Business
Pure Cycle Reports Record Profits for 2020
"The increasing monetization of Pure Cycle's long held, valuable land and water assets continued in fiscal 2020, spurred by the success of the initial
About this update from Pure Cycle Corporation
[{"type":"text","content":"\"The increasing monetization of Pure Cycle's long held, valuable land and water assets continued in fiscal 2020, spurred by the success of the initial development at Sky Ranch,\" commented Mark W. Harding, Pure Cycle's CEO. \"While we have utilized just a fraction of our water rights and land holdings thus far, the cash flow generation and profitability potential of our business model became evident this year. We look forward to the continued improving returns on future Sky Ranch phases and the addition of more customers to our water and wastewater resource segment.\" continued Mr. Harding.HighlightsFiscal 2020 Net Income Was $6.8 Million on Revenues of $25.9 MillionCash, Cash Equivalents and Investments Increased 126% - And We Remain Debt FreeSuccessful Initial Phases at Sky Ranch, by the End of Our Fiscal Year-End We Had Delivered 483 Finished Lots and Received $35.1 Million of the Total $36.7 Million of Lot Sale ProceedsIn the Past Two Fiscal Years We Sold Over $9.2 Million in Water and Wastewater TapsAfter Our Fiscal Year-End We Signed Contracts With Four Builders for the Next Phases of Development at Sky RanchDENVER, CO / ACCESSWIRE / November 10, 2020 / Pure Cycle Corporation (NASDAQ:PCYO) today reported net income of $6.8 million for fiscal 2020, compared to $4.8 million for fiscal 2019. Driving this growth was $18.9 million of recognized lot sales and $5.6 million of water and wastewater tap fees. Pure Cycle also reported net investments in water and water rights of $55.1 million as of August 31, 2020, which is a $4.8 million or 9.6% increase over 2019. This reflects Pure Cycle's continued expansion of its valuable water resources in a water-short region.\"Our initial development at Sky Ranch, our master-planned community in the high-profile and quickly expanding I-70 corridor, is nearing completion. I am excited to report we have accomplished this nearly two-years ahead of our original schedule and on-budget. Both accomplishments are a testament to our dedicated and driven team members at Pure Cycle,\" commented Mr. Harding. \"This provided significant growth not only to our land development segment, but equally as important to our water and wastewater resource development segment, both in adding customers and further monetizing our extremely valuable water portfolio,\" concluded Mr. Harding.The table below presents Pu...