Business
Pure Cycle Announces Financial Results For the Three Months Ended November 30, 2024
DENVER, CO / ACCESSWIRE / January 8, 2025 / Pure Cycle Corporation (NASDAQ:PCYO) announced its financial results for the three months ended November 30, 2024.
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / January 8, 2025 / Pure Cycle Corporation (NASDAQ:PCYO) announced its financial results for the three months ended November 30, 2024. Pure Cycle reported $3.9 million of net income for the three months ended November 30, 2024, which is a 91% increase compared to 2023, and marks our twenty-second consecutive fiscal quarter with positive net income. Pure Cycle reported $0.16 of earnings per fully diluted common share for the three months ended November 30, 2024, which is up from $0.09 in 2023, a 78% increase. Development at the Sky Ranch Master Planned Community continues to progress, and as of November 30, 2024, all homes are complete in Phase 2A, and we are finishing our warranty work. Our national homebuilder partners have begun construction in Phase 2B, as we finalize landscaping in this phase. We are actively developing Phase 2C, with utility work nearly 60% complete, and we anticipate delivering finished lots with home construction expected to begin late summer of 2025. Finally, we are well underway with grading work in Phase 2D and expect to complete these lots by the end of calendar year 2025. Pure Cycle continues to drive income from our resource rich asset base and in the three months ended November 30, 2024, we reported an increase in our royalty revenues from our oil and gas mineral interest at Sky Ranch, where an additional six wells were completed in 2024 that began producing during the quarter.Q1 2025 HighlightsRevenues for the three months ended November 30, 2024 and 2023 of $5.8 million and $5.4 million (a 7% increase), which drove pre-tax income of $5.2 million and $2.8 million (a 86% increase);Net income for the three months ended November 30, 2024 and 2023 of $3.9 million and $2.1 million (a 91% increase);Royalty income for the three months ended November 30, 2024 and 2023 of $2.8 million and less than $0.1 million;EBITDA for the three months ended November 30, 2024 and 2023 of $5.8 million and $3.4 million (a 71% increase) (see table below for reconciliation of net income to EBITDA);Cash & cash equivalents totaled $19.0 million as of November 30, 2024;For the three months ended November 30, 2024 and 2023, we delivered 301 and 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...