Welcome to our dedicated page for Pure Cycle Corporation news (Ticker: PCYO), a resource for investors and traders seeking the latest updates and insights on Pure Cycle Corporation stock.
Pure Cycle Corporation (NASDAQ: PCYO) is a vertically integrated wholesale water and wastewater service provider, operating in two main business segments: Water and Wastewater Resource Development and Land Development. The company designs, constructs, manages, operates, and maintains water and wastewater systems, offering services such as water production, storage, treatment, bulk transmission to retail distribution systems, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing, and collection.
Established as a key player in its industry, Pure Cycle contracts with landowners, land developers, home builders, cities, and municipalities. The company owns and manages approximately 16,000 acres of irrigated farmland in the Arkansas Valley and about 930 acres of fully entitled master planned community development land along Denver's primary east/west transportation corridor, Interstate 70. The land development segment primarily focuses on developing and selling finished lots, generating maximum revenue for the company.
Pure Cycle's Sky Ranch Master Planned Community is a notable project, where they have delivered 738 finished lots to homebuilders and retained 14 lots for their single-family rental segment. As of the latest update, nearly 600 homes have been built and sold in Sky Ranch, with 90 homes under construction. Pure Cycle also completed and leased 11 additional single-family homes, bringing the total to 14 homes in their rental portfolio.
In the fiscal year ended August 31, 2023, Pure Cycle posted $4.7 million in net income, marking its sixth consecutive year and seventeenth consecutive fiscal quarter with positive net income. Despite challenges such as rising interest rates impacting the housing market, Pure Cycle's Sky Ranch community has shown solid growth, thanks to entry-level homes and its strategic location.
Financially, Pure Cycle reported total revenues of $14.6 million for the year ended August 31, 2023, with significant contributions from both the water and wastewater resource development segment ($7.3 million) and the land development segment ($6.8 million). For the three months ended November 30, 2023, the company recorded a net income of $2.1 million, demonstrating continued fiscal health and operational success.
Pure Cycle continues to see strong demand for its well-priced lots and water availability in the Denver metropolitan region. Looking forward, the company anticipates substantial growth in its water and wastewater service revenues as the Sky Ranch community develops further. With ongoing projects and a robust balance sheet, Pure Cycle is well-positioned to capitalize on market opportunities and deliver strong shareholder returns.
Pure Cycle (PCYO) reported strong financial results for fiscal year 2024, with net income reaching $11.6 million, a 147% increase from 2023. Revenue grew 97% to $28.7 million, driven by a 135% increase in lot sales. The company delivered 1,818 acre-feet of water, up 89% from 2023. Earnings per diluted share increased 153% to $0.48. The Sky Ranch Master Planned Community continues development with Phases 2A and 2B substantially complete, while Phase 2C is expected to complete in fiscal 2025. Cash and cash equivalents stood at $22.1 million as of August 31, 2024.
Pure Cycle (NASDAQ:PCYO) has scheduled its year-end 2024 financial results release for November 13, 2024, followed by a conference call on November 14, 2024, at 8:30AM Eastern. The company operates in three business segments: wholesale water and wastewater services, land development of master planned communities, and single-family home rentals at Sky Ranch. The earnings call will be accessible via domestic (877-545-0523) and international (973-528-0016) lines, with replay available until February 14, 2025.
Pure Cycle (NASDAQ:PCYO) announced that Sky Ranch Community Authority Board (Sky Ranch CAB) successfully completed a $21.9 million municipal bond refinancing. The refinancing resulted in $10.1 million net proceeds after repaying 2019 Bonds and expenses. The 2024 Bonds include $18.585 million in tax-exempt senior bonds and $3.307 million in subordinate bonds. Pure Cycle received $10.1 million as partial reimbursement for public improvements at the Sky Ranch Master Planned Community. The total municipal bonds issued by Sky Ranch CAB now amount to $51.4 million, reflecting the community's strong performance.
