Business
Pure Cycle Announces Financial Results for the Year Ended August 31, 2022
DENVER, CO / ACCESSWIRE / November 14, 2022 / Pure Cycle posted $9.6 million of net income for the year ended August 31, 2022, which marks our fifth
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / November 14, 2022 / Pure Cycle posted $9.6 million of net income for the year ended August 31, 2022, which marks our fifth consecutive year and fourteenth consecutive quarter with positive net income. Each of our three cohesive business lines, being land development, water resource development, and single-family rentals, contributed to the positive income. We continue developing our master planned community, Sky Ranch, while expanding our water resource development business in terms of adding customers, acquiring water assets, and growing our rental home business. Mark Harding, CEO of Pure Cycle, commented that \"as we wrap up 2022 and move into 2023, while cautious about the housing market, we couldn't be more pleased with the progress we made at Sky Ranch, with the continued expansion of our water resource business and the successful launch of our rental business.\"Fiscal 2022 HighlightsRevenues of $23.0 million which drove pre-tax income of $12.7 millionEBITDA of $14.9 millionReconciliation of net income to EBITDA is as follows: net income of $9.6M plus interest expense of $0.1M plus tax expense of $3.1M plus depreciation and depletion of $2.1M equals EBITDA of $14.9 millionTap fees of $4.9 millionAll 229 lots delivered, 219 titles transferred to homebuilders in Phase 2A, and 10 lots retained for rentals404.9 million gallons of water delivered; a record year for Pure Cycle's water resource businessReceipt of $24.1 million from the Sky Ranch CAB, including $23.6 million from the issuance of the CAB's second municipal bond offeringPure Cycle Corporation (NASDAQ Capital Market: PCYO), for the year ended August 31, 2022, is reporting net income of $9.6 million which was generated from revenues of $23.0 million. Pure Cycle continues construction on Phase 2A at its Sky Ranch Master Planned Community, which is just over 3/4ths complete.\"While interest rates continue to impact demand for housing across all sectors and price points, we believe the strongest segment in the housing market is the entry level market, and we are seeing builders looking to reposition their portfolios to lots that can deliver entry-level homes, which here in Denver are priced in the $400,000's,\" commented Mr. Harding, \"we believe our home building partners achieved incredibly high margins on Phase 1 of Sky Ranch over the past two...