Pure Cycle Corporation Announces First Quarter Fiscal 2007 Financial Results.THORNTON, Colo. -- Pure Cycle Corporation (the "Company") (NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for : PCYO PCYO Pakistan Crescent Youth Organization PCYO Patel Conservatory Youth Orchestra (Tampa, Florida) ) announced today it posted a net loss of approximately $455,000 ($.02 per share) on revenues of approximately $63,700 for the quarter ended November 30, 2006. This compares to a net loss of approximately $205,100 ($.01 per share) on revenues of approximately $65,600 for the quarter ended November 30, 2005. The increased loss is mainly attributable to higher depreciation charges (approximately $76,000) and water assessment fees (approximately $75,000) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the water rights and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. acquired in the Arkansas River Arkansas River River, rising in central Colorado, U.S. At 1,450 mi (2,333 km) long, it flows east through southern Kansas and southeast across northeastern Oklahoma and bisects Arkansas, where it empties into the Mississippi River. valley on August 31, 2006. The Company also announced that based on discussions with the Securities and Exchange Commission (the "Commission") on January 11, 2007, the Company will be restating its 2006 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. to correct an error in the balance sheet. The Company will remove the Contingent obligations payable upon default of HP A&M liability account and the related contra-equity receivable from HP A&M account. The Company requested concurrence CONCURRENCE, French law. The equality of rights, or privilege which several persons-have over the same thing; as, for example, the right which two judgment creditors, Whose judgments were rendered at the same time, have to be paid out of the proceeds of real estate bound by them. Dict. de Jur. h.t. from the Commission on its purchase accounting entries related to its purchase of Arkansas River water rights and related properties and based on this request the Commission determined that the promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. maintained by the sellers did not constitute an indirect guarantee of debt pursuant to US accounting rules. The Company and the Commission continue to review other purchase accounting issues related to the Company's acquisition of Arkansas River water rights and properties. The Company will amend its 2006 Annual Report on Form 10-K as soon as practicable. Such amendments will only relate to the accounting for the asset acquisition and will not impact the Company's statements of operations or cash flows. This restatement has no impact on the Company's reported net loss or net loss per share for 2006 or the three months ended November 30, 2006. Financial highlights presented below. The Company will host a conference call to discuss the results at its Annual Stockholders' Meeting on Tuesday January 16, 2007 at 2 pm Mountain. The call will be hosted by the Company's President, Mark W. Harding. Details below. Additional information regarding the Annual Stockholders' Meeting is included in the Company's Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed with the Securities and Exchange Commission on or about December 19, 2006. [TABLE OMITTED] [TABLE OMITTED] CALL INFORMATION What: First quarter fiscal 2007 earnings call and Annual Stockholders' Meeting When: January 16, 2007 at 2:00 pm Mountain To listen: Click on the link posted on the Company's website: www.purecyclewater.com Log-on 5 minutes early in case downloads are required. To Participate: To participate in the call dial toll free: (877) 407-9210 REPLAY INFORMATION The call will be available for replay until 9:59 p.m. on January 23, 2007: Toll free: (877) 660-6853 Playback account number: 286 Playback conference ID: 227224 A replay will be available on the Company's Website through March 31, 2007. For questions, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at info@purecyclewater.com. 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. |
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