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 Corporation (NASDAQ: PCYO) reported positive net income of $0.2 million for Q1 FY2023, marking 15 consecutive quarters of profitability. Despite a revenue decline from $4.3 million in Q1 FY2022 to $1.3 million in Q1 FY2023, largely due to a downturn in the housing market, the company remains optimistic with cash reserves of $32 million and a strong balance sheet. They received $1.2 million in surface use payments from oil and gas operators, suggesting strong future demand. However, water sales decreased by 13%, and land development revenues also fell significantly.
Pure Cycle Corporation (NASDAQ:PCYO) will release its financial results for the three months ended November 30, 2022, on January 9, 2023. An earnings call is scheduled for January 10, 2023, at 8:30 AM ET. The company is diversifying its operations and has three business segments: wholesale water and wastewater services, land development for master-planned communities, and a rental segment for single-family homes at Sky Ranch. This diversification aims to enhance recurring revenues and strengthen their balance sheet.
Pure Cycle reported $9.6 million in net income for the year ending August 31, 2022, marking its fifth consecutive year of profitability. Total revenues reached $23.0 million, a significant increase from $17.1 million in 2021. Key contributions came from land development, water resource development, and single-family rentals. The company delivered a record 404.9 million gallons of water, and the average price per lot increased 40% in Phase 2. Despite challenges in the housing market due to rising interest rates, management remains optimistic about future growth.
Pure Cycle Corporation (NASDAQ:PCYO) plans to release its fiscal 2022 financial results on November 14, 2022. Key highlights include the sale of 219 lots at Sky Ranch, generating $13.7 million, and selling 159 water and 154 wastewater taps for $4.9 million. The company also reported proceeds from oil and gas operations exceeding $3 million and closed the year with over $34 million in liquidity. A transition to FORVIS, LLP as its new auditor is underway. A detailed earnings call will occur on November 15, 2022.
Pure Cycle Corporation (NASDAQ: PCYO) announced the successful closure of a $29.7 million municipal bond financing by the Sky Ranch Community Authority Board, netting $23.6 million after fees and expenses. The funds were used to repay Pure Cycle for public improvement reimbursements. The CAB sold tax-exempt bonds totaling $29.7 million, demonstrating robust demand for the Sky Ranch development, which has a strong credit profile amid a challenging bond market. This success reflects ongoing high demand for entry-level housing in the Sky Ranch community.
Pure Cycle Corporation (PCYO) reported a net income of $0.8 million and $4.0 million for the three and nine months ending May 31, 2022. This marks the thirteenth consecutive quarter of positive net income, with revenues of $3.2 million and $12.1 million. The company is advancing its Sky Ranch Master Planned Community, with Phase 2A nearly 67% complete. Water and wastewater tap sales totaled $1.3 million and $2.5 million, respectively. The company anticipates continued growth amid inflation and rising interest rates, as it focuses on delivering lots on time and within budget.
Pure Cycle Corporation (NASDAQ: PCYO) is set to release its financial results for the three and nine months ended May 31, 2022, on July 11, 2022. Following this, a conference call will be held on July 12, 2022, at 8:30 AM Eastern to discuss the outcomes. Additionally, the company will host its annual Investor Day on July 13, 2022, featuring presentations from senior management about current operations and growth strategies. Pure Cycle continues to diversify its operations, focusing on water services and land development to drive recurring revenues.
Pure Cycle Corporation (NASDAQ:PCYO) will release its financial results for the three and nine months ended May 31, 2022, on July 11, 2022. A conference call is scheduled for July 12, 2022, at 8:30 AM ET to discuss the results. The company continues to evolve by diversifying operations and driving recurring revenues across its three business segments: wholesale water and wastewater services, land development, and rental of single-family homes. A detailed presentation will be available on its website ahead of the call.
Pure Cycle Corporation (NASDAQ:PCYO) will host its Investor Day on July 13, 2022, from 10:00 a.m. to 2:00 p.m. MST at Sky Ranch, Colorado. CEO Mark Harding and CFO Kevin McNeill will present the company’s current status and long-term strategies, including a tour of the development site and water reclamation facility. The event aims to provide insights into the company's three business lines: water and wastewater services, land development, and single-family home rentals. Advanced registration is mandatory for attendees.
Pure Cycle Corporation reported strong financial results for the three and six months ending February 28, 2022, with revenues of $4.7 million and $8.9 million, respectively. The company achieved a net income of $1.7 million and $3.2 million in the same periods. Water deliveries hit an all-time high of 137 million gallons, largely due to demand from the oil and gas sector. The ongoing development of the Sky Ranch community continues, with substantial progress in both water and land segments.
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