Business
Pure Cycle Corporation Announces Financial Results for its Fourth Quarter and Fiscal Year Ended August 31, 2019
DENVER, CO / ACCESSWIRE / November 12, 2019 / Pure Cycle Corporation (NASDAQ:PCYO) ("Pure Cycle" or the "Company") today reported corrected financial results
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / November 12, 2019 / Pure Cycle Corporation (NASDAQ:PCYO) (\"Pure Cycle\" or the \"Company\") today reported corrected financial results for its fourth quarter and fiscal year ended August 31, 2019.Fourth Quarter and Fiscal Year Ended August 31, 2019 Highlights:Revenue during the fourth quarter and fiscal year ended August 31, 2019, was $9.5 million and $20.4 million, respectivelyOperating income during the fourth quarter and fiscal year ended August 31, 2019, was $1.6 million and $3.0 million, respectivelyNet income during the fourth quarter and fiscal year ended August 31, 2019, was $3.0 million and $4.8 million, respectivelyFully diluted earnings per share during the fourth quarter and fiscal year ended August 31, 2019, was $0.13 and $0.20, respectivelyClosed the sale of 172 and 255 finished lots at Sky Ranch, receiving approximately $8 million and $18 million in aggregate proceeds during the fourth quarter and fiscal year ended August 31, 2019, respectively\"Fiscal year 2019 was an extraordinary year for us, in which we were able to execute our land development business segment and expand our water utilities segment,\" commented Mark Harding, President of Pure Cycle Corporation. \"We are pleased to have closed the sale of 255 finished lots, receiving in aggregate $18 million in proceeds. This amount represents an acceleration of lot deliveries to our home builder customers from our original agreements and a testament to the success of opening our initial phase of Sky Ranch. Given this acceleration, we expect to close the remaining 159 finished lots under our finished lot agreement and 92 lots under our lot development agreements during fiscal 2020, which is more than 18 months ahead of schedule. Subsequent to our fiscal year end, we have delivered and received 2 progress payments for an additional 95 lots pursuant to our lot delivery agreements and closed an additional 22 finished lot sales, due to strong demand from our home builders for us to complete lots to keep up with home sales at Sky Ranch.In addition to lot sales we also received payments for 113 water and wastewater taps in fiscal 2019 for a combined total of $3.5 million. As of October 31, 2019, our three home builder customers have been granted over 120 building permits and closed 11 homes with the new homeowners. Sales from our home buil...