Business
Pure Cycle Reports Results for the Three and Nine Months Ended May 31, 2022
Pure Cycle posted $0.8 million and $4.0 million of net income for the three and nine months ended May 31, 2022, marking our thirteenth consecutive quarter
About this update from Pure Cycle Corporation
[{"type":"text","content":"Pure Cycle posted $0.8 million and $4.0 million of net income for the three and nine months ended May 31, 2022, marking our thirteenth consecutive quarter with positive net income. As our land development segment continues developing our Master Planned Community Sky Ranch - which is thriving in Denver's robust housing market - our water resource development segment continues to expand our customer reach and provide water to oil and gas operators. Mark Harding, CEO of Pure Cycle, commented that \"we couldn't be happier with the progress made at Sky Ranch, we are 100% complete with our first development phase and nearly 2/3 complete with Phase 2A of the second development.\"HighlightsRevenues of $3.2 million and $12.1 million for the three and nine months ended May 31, 2022Pre-tax income of $1.1 million and $5.3 million for the three and nine months ended May 31, 2022EBITDA of $1.6 million and $6.7 million for the three and nine months ended May 31, 2022Homebuilders in phase 2A have begun construction on model homes, at least one nearing completionAll 505 lots in the initial phase of Sky Ranch have purchased water taps and we are now receiving applications for taps in the second phase with 40 taps sold in Phase 2A during the three months ended May 31, 2022. Total tap fees to date at Sky Ranch are equal to $16.4 millionDENVER, CO / ACCESSWIRE / July 11, 2022 / Pure Cycle Corporation (NASDAQ Capital Market: PCYO) is reporting net income of $0.8 million and $4.0 million for the three and nine months ended May 31, 2022. This was generated from revenues of $3.2 million and $12.1 million. Pure Cycle continues construction on Phase 2A at its Sky Ranch Master Planned Community, which is nearly 67% complete.\"The summer months are historically the best months for home sales, and it appears that will hold true this summer as well. Despite some slowing in the markets, we continue to see demand for our affordably priced Sky Ranch homes hold steady,\" commented Mr. Harding. \"We continue to watch interest rates and have delivered the first 229 lots in Phase 2A as projected, and our builders have invested in the over-lot grading for the next 211 lots in Phase 2B with wet utilities set to begin construction this fall for lot deliveries early next summer,\" concluded Mr. Harding.Financial SummaryRevenueFor the three and nine months ended May 31, ...