Pure Cycle Announces Financial Results For the Three and Nine Months Ended May 31, 2024
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.
Pure Cycle 公司 (NASDAQ Capital Market: PCYO) 宣布其截至 2024 年 5 月 31 日三个月和九个月的财务业绩。Pure Cycle 实现了第二十个连续财季的净利润为正数。Pure Cycle 继续开发其 Sky Ranch 综合社区,并截至 2024 年 5 月 31 日,我们正在积极开展 2A、2B、2C 三个项目。2B 项目即将于未来几个月开工建设,建设完成 2B 项目后,施工公司将能够继续开展 2C 项目。我们在 2024 年 5 月 31 日结束的三个月内实现了土地销售收入的 52% 增长,并在 2024 年前九个月同比增长了 56%,这是因为我们的开发活动有所增加。
Q3 and YTD 2024 Highlights
2024 年第三季度和筹集资金摘要
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.
2024 年 5 月 31 日结束的三个月和九个月的营业收入分别为 $7.6M 和 $16.2M,推动了税前收入分别为 $3.9M 和 $6.8M;
2024 年 5 月 31 日结束的三个月和九个月的净利润分别为 $2.8M 和 $5M;
2024 年 5 月 31 日结束的三个月和九个月的 EBITDA 分别为 $4.5M 和 $8.7M(有关将净利润调整为 EBITDA 的说明请参见下表);
2024 年 5 月 31 日,现金及现金等价物总额为 $20.4M;
截至 2024 年 5 月 31 日结束的三个月和九个月,我们提供了 394 和 1,422 英亩英尺的水。
Net Income to EBITDA Reconciliation
将净利润调整为 EBITDA 调和
We continue our profitability as shown in the table below:
根据以下表格,我们继续保持盈利能力:
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 |
三个月之内结束 |
九个月结束 |
||||||||||||||
(以千为单位) |
2024年5月31日 |
2023年5月31日 |
2024年5月31日 |
2023年5月31日 |
|||||||||||
净利润 |
$ |
2,825 |
$ |
3,295 |
$ |
5,008 |
$ |
3,643 |
|||||||
增加: |
|||||||||||||||
利息费用,净额 |
109 |
52 |
328 |
149 |
|||||||||||
税收 |
1,027 |
1,124 |
1,805 |
1,344 |
|||||||||||
折旧/摊销 |
561 |
518 |
1,579 |
1,594 |
|||||||||||
EBITDA |
$ |
4,522 |
$ |
4,989 |
$ |
8720 |
$ |
6,730 |
|||||||
基本和稀释后每股普通股收益 |
|||||||||||||||
基本 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
|||||||
摊薄 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
|||||||
加权平均流通股数: |
|||||||||||||||
基本 |
24,087,170 |
24,054,843 |
24,085,578 |
24,021,582 |
|||||||||||
摊薄 |
24,143,039 |
24,166,344 |
24,146,361 |
24,131,621 |
"Due to the continued success of our Sky Ranch Master Planned community, we now have three phases of lot development under construction accelerating the timing of delivering our lots to home builder customers as well as lots for our single-family rental segment. As we complete final landscaping in Phase 2A, lot production has accelerated deliveries in the remaining half of our fiscal year with completion of approximately 211 lots in Phase 2B and substantial progress on our overlapping production of 228 lots in Phase 2C" commented Mark Harding, CEO of Pure Cycle. "Also contributing were record 2024 YTD water sales to oil and gas customers with a continued strong outlook for the rest of 2024 and into 2025," continued Mr. Harding.
由于我们的 Sky Ranch 综合社区取得了持续的成功,我们现在正在同时开展三个土地开发项目,加快将土地交付给住房建筑客户,以及单户家庭租赁地段。随着我们在 2A 项目的最终园林景观工程结束,土地生产在本财季的另一半加速交付,包括 20亿 项目中约 211 块土地的完成和我们在 2C 项目中 228 块土地的进展。Pure Cycle 的 CEO Mark Harding 评论道:“同时,在 2024 年油气客户的记录销售提供了贡献,并对 2024 年余下时间及 2025 年颇具信心。”
Q3 and YTD 2024 Financial Summary
2024 年第三季度和筹集资金摘要
Revenue
营业收入
For the three months ended May 31, 2024, and 2023, we reported total revenues of $7.6 million and $6.9 million with $2.5 million and $3.6 million being generated in our water and wastewater resource development segment, $5.0 million and $3.2 million generated by our land development segment, and $0.1 million and less than $0.1 million reported in our single-family rental business.
