Business
Pure Cycle Reports Results for Three and Six Months Ended February 28, 2022
DENVER, CO / ACCESSWIRE / April 11, 2022 / "We are excited to announce the completion of another strong quarter. For our water resource segment, we had our
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / April 11, 2022 / \"We are excited to announce the completion of another strong quarter. For our water resource segment, we had our highest water deliveries in history thanks to a strong oil and gas market, while our land development segment continues developing our Master Planned Community Sky Ranch - which is thriving in this hot housing market\" commented Mark Harding, CEO of Pure Cycle. \"We finalized the sale of a school site to National Heritage Academy which will build and operate the Sky Ranch Academy. The school will serve students from K-12th grades, with an initial opening of the K-8th school in August 2023 and we couldn't be happier with the progress that has been made and we are excited for what the school will do for the community\" continued Mr. Harding.HighlightsRevenues of $4.7 million and $8.9 million for the three and six months ended February 28, 2022Pre-tax income of $2.2 million and $4.2 million for the three and six months ended February 28, 2022EBITDA of $2.6 million and $5.1 million for the three and six months ended February 28, 2022Homebuilders in the second development phase have begun construction on model homes500 of 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 2 sold to date. Total tap fees to date at Sky Ranch are equal to $15.1 millionDelivered an all-time high of 137 million gallons of water during Q2 2022, with 125 million gallons of water sold to oil and gas operators which generated $1.6 million in revenuesDenver, Colorado, April 11, 2022 - Pure Cycle Corporation (NASDAQ Capital Market:PCYO) is reporting net income of $1.7 million and $3.2 million for the three and six months ended February 28, 2022. This was generated from revenues of $4.7 million and $8.9 million. Pure Cycle continues construction on the first subphase of the second development phase of the Sky Ranch Master Planned Community, which is just over 57% complete.\"As we see certain areas of our land development segment impacted by supply chain issues in the industry, we are fortunate to have the ability to capitalize on the positive effects the economy is having on water segment related to oil and gas,\" commented Mr. Harding. \"Even with the delays we are seeing in raw materials, we aggressively sought to pre...