Pure Cycle Announces Financial Results For the Three and Nine Months Ended May 31, 2024
Rhea-AI Summary
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.
Positive
- 52% increase in lot sales revenue for Q3 2024.
- 56% increase in lot sales revenue for the nine months ended May 31, 2024.
- Q3 2024 revenues of $7.6 million, up from Q3 2023.
- Nine-month revenues of $16.2 million, up from the same period in 2023.
- Net income of $2.8 million for Q3 2024.
- YTD net income of $5.0 million.
- EBITDA of $4.5 million for Q3 and $8.7 million YTD.
- Twentieth consecutive fiscal quarter with positive net income.
- Cash and cash equivalents totaling $20.4 million as of May 31, 2024.
Negative
- Net income for Q3 2024 decreased to $2.8 million from $3.3 million in Q3 2023.
- EBITDA for Q3 2024 decreased to $4.5 million from $5.0 million in Q3 2023.
News Market Reaction 1 Alert
On the day this news was published, PCYO gained 6.95%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
DENVER, CO / ACCESSWIRE / July 10, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) announced its financial results for the three and nine months ended May 31, 2024. Pure Cycle posted its twentieth consecutive fiscal quarter with positive net income. Pure Cycle continues to develop its Sky Ranch Master Planned Community, and as of May 31, 2024, we are actively working on Phase 2A, 2B and 2C. Phase 2B will be ready for builders to start construction in the coming months and builders will be able to continue into Phase 2C once Phase 2B is built out. We recognized a
Q3 and YTD 2024 Highlights
Revenues for the three and nine months ended May 31, 2024 of
$7.6 million and$16.2 million , which drove pre-tax income of$3.9 million and$6.8 million ;Net income for the three and nine months ended May 31, 2024 of
$2.8 million and$5.0 million ;EBITDA for the three and nine months ended May 31, 2024 of
$4.5 million and$8.7 million (see table below for reconciliation of net income to EBITDA);Cash & cash equivalents totaled
$20.4 million at May 31, 2024;For the three and nine months ended May 31, 2024, we delivered 394 and 1,422 acre-feet of water.
Net Income to EBITDA Reconciliation
We continue our profitability as shown in the table below:
| Three Months Ended |
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| Nine Months Ended | |||||||||||
(In thousands) |
| May 31, 2024 |
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| May 31, 2023 |
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| May 31, 2024 |
|
| May 31, 2023 | ||||
Net Income |
| $ | 2,825 |
|
| $ | 3,295 |
|
| $ | 5,008 |
|
| $ | 3,643 |
Add back: |
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Interest expense, net |
|
| 109 |
|
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| 52 |
|
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| 328 |
|
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| 149 |
Taxes |
|
| 1,027 |
|
|
| 1,124 |
|
|
| 1,805 |
|
|
| 1,344 |
Depreciation / amortization |
|
| 561 |
|
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| 518 |
|
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| 1,579 |
|
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| 1,594 |
EBITDA |
| $ | 4,522 |
|
| $ | 4,989 |
|
| $ | 8,720 |
|
| $ | 6,730 |
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Earnings per common share - basic and diluted |
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Basic |
| $ | 0.12 |
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| $ | 0.14 |
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| $ | 0.21 |
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| $ | 0.15 |
Diluted |
| $ | 0.12 |
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| $ | 0.14 |
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| $ | 0.21 |
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| $ | 0.15 |
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Weighted average common shares outstanding: |
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Basic |
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| 24,087,170 |
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| 24,054,843 |
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| 24,085,578 |
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| 24,021,582 |
Diluted |
|
| 24,143,039 |
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| 24,166,344 |
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| 24,146,361 |
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| 24,131,621 |
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View the original press release on accesswire.com
FAQ
What were Pure Cycle's revenues for Q3 2024?
How did Pure Cycle's lot sales revenue perform in Q3 2024?
What was Pure Cycle's net income for Q3 2024?
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What is Pure Cycle's EBITDA for Q3 2024?
How many consecutive fiscal quarters has Pure Cycle posted positive net income?
What were Pure Cycle's revenues for the nine months ended May 31, 2024?
What was Pure Cycle's net income for the nine months ended May 31, 2024?
What phase of Sky Ranch Master Planned Community is Pure Cycle currently working on?