截至2024年5月31日的三个月内,我们在我们的水和废水资源开发部门创造了250万美元和360万美元,我们在土地开发部分创造了500万美元和320万美元,我们的单户出租业务报告的营业收入为10万美元和不到10万美元。
For the nine months ended May 31, 2024, and 2023, we reported total revenues of $16.2 million and $11.2 million with $7.6 million and $5.9 million being generated in our water and wastewater resource development segment, $8.3 million and $5.2 million generated by our land development segment, and $0.4 million and less than $0.1 million reported in our single-family rental business.
截至2024年5月31日的九个月内,我们报告的总收入为1620万美元和1120万美元,我们的水和废水资源开发部门创造了760万美元和590万美元,我们的土地开发部门创造了830万美元和520万美元,我们的单户出租业务报告的营业收入为40万美元和不到10万美元。
For the three months ended May 31, 2024, and 2023, we sold 20 and 44 water or water and wastewater taps for $0.6 million and $1.3 million. For the nine months ended May 31, 2024, and 2023, we sold 35 and 85 water or water and wastewater taps for $1.1 million and $2.4 million. We have sold 741 water and wastewater taps at Sky Ranch in Phases 1, 2A and 2B. Based on current prices and engineering estimates, we believe Phase 2 of Sky Ranch will exceed $20.0 million in additional water and wastewater tap fee revenue and cash over the next three to five years.
截至2024年5月31日的三个月内,我们出售了20个和44个水或水和废水龙头,分别售价60万美元和130万美元。截至2024年5月31日的九个月内,我们出售了35个和85个水或水和废水龙头,分别售价110万美元和240万美元。在Sky Ranch的1、2A和20亿阶段里,我们共销售了741个水和废水龙头。根据当前的价格和工程估计,我们认为Sky Ranch的第2阶段将在未来3-5年内额外创收和现金超过2000万美元的水和废水龙头费用。
As of May 31, 2024, the first development phase (509 lots) is complete and the second development phase (874 lots) is being developed in four subphases, referred to as Phase 2A (229 lots), Phase 2B (211 lots), Phase 2C (228 lots) and Phase 2D (206 lots). As of May 31, 2024, Phase 2A is approximately 98% complete, Phase 2B is approximately 70% complete and Phase 2C is approximately 21% complete. Phase 2A is substantially completed with some landscaping items remaining. Phase 2B is expected to be complete by the end of Pure Cycle's fiscal 2024 and Phase 2C is expected to be complete during Pure Cycle's fiscal 2025.
截至2024年5月31日,第一开发阶段(509块)已经完成,第二开发阶段(874块)正在分4个子阶段进行开发,分别称为第2A阶段(229块),20亿阶段(211块),第2C阶段(228块)和第2D阶段(206块)。截至2024年5月31日,第2A阶段已经完成了约98%的工程,20亿阶段已经完成了约70%的工程,第2C阶段已经完成了约21%的工程。第2A阶段的大部分工程已经完成,部分园林工程还需完成。20亿阶段预计将在Pure Cycle的2024财年结束时完工,第2C阶段预计将在Pure Cycle的2025财年期间完工。
As of May 31, 2024, the single-family rental business had 14 homes built and rented in Sky Ranch and 17 additional homes forecasted for construction in Phase 2B. As noted in the prior quarters, due to the overwhelming demand for rental homes at Sky Ranch, we expect to have a total of 93 homes in Phase 2 with the ability to add more than 200 homes as Sky Ranch builds out.
截至2024年5月31日,Sky Ranch的单户出租业务已经建成和出租了14户,还有17户在第20亿阶段预计进行建设。由于Sky Ranch出租房屋的需求持续高涨,我们计划在第2阶段拥有总共93个房屋,并有能力在Sky Ranch扩建超过200个房屋。
"As expected, our land development activity has ramped up in the third quarter which we expect will continue into fiscal 2025 with multiple phases under development," commented Marc Spezialy, CFO of Pure Cycle. "New home sales remain high, and we are excited to be able to offer an affordable housing product to builders in our Sky Ranch Master Planned Community. We are also preparing to begin construction in the fourth quarter on our next phase of single-family rentals, which will more than double the number of units we have to rent once Phase 2B is completed," concluded Mr. Spezialy.
Pure Cycle的首席财务官Marc Spezialy评论道:“我们的土地开发业务预计在第三季度加速发展,并预计将持续到2025财年的多个开发阶段。新房销售仍然非常高,我们很高兴能够为Sky Ranch总体规划社区中的建筑师提供经济适用房产产品。此外,我们正准备在第四季度开始建设我们的下一阶段的单户出租住房,在第20亿阶段完成后,我们需要提供的单位数量将超过两倍。”
Working Capital
营运资金
We reported working capital (current assets less current liabilities) of $19.6 million as of May 31, 2024, with $20.4 million of cash and cash equivalents.
