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) is entering the Build-to-Rent (BTR) market with initial homes at the Sky Ranch Master Planned Community. The company aims to leverage its land and water assets to boost shareholder returns, predicting $33,000 in annual rental revenue per home. Their construction of three detached homes is underway, expected to be available by fall 2021. Phase two of Sky Ranch development could see over 100 homes built, with construction financed through favorable capital rates. This expansion is anticipated to enhance balance sheets and earnings per share.
Pure Cycle Corporation (NASDAQ:PCYO) will have its President and CEO, Mark W. Harding, present at the Sidoti & Company Virtual Investor Conference on March 24-25, 2021. Harding's presentation will include a comprehensive overview of the company, followed by interactive breakout sessions with smaller groups. This event aims to connect over 100 presenters with 650 investor groups, facilitating valuable interactions. Presentation materials will be accessible on the Pure Cycle website after the conference.
Pure Cycle Corporation (NASDAQ:PCYO) has announced the approval of Sky Ranch Academy, a new charter school in the Sky Ranch Master Planned Community. In collaboration with the Bennett School District, this K-12 school aims to enhance educational opportunities within the area. The school will be operated by National Heritage Academy, benefiting from over 25 years of educational experience. Sky Ranch is part of a rapidly growing community, set to include 900 new homes and substantial commercial spaces. Pure Cycle emphasizes the importance of high-quality education in fostering community success.
Pure Cycle Corporation (NASDAQ:PCYO) has entered a new agreement with Lennar Homes to develop 218 detached homes and townhomes in the second phase of the Sky Ranch project. This follows the termination of the previous contract with Meritage Homes, who will not participate in this phase. The construction schedule remains unchanged, with all necessary permits acquired. Pure Cycle is excited to include Lennar, one of the top builders in the nation. Additionally, the company announced its official Twitter account to enhance public information dissemination.
Pure Cycle Corporation (NASDAQ:PCYO) held its annual shareholders' meeting on January 13, 2021, where new directors Frederick Fendel and Daniel Kozlowski were elected to fill vacancies left by retiring board members Harry Augur and Richard Guido. Fendel brings 18 years of water law experience, while Kozlowski has extensive finance and investment management expertise. Approximately 90.65% of entitled shareholders voted, ratifying the auditor for fiscal 2021 and passing an advisory vote on executive compensation. CEO Mark Harding expressed optimism about continued growth and development projects.
Pure Cycle reported a net income of $0.8 million on revenues of $4.9 million for Q1 2021. The company completed its initial development phase at Sky Ranch ahead of schedule, with 66% of lots purchased for a total of $9.9 million in tap fees. The next phase, featuring 895 lots, is set to break ground in January 2021, expected to increase lot prices by 30%. Despite a drop in lot sale revenue, efficiencies in operational expenses allowed them to remain profitable. Investments in water rights reached $55.2 million as of November 30, 2020, supporting future growth.
Pure Cycle Corporation (NASDAQ:PCYO) is set to release its financial results for the three months ending November 30, 2020, on January 5, 2021. A conference call will be hosted on the same day at 4 PM Eastern to discuss these results. Participants can access the call at 877-407-8033 for domestic and 201-689-8033 for international callers. A detailed slide presentation summarizing the financial results will be available on their website. Pure Cycle is a land and water resource development company, focusing on wholesale water and wastewater services.
Pure Cycle reported a net income of $6.8 million for fiscal 2020, up from $4.8 million in fiscal 2019. Revenues reached $25.9 million, marking a 27% increase. Cash and investments surged by 126%, totaling $21.8 million, while the company remains debt-free. Notably, the initial phases at Sky Ranch generated $35.1 million in lot sale proceeds. The company anticipates further growth with new contracts signed for additional phases, expecting lot prices to rise significantly. Investments in water resources grew 9.6% to $55.1 million.
Pure Cycle Corporation (NASDAQ:PCYO) has successfully completed the sale of the last finished lots from its initial filing at Sky Ranch, receiving $1.6 million in proceeds, contributing to a total of $36.7 million from 506 lots sold. Additionally, the company has earned $9.6 million from 329 water and wastewater tap sales and expects an additional $5.2 million from 177 remaining lots by the end of 2021. The development is on-time and on-budget, with home builders selling an average of 27 homes per month. Pure Cycle plans to launch nearly 900 lots in the second filing at Sky Ranch.
Pure Cycle Corporation (NASDAQ:PCYO) has entered agreements to sell residential lots in the second phase of its Sky Ranch Master Planned Community, located in metro Denver. The second phase involves nearly 900 homes, with contracts for 789 lots valued at $63.4 million. The company has successfully increased lot prices by approximately 40% compared to the first phase. Development costs are estimated at $65.6 million, with $48.0 million eligible for reimbursement. Construction is expected to commence by the end of 2020, with model home lots ready by late 2021.
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