Pure Cycle (NASDAQ: PCYO) announced that Sky Ranch Metropolitan District No. 1, part of the Sky Ranch Community Authority Board (CAB), received an investment grade 'BBB' rating from S&P Global Ratings for refinancing its 2019 Bonds. This rating reflects the district's mature status, quality financial controls, and stable financial outlook. The Sky Ranch Master Planned Community, developed by Pure Cycle, has completed Phase 1 with 509 homes across 151 acres.
CEO Mark Harding stated that this rating will lower borrowing costs and provide additional funds to repay Pure Cycle's advances for public improvements. The transaction is expected to close in November, potentially yielding $10 million to pay down the Sky Ranch CAB Note Receivable. Pure Cycle operates in three business segments: wholesale water and wastewater services, land development, and single-family home rentals at Sky Ranch.
Pure Cycle (NASDAQ: PCYO) is hosting its annual Investor Day on July 17, 2024, at Sky Ranch, the company's master-planned community. The event will run from 10:00 a.m. to 1:00 p.m. MST, featuring an in-person tour of Sky Ranch and the company's water assets. Attendees will gain insights into Denver's housing market, Pure Cycle's long-term growth strategies, and progress at Sky Ranch.
The tour will focus on Phase 2 of the development, single-family rental units, and the water reclamation facility. A Q&A session will be available for remote participation at 12:00 PM MST. Advanced registration is required for in-person attendance, while virtual attendees can register online for the Q&A session.
Pure Cycle operates in three business segments: wholesale water and wastewater services, land development, and single-family home rentals at Sky Ranch.
Pure Cycle announced its financial results for the three and nine months ended May 31, 2024, highlighting a 52% increase in lot sales revenue for Q3 and a 56% increase for the nine months compared to 2023. Revenues for Q3 and YTD 2024 were $7.6 million and $16.2 million, respectively, driving pre-tax income of $3.9 million and $6.8 million. Net income for Q3 and YTD stood at $2.8 million and $5.0 million, respectively, while EBITDA reached $4.5 million for Q3 and $8.7 million YTD.
Pure Cycle's development of the Sky Ranch Master Planned Community is progressing, with Phase 2A, 2B, and 2C actively underway. Phase 2B will soon be ready for builders, with construction to continue into Phase 2C. The company maintained a positive net income for the twentieth consecutive fiscal quarter and holds cash and cash equivalents totaling $20.4 million.
Pure Cycle (NASDAQ:PCYO) will release its financial results for the three and nine months ended May 31, 2024, on July 10, 2024. The company will also hold an earnings call the following day, July 11, at 8:30 AM Eastern Time to discuss the results. Interested participants can join the call via phone or an online event link. Replay options are available until July 25, 2024.
Pure Cycle, an innovative water and wastewater service provider, operates in three business segments: water and wastewater services, land development, and rental of single-family homes. The company aims to enhance its operations, strengthen its balance sheet, and drive recurring revenues.
Pure Cycle (NASDAQ: PCYO) will host its annual Investor Day on July 17, 2024, from 10:00 a.m. to 2:00 p.m. MST at Sky Ranch. The event will include in-depth presentations by CEO Mark Harding and senior management, focusing on growth strategies and updates on Sky Ranch's Phase 2 development, single-family rental units, and a water reclamation facility tour. Those unable to attend in person can join a Q&A session via Teams at 1 p.m. MST. Pure Cycle continues to expand its operations and revenue through its water services, land development, and single-family rental units businesses.
Pure Cycle (NASDAQ: PCYO) announced the addition of Susan Heitmann to its Board of Directors.
Ms. Heitmann brings over 30 years of accounting and finance experience, having served as a partner at KPMG before her retirement.
She will also chair the Audit Committee, becoming the second female board member. The company thanked Peter Howell for his nearly 20 years of service as he steps down to spend more time with his family.
CEO Mark Harding highlighted Ms. Heitmann's expertise in SEC registrants, corporate governance, and complex commercial agreements as invaluable for Pure Cycle.
Pure Cycle operates in three business segments: wholesale water and wastewater services, land development, and rental of single-family homes, aiming to drive recurring revenues and grow its balance sheet.
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