<SEC-DOCUMENT>0001199073-15-000124.txt : 20151110
<SEC-HEADER>0001199073-15-000124.hdr.sgml : 20151110
<ACCEPTANCE-DATETIME>20151106175352
ACCESSION NUMBER:		0001199073-15-000124
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151106
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151109
DATE AS OF CHANGE:		20151106

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:		151213497

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>purecycle8k.htm
<DESCRIPTION>PURE CYCLE CORPORATION 8-K
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">CURRENT REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">Date of Report (Date of earliest event reported):</font>&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold">November 6, 2015</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0.9pt">Colorado</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(Commission File Number)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">(IRS Employer Identification No.)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0.9pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000">34501 E. Quincy Avenue, Bldg. 34, Box 10, Watkins, CO</font> 80137</div>

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 (Address of principal executive offices)&#160; &#160; &#160; &#160; (Zip Code)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">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 <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic">(see </font>General Instruction A.2. below):</div>

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<div style="LINE-HEIGHT: 12.55pt">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

<div style="LINE-HEIGHT: 12.55pt">&#9744; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

<div style="LINE-HEIGHT: 12.55pt">&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

<div style="LINE-HEIGHT: 12.55pt">&#9744; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">ITEM 8.01. Other Events</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Attached hereto is a press release issued this date.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">(d) Exhibits:</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">Press Release dated November 6, 2015 announcing fiscal year and fourth quarter ended 2015 financial results.</td>
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<div style="MARGIN-BOTTOM: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">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.</div>

<div style="MARGIN-BOTTOM: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Date:&#160; November 6, 2015</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 238.5pt; LINE-HEIGHT: 12.55pt">PURE CYCLE CORPORATION</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 238.5pt; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif">By:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.1pt">&#160;&#160;_______________________________________________________</font></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 256.5pt; LINE-HEIGHT: 12.55pt">Mark W. Harding</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 256.5pt; LINE-HEIGHT: 12.55pt">President and Chief Financial Officer</div>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right"><a id="Exhibit99.1" name="Exhibit99.1"><!--Anchor--></a>Exhibit 99.1</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Denver, Colorado &#8211; November 6, 2015 &#8211; Pure Cycle Corporation (NASDAQ Capital Market: PCYO) today reported financial results for its fiscal year ended August 31, 2015.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">"We are pleased to report our results for Fiscal and Fourth Quarter 2015. During the fourth quarter we completed the sale of our farms, which provided for one of the largest transformative events in our history. The sale provided a smooth exit for us from our agricultural operations. With the sale completed, we have eliminated substantially all of our liabilities, have bolstered our liquidity with nearly $38 million in cash, and are focused on our core water utility business" commented Mark Harding, President of Pure Cycle Corporation. "With our resources focused on our water utility business along with a substantial liquidity position, we are well positioned to take advantage of new opportunities to expand our water services within our service areas, as well as adjacent areas." continued Mr. Harding.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">We will file our Form 10-K on Monday November 9, 2015 and will host a conference call on Tuesday November 10, 2015, at 3PM Eastern (1PM Mountain) to discuss these results. Call details are below. Additionally, we have posted a detailed slide presentation which overviews the Company and presents summary financial results on our website which can be accessed at <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">www.purecyclewater.com</font>.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">The following table summarizes results of operations for the quarter and fiscal years ended August 31, 2015 and 2014:</div>

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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: center" colspan="15">Period Ended August 31,</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2014</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2014</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Revenues</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">442</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,098</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,324</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,091</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Cost of revenues</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(324</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(324</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(886</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(863</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Gross margin</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">118</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">774</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,438</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,228</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Operating expenses:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;General and administrative</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(914</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(1,203</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(2,699</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(3,357</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;Impairment of land and water rights held for sale</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(403</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(403</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;Other</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(47</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(17</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(175</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(47</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Loss from operations</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(843</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(849</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(1,436</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(1,579</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Other (expense) income:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Interest on TPF and Convertible Debt</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(136</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(24</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(1,445</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Other income</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">330</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">183</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,123</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">713</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;(Loss)Gain on sale of land and water assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(22,108</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,407</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(22,108</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,407</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Gain on extinguishment of contingent obligations</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;and debt</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">832</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">832</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Other expenses</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(168</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(64</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(390</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(239</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Taxes</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(293</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(293</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Net income (loss) after taxes</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(23,082</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,373</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(23,128</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(311</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 52%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Loss per share</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(0.96</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">0.07</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(0.96</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(0.01</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Revenues decreased approximately 25% to $2.3 million during our fiscal 2015 attributable to a decrease in frack water sales.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif">&#160;</font>The following items had a significant impact on the Company's net income (loss):</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div>
<table id="2c90da5c96c741138788be6071664043" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 13.7pt">&#183;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">In August 2015, the Company sold its remaining farm portfolio. The Company recognized a loss of $22.1 million which was attributable to the valuation of the TPF.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="affaf25528b047f2b9e9888e1192df96" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 13.7pt">&#183;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">In August 2014, the Company identified 640 acres of land and 512 FLCC shares as held for sale. As a result the Company recorded a loss of approximately $400,000.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="33b7779470a34b6c9de19d1b9806edb1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 13.7pt">&#183;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">In August 2014, the Company completed sales of approximately 1,886 acres of land and 2,982 FLCC shares. The Company recognized a gain of $1,400,000.</div>
</td>
</tr>
</table>
</div>