截至2024年5月31日,我们报告的净营运资本(流动资产减去流动负债)为1960万美元,现金及现金等价物为2040万美元。
Q3 and YTD 2024 Operational Summary
2024年Q3和YTD运营概要
Water and Wastewater Resource Development
水和废水资源开发
Water deliveries decreased for the three months ended May 31, 2024, from 394 acre-feet delivered as compared to 564 acre-feet delivered in Q3 2023, primarily due to an unusually large volume of oil and gas water sales in Q3 2023. Water deliveries increased for the nine months ended May 31, 2024, to a record 1,422 acre-feet delivered as compared to 806 acre-feet delivered in the same period of 2023. Oil and gas operations are highly variable and dependent on oil prices, demand for gas, and timing of development of other leases in our service areas; however, our current expectation is for continued strong demand for oil and gas water sales through 2024 and 2025. As Sky Ranch continues to develop, we anticipate continued growth in our residential water and wastewater service revenues. Water and wastewater tap sales decreased in Q3 2024 and YTD 2024 compared to the same period in 2023 due to the timing of closings at Sky Ranch. Tap sales are driven by building permit applications and are not contractually established with the builders.
截至2024年5月31日的三个月内,水的交付量从Q3 2023的564英亩英尺下降至394英亩英尺,主要原因是Q3 2023有一个异常大的油气水销售量。截至2024年5月31日的九个月内,交付的水量增加至创纪录的1,422英亩英尺,而2023年同期为806英亩英尺。油气业务极具变动性,取决于油价、天然气需求和服务区域中其他租赁发展的时间,但我们目前的预期是在2024年和2025年继续强劲的油气用水销售需求。随着Sky Ranch的发展,我们预计住宅用水和废水服务的收入将持续增长。2024年Q3和YTD,水和废水龙头销售量与2023年同期相比减少,这是由于Sky Ranch的交易定时。龙头销售量取决于建筑许可申请,并没有与建筑商签订合同。
Land Development
土地开发
Lot sales revenue increased to $4.8 million for the three months ended May 31, 2024 compared to $3.2 million in 2023. Lot sales revenue increased to $7.9 million for the nine months ended May 31, 2024 compared to $5.1 million in 2023. Increases in the quarter and year to date lot sales revenue are due to the timing of construction in Sky Ranch on Phase 2A, 2B and 2C. Because lot sales revenue is recognized as construction progresses, revenue will fluctuate due to timing of construction activities.
2024年5月31日的三个月内,土地销售收入增加至480万美元,而2023年为320万美元。截至2024年5月31日的九个月内,土地销售收入增加至790万美元,而2023年为510万美元。季度和年度土地销售收入的增加是由于Sky Ranch的第2A、20亿和2C的建设时间。由于土地销售收入随着建设进展而认定,因此收入会因建设活动的时间而波动。
Single Family Rentals
单户出租住宅
Q1 2024 represented our first quarter of rental income for our 14 completed homes. An additional 17 homes are forecasted for construction in Phase 2B in calendar 2024.
2024年Q1是我们完成住宅建设后的第一个季度获得租金收入。第20亿阶段还有17套房屋计划在2024年建设。
Earnings Call Information
业绩会信息。
Pure Cycle will host a conference call on Thursday July 11, 2024, at 8:30AM Eastern (6:30AM Mountain) to discuss the financial results and answer questions. Call details are presented below. We will post a detailed slide presentation on our website, which will provide an overview of Pure Cycle and present summary financial results and can be accessed at .
