Business
Pure Cycle Announces Financial Results for the Six Months Ended February 28, 2023
DENVER, CO / ACCESSWIRE / April 12, 2023 / Pure Cycle Corporation (NASDAQ:PCYO) announced it produced its sixteenth consecutive fiscal quarter with positive
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / April 12, 2023 / Pure Cycle Corporation (NASDAQ:PCYO) announced it produced its sixteenth consecutive fiscal quarter with positive net income. Pure Cycle continues to see positive results from its Sky Ranch Master Planned Community with over 100 new home starts in Phase 2A and the initiation of construction in our next 211 lots in Phase 2B with all four of our homebuilder partners excited to continue building homes at Sky Ranch. While the national and local housing markets are experiencing some headwinds, our Sky Ranch community continues to see robust new home starts due to its much-needed entry level priced homes in the most active front range market. In addition to our lots for sale, we continue to build homes for our own portfolio of single-family rentals, with 10 homes under construction and nearing completion. In addition, industrial water sales to oil and gas operations, although slow throughout the winter months, continued to generate positive results for that line of business and are forecasted to produce record water deliveries and oil and gas operations water sale revenues through the remainder of our fiscal year. Highlights for the first half of fiscal 2023 are presented below.HighlightsRevenues for the three and six months ended February 29, 2023, were $3.0 million and $4.3 million which drove pre-tax income of $0.3 million and $0.6 millionEBITDA for the three and six months ended February 28, 2023 of $0.9 million and $1.7 million (EBITDA defined below)Cash and investments totaled $22.5 million as of February 28, 2023\"Rising interest rates have generated headwinds in the housing markets with many buyers deferring the purchase of a new home. Even with the broader market headwinds, our real-time delivery of lots to our homebuilder customers and our just in time payment for lot deliveries optimizing cash flows for both Pure Cycle and our homebuilder partners has demonstrated their value with all our homebuilders aggressively building new homes in Phase 2A and purchasing lots in our next Phase 2B. While the timing of lot deliveries has varied from the previous year due to market pressures, Sky Ranch continues to be among the Denver metropolitan area's most affordable and successful Master Planned Communities\" commented Mr. Harding, CEO of Pure Cycle. \"The winter months are always a seasonall...