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  • Professor Andrea M. Armani, University of Southern California
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  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Pure Cycle Announces Financial Results For the Three and Nine Months Ended May 31, 2024

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 52% increase in lot sales revenue for the three months ended May 31, 2024, and a 56% increase in lot sales revenue for the nine months ended compared to 2023, due to an increase in our development activity.

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

Nine Months Ended

(In thousands)

May 31, 2024

May 31, 2023

May 31, 2024

May 31, 2023

Net Income

$

2,825

$

3,295

$

5,008

$

3,643

Add back:

Interest expense, net

109

52

328

149

Taxes

1,027

1,124

1,805

1,344

Depreciation / amortization

561

518

1,579

1,594

EBITDA

$

4,522

$

4,989

$

8,720

$

6,730


Earnings per common share - basic and diluted

Basic

$

0.12

$

0.14

$

0.21

$

0.15

Diluted

$

0.12

$

0.14

$

0.21

$

0.15


Weighted average common shares outstanding:

Basic

24,087,170

24,054,843

24,085,578

24,021,582

Diluted

24,143,039

24,166,344

24,146,361

24,131,621




View the original press release on accesswire.com

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