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 (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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