Business
Pure Cycle Announces Financial Results For the Year Ended August 31, 2024
DENVER, CO / ACCESSWIRE / November 13, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the year ended August
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / November 13, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the year ended August 31, 2024. Pure Cycle reported $11.6 million of net income for the year ended August 31, 2024, which is a 147% increase compared to 2023, and marks our seventh consecutive year and twenty-first consecutive fiscal quarter with positive net income. Pure Cycle reported $0.48 of earnings per fully diluted common shares, which is up from $0.19 in 2023, a 153% increase. We recognized a 135% increase in lot sales revenue for the year ended August 31, 2024 compared to 2023, due to an increase in our development activity. Pure Cycle continues to develop its Sky Ranch Master Planned Community, and as of August 31, 2024, we are actively working on Phases 2A, 2B and 2C. Phase 2A and 2B are substantially completed with finished lots delivered to homebuilders. We expect home builders to be able to begin construction in Phase 2C during fiscal 2025 and to start home building in Phase 2D in fiscal 2026.Full Year 2024 HighlightsRevenue for the years ended August 31, 2024 and 2023 of $28.7 million and $14.6 million (a 97% increase), which drove pre-tax income of $15.6 million and $6.2 million (a 151% increase);Net income for the years ended August 31, 2024 and 2023 of $11.6 million and $4.7 million (a 147% increase);EBITDA for the years ended August 31, 2024 and 2023 of $18.2 million and $8.6 million (a 112% increase) (see table below for reconciliation of net income to EBITDA);Cash & cash equivalents totaled $22.1 million at August 31, 2024;For the years ended August 31, 2024 and 2023, we delivered 1,818 and 964 acre-feet of water (a 89% increase).Net Income to EBITDA ReconciliationWe continue our profitability as shown in the table below: Year Ended (In thousands) August 31, 2024 August 31, 2023 Net Income $11,613 $4,699 Add back: Interest expense, net 439 206 Taxes 4,019 1,521 Depreciation / amortization 2,100 2,156 EBITDA $18,171 $8,582 Earnings per common share - basic and diluted Basic $0.48 $0.20 Diluted $0.48 $0.19 Weighted average common shares outstanding: Basic 24,083,001 24,031,068 Diluted 24,140,946 24,106,067 \"Due to the continued success of our Sky Ranch Master Planned community, we now have three phases of lot development under construction accelerating the timing of delivering ...