Business
Pure Cycle Announces Financial Results For the Three Months Ended November 30, 2023
DENVER, CO / ACCESSWIRE / January 12, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the three months ended
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / January 12, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the three months ended November 30, 2023. Pure Cycle posted $2.1 million of net income for the three months ended November 30, 2023, which marks our eighteenth consecutive fiscal quarter with positive net income. Pure Cycle continues to develop its Sky Ranch Master Planned Community and for the three months ended November 30, 2023, recognized an increase in lot sale revenue of 270% compared to same period 2022 as a result of multiple on-going Phases of development. We also recognized over a 300% increase in water and wastewater revenue for the three months ended November 30, 2023, compared to 2022, due to an increase in oil and gas water sales.Q1 2024 HighlightsRevenues of $5.4 million, which drove pre-tax income of $2.8 million;Net income of $2.1 million;EBITDA of $3.4 million (see table below for reconciliation of net income to EBITDA);Cash totaled $21.8 million;For the three months ended November 30, 2023, we delivered 623 acre-feet of water.Net Income to EBITDA ReconciliationWe continue our profitability as shown in the table below: Three Months Ended (In thousands) November 30, 2023 November 30, 2022 Net Income $2,065 $159 Add back: Interest expense, net 108 50 Taxes 737 130 Depreciation / amortization 510 493 EBITDA $3,420 $832 Fully diluted earnings per share $0.09 $0.01 \"Our Sky Ranch community continues to demonstrate solid growth with entry level homes and our great location directly off Interstate 70,\" commented Mr. Harding, CEO of Pure Cycle. \"We together with our homebuilder partners continue to balance our lot deliveries to match market demand, and we continue to see strong demand for affordable homes in the Denver market. With lot inventories and existing home sales well below historic levels Sky Ranch continues to out-perform other master planned communities in Denver. Also contributing was a record quarter for O&G water demand with a continued strong outlook for 2024,\" continued Mr. Harding.Q1 2024 Financial SummaryRevenueFor the three months ended November 30, 2023, and 2022, we reported total revenues of $5.4 million and $1.3 million with $3.3 million and $0.8 million being generated in our water and wastewater resource development segment, $2.0 million and $0.5 million gener...