Business
Pure Cycle Announces Financial Results For Three and Nine Months Ended May 31, 2023
DENVER, CO / ACCESSWIRE / July 12, 2023 / Pure Cycle Corporation (NASDAQ:PCYO) announced its financial results for the three and nine months ended May 31,
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / July 12, 2023 / Pure Cycle Corporation (NASDAQ:PCYO) announced its financial results for the three and nine months ended May 31, 2023. Pure Cycle posted its seventeenth consecutive fiscal quarter with positive net income. Pure Cycle continues to develop its Sky Ranch Master Planned Community with nearly 200 new homes started in Phase 2A and the start of construction of the next 211 lots in Phase 2B. In addition to our lots for sale, we continue to build homes for our own portfolio of single-family rentals, with four homes built and rented in Phase 1, and 10 homes under construction in Phase 2A (six of these homes were finished and rented after May 31, 2023). In addition, industrial water sales to oil and gas operations saw tremendous growth which generated the highest revenues we have posted for that customer base. Highlights for the three and nine months ended May 31, 2023, are presented below.HighlightsRevenues for the three and nine months ended May 31, 2023 of $6.9 million and $11.2 million, which drove pre-tax income of $4.4 million and $5.0 million;Net income for the three and nine months ended May 31, 2023 of $3.3 million and $3.6 million;EBITDA for the three and nine months ended May 31, 2023 of $5.0 million and $6.7 million (see table below for reconciliation of net income to EBITDA);Cash totaled $26.0 million at May 31, 2023;During the three and nine months ended May 31, 2023, we delivered 183.6 million gallons and 262.6 million gallons of water.\"Despite interest rates pressuring the housing market, our Sky Ranch community continues to grow and attract residents with its affordable prices and great location directly off Interstate 70,\" commented Mr. Harding, CEO of Pure Cycle. \"As interest rates continue to rise and housing prices stabilize, our homebuilding partners at Sky Ranch continue to offer affordable products, thanks in large part to our affordable lots. Couple that with our ability to build low-cost rental units that we have been able to rent quickly at good rates, and Sky Ranch once again leads our growth expectations,\" concluded Mr. Harding.Financial SummaryRevenueFor the three months ended May 31, 2023, we posted $6.9 million of revenue compared to $3.2 million for the same period in 2022. The increase was due to a record level of water sales to oil and gas operators and the st...