0001102624-16-002409.txt : 20160330 0001102624-16-002409.hdr.sgml : 20160330 20160330163552 ACCESSION NUMBER: 0001102624-16-002409 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160330 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160330 DATE AS OF CHANGE: 20160330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PURE CYCLE CORP CENTRAL INDEX KEY: 0000276720 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 840705083 STATE OF INCORPORATION: CO FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08814 FILM NUMBER: 161540147 BUSINESS ADDRESS: STREET 1: 1490 LAFAYETTE STREET STREET 2: SUITE 203 CITY: DENVER STATE: CO ZIP: 80218 BUSINESS PHONE: 3032923456 MAIL ADDRESS: STREET 1: 1490 LAFAYETTE STREET STREET 2: SUITE 203 CITY: DENVER STATE: CO ZIP: 80218 8-K 1 purecycle8k.htm PURE CYCLE CORPORATION 8-K
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  March 30, 2016


PURE CYCLE CORPORATION
(Exact name of registrant as specified in its charter)

Colorado
(State or other jurisdiction of incorporation)

0-8814
  
84-0705083
(Commission File Number)
  
(IRS Employer Identification No.)

34501 E. Quincy Avenue, Bldg. 34, Box 10, Watkins, CO 80137
(Address of principal executive offices)        (Zip Code)

Registrant’s telephone, including area code (303) 292-3456

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01. Other Events

Attached hereto is a press release issued this date.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits:

Exhibit 99.1 Press Release dated March 30, 2016 announcing second fiscal quarter ended February 29, 2016 financial results.
 

 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  March 30, 2016
 
PURE CYCLE CORPORATION
 
By: /s/ Mark W. Harding                                
Mark W. Harding
President and Chief Financial Officer
 
 EX-99.1 2 exh99_1.htm EXHIBIT 99.1
 
Exhibit 99.1
 
 
Pure Cycle Corporation Announces Second Fiscal Quarter Ended February 29, 2016 Financial Results

Denver, Colorado – March 30, 2016 – Pure Cycle Corporation (NASDAQ Capital Market: PCYO) today reported financial results for its second fiscal quarter ended February 29, 2016.

“We are pleased to report our results for the three and six months ended February 29, 2016. During the three months ended February 29, 2016 we discontinued our farm operations. We continue to focus on our core water utility business and are seeking opportunities to expand our operations both organically with Sky Ranch as well as strategic acquisitions” commented Mark Harding, President of Pure Cycle Corporation.

We will file our Form 10-Q on Wednesday April 6, 2016 and will host a conference call on Thursday April 7, 2016, at 4PM Eastern (2PM Mountain) to discuss these results. Call details are below. Additionally, we will post a detailed slide presentation which overviews our operations and presents summary financial results on our website prior to our call which can be accessed at www.purecyclewater.com.

The following table summarizes results of operations for the three and six months ended February 29, 2016 and February 28, 2015:
 
   
In 000's (except per share)
  
   
Three Months Ended,
    
Six Months Ended,
  
   
February 29, 2016
    
February 28, 2015
    
February 29, 2016
    
February 28, 2015
  
Revenues
  
$
76
    
$
372
    
$
202
    
$
942
  
Cost of revenues
    
(121
)
    
(155
)
    
(253
)
    
(352
)
Gross margin
    
(45
)
    
217
      
(51
)
    
590
  
Operating expenses:
                                
   General and administrative
    
(449
)
    
(493
)
    
(889
)
    
(1,027
)
   Other
    
(63
)
    
(48
)
    
(116
)
    
(84
)
Loss from operations
    
(557
)
    
(324
)
    
(1,056
)
    
(521
)
Other (expense) income:
                                
  Oil and gas royalties and lease income, net
    
234
      
161
      
518
      
323
  
  Other income
    
3
      
-
      
(1
)
    
6
  
  Interest income
    
78
      
12
      
141
      
15
  
Net (loss) from continuing operations
    
(242
)
    
(151
)
    
(398
)
    
(177
)
  Net income (loss) from discontinued operations
    
(29
)
    
65
      
30
      
101
  
Net (loss) after taxes
  
$
(271
)
  
$
(86
)
  
$
(368
)
  
$
(76
)
                                 
Loss per share
  
$
(0.01
)
    
*
    
$
(0.01
)
    
*
  
   
(*) Amount is less than $.01 per share
  

Revenues decreased approximately 80% and 79% during the three and six months ended February 29, 2016 compared to the three and six months ended February 28, 2015, respectively. The decreases are attributable to a decrease in frack water sales.

Our summarized financial position as of February 29, 2016 and August 31, 2015 is as follows:
 
   
In 000's
        
   
February 29, 2016
    
August 31, 2015
    
$ Change
  
Assets
                  
  Cash, cash equivalents and available for
                  
      sale securities
  
$
26,185
    
$
37,089
    
$
(10,904
)
  Other current assets
    
1,381
      
2,492
      
(1,111
)
      Total current assets
    
27,566
      
39,581
      
(12,015
)
  Long-term investments
    
10,019
      
-
      
10,019
  
  Investments in water and water systems, net
    
27,780
      
27,708
      
72
  
  Land and mineral interests
    
5,120
      
5,092
      
28
  
  Other long-term assets
    
1,240
      
680
      
560
  
      Total assets
  
$
71,725
    
$
73,061
    
$
(1,336
)
                         
Liabilities and Shareholders' Equity
                        
  Current liabilities
  
$
451
    
$
1,499
    
$
(1,048
)
  Other long-term liabilities
    
1,435
      
1,476
      
(41
)
      Total liabilities
    
1,886
      
2,975
      
(1,089
)
  Total shareholders' equity
    
69,839
      
70,086
      
(247
)
      Total liabilities and shareholders' equity
  
$
71,725
    
$
73,061
    
$
(1,336
)

CALL DETAILS
When:
Call in number:
International Call in number:
Replay available until:
Replay call in number:
4PM Eastern on Tuesday April 7, 2016
1-855-241-1929 (no pass codes required)
1-443-295-9247
April 14, 2016
1-855-859-2056
 
Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are all statements, other than statements of historical facts, including in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as the transformative nature of the sale of our farms, the focus on our water utility assets, and our position to take advantage of new opportunities to expand our water services Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially.  Factors that could cause actual results to differ from projected results include the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission.  Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated or intended.  Except as required by law, we disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
 

Company Information

Pure Cycle owns 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.