Pure Cycle将于2024年7月11日星期四上午8:30(东部标准时间)举行电话会议,讨论财务业绩并回答问题。以下是电话详情。我们将在公司网站上发布一份详细的演示文稿,概述Pure Cycle并呈现财务业绩摘要,可以通过下面的网址访问。
When: |
8:30AM Eastern (6:30AM Mountain) on July 11, 2024 |
|
Call in number: |
888-506-0062 (access code: 435023) |
|
International call-in number: |
973-528-0011 (access code: 435023) |
|
Replay numbers: |
877-481-4010 | 919-882-2331 (passcode: 50832) |
|
Replay available until: |
July 25, 2024 at 8:30AM ET |
|
Event link: |
时间: |
2024年7月11日上午8:30(东部标准时间) |
|
呼叫号码: |
888-506-0062(访问代码:435023) |
|
国际呼叫号码: |
973-528-0011(访问代码:435023) |
|
重放次数: |
877-481-4010 | 919-882-2331(密码:50832) |
|
重放可用至: |
2024年7月25日上午8:30(东部时间) |
|
活动链接: |
Other Important Information
其他重要信息
The table below presents our consolidated results of operations for the three and nine months ended May 31, 2024 and 2023 (unaudited):
下表是截至2024年5月31日和2023年5月31日三个月和九个月的合并业务运营结果(未经审计):
Three Months Ended |
Nine Months Ended |
|||||||||||||||
(In thousands, except share information) |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
||||||||||||
Revenues: |
||||||||||||||||
Metered water usage from: |
||||||||||||||||
Municipal customers |
$ |
145 |
$ |
145 |
$ |
458 |
$ |
349 |
||||||||
Commercial customers |
1,432 |
2,145 |
5,045 |
2,596 |
||||||||||||
Wastewater treatment fees |
85 |
75 |
258 |
216 |
||||||||||||
Water and wastewater tap fees |
581 |
1,256 |
1,162 |
2,400 |
||||||||||||
Lot sales |
4,795 |
3,160 |
7,906 |
5,064 |
||||||||||||
Project management fees |
221 |
42 |
362 |
173 |
||||||||||||
Single-family rentals |
123 |
34 |
357 |
90 |
||||||||||||
Special facility projects and other |
222 |
22 |
639 |
330 |
||||||||||||
Total revenues |
7,604 |
6,879 |
16,187 |
11,218 |
||||||||||||
Cost of revenues: |
||||||||||||||||
Water service operations |
564 |
576 |
1,628 |
1,457 |
||||||||||||
Wastewater service operations |
173 |
96 |
513 |
350 |
||||||||||||
Land development construction costs |
1,192 |
951 |
1,961 |
1,291 |
||||||||||||
Project management costs |
154 |
81 |
401 |
227 |
||||||||||||
Single-family rental costs |
71 |
24 |
161 |
53 |
||||||||||||
Depletion and depreciation |
410 |
407 |
1,132 |
1,246 |
||||||||||||
Other |
174 |
71 |
406 |
318 |
||||||||||||
Total cost of revenues |
2,738 |
2,206 |
6,202 |
4,942 |
||||||||||||
General and administrative expenses |
1,647 |
805 |
5,082 |
3,900 |
||||||||||||
Depreciation |
151 |
111 |
447 |
348 |
||||||||||||
Operating income |
3,068 |
3,757 |
4,456 |
2,028 |
||||||||||||
Other income (expense): |
||||||||||||||||
Interest income - related party |
217 |
331 |
1,156 |
841 |
||||||||||||
Interest income - Investments |
279 |
281 |
873 |
727 |
||||||||||||
Oil and gas royalty income, net |
392 |
44 |
479 |
227 |
||||||||||||
Oil and gas lease income, net |
18 |
18 |
56 |
56 |
||||||||||||
Other, net |
(13) | 40 |
121 |
1,257 |
||||||||||||
Interest expense, net |
(109) | (52) | (328) | (149) | ||||||||||||
Income from operations before income taxes |
3,852 |
4,419 |
6,813 |
4,987 |
||||||||||||
Income tax expense |
(1,027) | (1,124) | (1,805) | (1,344) | ||||||||||||
Net income |
$ |
2,825 |
$ |
3,295 |
$ |
5,008 |
$ |
3,643 |
||||||||
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 |
三个月之内结束 |
九个月结束 |
|||||||||||||||
(以千为单位,除股份信息外) |
2024年5月31日 |
2023年5月31日 |
2024年5月31日 |
2023年5月31日 |
||||||||||||
营收: |
||||||||||||||||
自计量客户的用水量: |
||||||||||||||||
市政客户 |
$ |
145 |
$ |
145 |
$ |
458 |
$ |
349 |
||||||||
商业客户 |
1,432 |
2,145 |
5,045 |
2,596 |
||||||||||||
废水处理费 |
85 |
75 |
258 |
216 |
||||||||||||
自来水和废水连接费 |
581 |
1,256 |
1,162 |
2,400 |
||||||||||||
地块销售 |
4,795 |
3,160 |
7,906 |
5,064 |
||||||||||||
项目管理费用 |
221 |
42 |
362 |
173 |
||||||||||||
