69,788
|
$2,119
|
2018
EARNINGS CALL
|
When:
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4:00PM Eastern (2PM Mountain on November 12,
2018)
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|
Call in number:
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866-682-6100 (no pass codes required)
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|
International call in number:
|
862-255-5401 (no pass codes required)
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|
Replay available until:
|
November 29, 2018 at 1:00PM ET
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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.
2