<div>
<table id="43a641a308ce4a4c99c0951143dc8c46" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 13.7pt">&#183;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">In July 2014, the Land Board relinquished its approximately $2.4 million of CAA interests to the Company as part of the settlement of the 2011 lawsuit filed by the Company and the District against the Land Board. As a result, during the fourth quarter of the fiscal year ended August 31, 2014 the Company recorded a gain on the extinguishment of participating interests of the CAA of approximately $832,100.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Our summarized financial position as of August 31, 2015 and 2014 is as follows:</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="MARGIN-BOTTOM: 10pt; TEXT-ALIGN: left; LINE-HEIGHT: 14.4pt">
<table id="e0ad4d043c4c42428ef73935e6e898d3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-BOTTOM-COLOR: #000000; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 806px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: center; WIDTH: 2px"></td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: center; WIDTH: 2px" colspan="7">August 31,</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: #000000" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 806px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="7">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">In 000's</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 806px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 10px">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="3">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2014</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$ Change</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-WIDTH: 2px; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 806px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 10px">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000" colspan="2"></td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Cash, cash equivalents and marketable securities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">37,089</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,749</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">35,340</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Other current assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,492</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,714</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(222</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;Total current assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">39,581</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">4,463</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">35,118</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Investments in water and water systems, net</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">27,708</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">90,824</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(63,116</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Land and mineral interests</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,092</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">3,663</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,429</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Other long-term assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">680</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">9,224</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(8,544</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;Total assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">73,061</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">108,174</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(35,113</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Liabilities and Shareholders' Equity</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Current liabilities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,499</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,348</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(849</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Current portion of mortgages payable</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">926</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(926</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Tap participation fee payable to HP A&amp;M</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">7,935</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(7,935</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Other long-term liabilities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">1,476</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">5,934</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(4,458</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">2,975</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">17,143</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(14,168</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM-COLOR: #000000; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; WIDTH: 64.22%; BACKGROUND-COLOR: #cceeff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;Total shareholders' equity</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">70,086</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">91,031</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(20,945</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; WIDTH: 64.22%; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities and shareholders' equity</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: #000000; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">73,061</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">108,174</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">(35,113</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; LINE-HEIGHT: 11.4pt">)</div>
</td>
</tr>
</table>
</div>

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</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">CALL DETAILS</div>

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<table id="639b8ac1a2534bd99ed20c7effb36264" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 14.58%">
<div>When:</div>
</td>
<td style="WIDTH: 85.42%">
<div>3PM Eastern on Tuesday November 10, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 14.58%">
<div>Call in number:</div>
</td>
<td style="WIDTH: 85.42%">
<div>1-855-241-1929 (no pass codes required)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 14.58%">
<div>International Call in number:</div>
</td>
<td style="WIDTH: 85.42%">1-443-295-9247</td>
</tr>

<tr>
<td style="WIDTH: 14.58%">
<div>Replay available until:</div>
</td>
<td style="WIDTH: 85.42%">
<div>November 17, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 14.58%">
<div>Replay call in number:</div>
</td>
<td style="WIDTH: 85.42%">
<div>1-855-859-2056</div>
</td>
</tr>
</table>
</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Forward-Looking Statements</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">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.&#160; 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.&#160; 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.&#160; 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.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Company Information</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">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.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Additional information including our recent press releases and Annual Reports are available at <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">www.purecyclewater.com</font>, or you may contact our President, Mark W. Harding, at 303-292-3456 or at <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">info@purecyclewater.com</font>.</div>

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<div>&#160;</div>

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