Pure Cycle Corporation (PCYO) saw its loss narrow to $0.52 million, or $0.03 a share for the quarter ended Aug. 31, 2016. In the previous year period, the company reported a loss of $23.08 million, or $0.96 a share. Revenue during the quarter grew 10.37 percent to $0.15 million from $0.14 million in the previous year period. Gross margin for the quarter contracted 9389 basis points over the previous year period to 5.37 percent.
Operating loss for the quarter was $0.62 million, compared with an operating loss of $0.95 million in the previous year period.
"We are pleased to report our results for Fiscal and Fourth Quarter 2016. Fiscal Year 2016 was highlighted by a number of infrastructure additions to our water systems and the start of development of our Sky Ranch property. We completed a ten million gallon reclaimed water storage pond and completed the connection to the WISE system" commented Mark Harding, president of Pure Cycle Corporation. "We also obtained preliminary approval on the first phase development of our Sky Ranch property and we are working on a pipeline project that will interconnect our systems and bring water to our Sky Ranch property." continued Mr. Harding.
Working capital declines
Pure Cycle Corporation has witnessed a decline in the working capital over the last year. It stood at $28.60 million as at Aug. 31, 2016, down 24.89 percent or $9.48 million from $38.08 million on Aug. 31, 2015. Current ratio was at 60.34 as on Aug. 31, 2016, up from 26.40 on Aug. 31, 2015.
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