Business
Pure Cycle Announces Financial Results For the Three and Six Months Ended February 29, 2024
DENVER, CO / ACCESSWIRE / April 10, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the three and six months
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / April 10, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the three and six months ended February 29, 2024. Pure Cycle posted its nineteenth consecutive fiscal quarter with positive net income. Pure Cycle continues to develop its Sky Ranch Master Planned Community, and as of February 29, 2024, we are actively working on Phase 2A, 2B and 2C. Phase 2B will be ready for builders to start construction in fiscal Q3 2024 and continue into Phase 2C once Phase 2B is built out. We also recognized a 25% increase in water and wastewater revenue for the three months ended February 29, 2024, and a 127% increase in water and wastewater revenue for the six months ended compared to 2023, due to an increase in water sales to oil and gas customers.Q2 and YTD 2024 HighlightsRevenues for the three and six months ended February 29, 2024 of $3.2 million and $8.6 million, which drove pre-tax income of $0.2 million and $3.0 million;Net income for the three and six months ended February 29, 2024 of $0.1 million and $2.2 million;EBITDA for the three and six months ended February 29, 2024 of $0.8 million and $4.2 million (see table below for reconciliation of net income to EBITDA);Cash totaled $20.4 million at February 29, 2024;For the three and six months ended February 29, 2024, we delivered 404 and 1,028 acre-feet of water.Net Income to EBITDA ReconciliationWe continue our profitability as shown in the table below: Three Months Ended Six Months Ended (In thousands) February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Net Income $118 $189 $2,183 $348 Add back: Interest expense, net 111 47 219 97 Taxes 41 90 778 220 Depreciation / amortization 508 583 1,018 1,076 EBITDA $778 $909 $4,198 $1,741 Fully diluted earnings per share $- $0.01 $0.09 $0.01 \"Due to the continued success of our Sky Ranch Master Planned community, we have three phases of lot development now under construction accelerating the timing of delivering our lots to our home builder customers as well as lots for our single-family rental segment. As we complete final landscaping in Phase 2A, lot production through our seasonally slow winter months will see accelerated deliveries in the remaining half of our fiscal year with completion of approximately 211 lots in Phase 2B and substantial progress on o...