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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 7, 2008</B>

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<P align="center" style="font-size: 24pt"><B>PURE CYCLE CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-8814</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>84-0705083</B></TD>
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    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>8451 Delaware Street, Thornton, CO<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>80260</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(303) 292-3456</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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:

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<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<P align="justify" style="font-size: 10pt">ITEM 2.02 &#150; RESULTS OF OPERATIONS AND FINANCIAL CONDITION
<BR>
&nbsp;
<BR>
On November&nbsp;7, 2008, Pure Cycle Corporation (the &#147;Company&#148;) issued a press release regarding the Company&#146;s financial
results for the year August&nbsp;31, 2008. A copy of the Company&#146;s press release is attached hereto as Exhibit&nbsp;99.1.
<BR>
&nbsp;
<BR>
The information contained in this Current Report shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.
<BR>
&nbsp;
<BR>
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS


<P align="justify" style="font-size: 10pt">(d)&nbsp;Exhibits:


<P align="justify" style="font-size: 10pt">99.1 Text of press release issued by Pure Cycle Corporation on November&nbsp;7, 2008.

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<P align="center" style="font-size: 10pt; display: none">2
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<P align="justify" style="font-size: 10pt">SIGNATURES


<P align="justify" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.


<P align="justify" style="font-size: 10pt">Dated: November&nbsp;7, 2008.

<P align="justify" style="font-size: 10pt">PURE CYCLE CORPORATION



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    <TD valign="top">/s/ Mark W. Harding</TD>
    <TD>&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark W. Harding
</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
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<P align="center" style="font-size: 10pt; display: none">3
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">EXHIBIT INDEX
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Text of press release issued by Pure Cycle Corporation on November&nbsp;7, 2008.</TD>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2008
PURE CYCLE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
0-8814
84-0705083
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
8451 Delaware Street, Thornton, CO
80260
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(303) 292-3456
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 – RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 7, 2008, Pure Cycle Corporation (the "Company") issued a press release regarding the Company's financial
results for the year August 31, 2008. A copy of the Company's press release is attached hereto as Exhibit 99.1.
The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
99.1 Text of press release issued by Pure Cycle Corporation on November 7, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 7, 2008.
PURE CYCLE CORPORATION
/s/ Mark W. Harding
Mark W. Harding
President and Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
99.1
Text of press release issued by Pure Cycle Corporation on November 7, 2008.