单一家庭租赁 |
123 |
34 |
357 |
90 |
||||||||||||
特殊设施项目和其他 |
222 |
22 |
639 |
330 |
||||||||||||
总收入 |
7,604 |
6,879 |
16,187 |
11,218 |
||||||||||||
营业成本: |
||||||||||||||||
供水服务操作 |
564 |
576 |
1,628 |
1457 |
||||||||||||
废水运营 |
173 |
96 |
513 |
350 |
||||||||||||
土地开发建造业成本 |
1,192 |
951 |
1,961 |
1,291 |
||||||||||||
项目管理成本 |
154 |
81 |
401 |
227 |
||||||||||||
单户家庭出租成本 |
71 |
24 |
161 |
53 |
||||||||||||
折旧及摊销费用 |
410 |
407 |
1,132 |
1,246 |
||||||||||||
其他 |
174 |
71 |
406 |
318 |
||||||||||||
总收入成本 |
2,738 |
2,206 |
6,202 |
4,942 |
||||||||||||
一般及管理费用 |
1,647 |
805 |
5,082 |
3,900 |
||||||||||||
折旧费用 |
151 |
111 |
447 |
348 |
||||||||||||
营业利润 |
3,068 |
3,757 |
4,456 |
2,028 |
||||||||||||
其他收入(支出): |
||||||||||||||||
关联方利息收入 |
217 |
331 |
1,156 |
841 |
||||||||||||
投资利息收入 |
279 |
281 |
873 |
727 |
||||||||||||
石油和天然气版税净收入 |
392 |
44 |
479 |
227 |
||||||||||||
石油和天然气租赁净收入 |
18 |
18 |
56 |
56 |
||||||||||||
其他,净额 |
(13) | 40 |
121 |
1,257 |
||||||||||||
利息费用,净额 |
(109) | (52) | (328) | (149) | ||||||||||||
税前营业收入 |
3,852 |
4,419 |
6,813 |
4,987 |
||||||||||||
所得税费用 |
(1,027) | (1,124) | (1,805) | (1,344) | ||||||||||||
净收入 |
$ |
2,825 |
$ |
3,295 |
$ |
5,008 |
$ |
3,643 |
||||||||
基本和稀释后每股普通股收益 |
||||||||||||||||
基本 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
||||||||
摊薄 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
||||||||
加权平均流通股数: |
||||||||||||||||
基本 |
24,087,170 |
24,054,843 |
24,085,578 |
24,021,582 |
||||||||||||
摊薄 |
24,143,039 |
24,166,344 |
24,146,361 |
24,131,621 |
The following table presents our consolidated financial position as of May 31, 2024 (unaudited) and August 31, 2023 (audited):
下表呈现了我们截至2024年5月31日(未经审计)和2023年8月31日(经审计)的财务状况:
(In thousands, except shares) |
May 31, 2024 |
August 31, 2023 |
||||||
ASSETS: |
(unaudited) |
|||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
20,360 |
$ |
26,012 |
||||
Short term investments |
171 |
- |
||||||
Trade accounts receivable, net |
2,303 |
1,092 |
||||||
Land under development |
5,183 |
1,726 |
||||||
Income taxes receivable |
- |
551 |
||||||
Prepaid expenses and other assets |
580 |
346 |
||||||
Total current assets |
28,597 |
29,727 |
||||||
Restricted cash |
2,881 |
2,475 |
||||||
Investments in water and water systems, net |
59,078 |
57,798 |
||||||
Construction in progress |
4,243 |
5,457 |
||||||
Single-family rental units |
5,115 |
4,490 |
||||||
Land and mineral rights: |
||||||||
Held for development |
3,714 |
4,652 |
||||||
Held for investment purposes |
451 |
451 |
||||||
Other assets |
1,167 |
1,359 |
||||||
Notes receivable - related parties, including accrued interest |
||||||||
Reimbursable public improvements and project management fees |
33,541 |
24,999 |
||||||
Other |
1,441 |
1,451 |
||||||
Operating leases - right of use assets |
176 |
357 |
||||||
Total assets |
$ |
140,404 |
$ |
133,216 |
||||
LIABILITIES: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
3,311 |
$ |
1,960 |
||||
Accrued liabilities |
1,380 |
1,761 |
||||||
Accrued liabilities - related parties |
1,357 |
1,021 |
||||||
Income taxes payable |
1,383 |
- |
||||||
Deferred lot sales revenues |
1,548 |
1,661 |
||||||
Deferred water sales revenues |
13 |
69 |
||||||
Debt, current portion |
34 |
31 |
||||||
Total current liabilities |
9,026 |
6,503 |
||||||
Debt, less current portion |
6,859 |
6,885 |
||||||
Deferred tax liability, net |
1,230 |
1,352 |
||||||
Lease obligations - operating leases, less current portion |
106 |
242 |
||||||
Total liabilities |
17,221 |
14,982 |
||||||
Commitments and contingencies |
||||||||
SHAREHOLDERS' EQUITY: |
||||||||
Series B preferred shares: par value $0.001 per share, 25 million authorized; 432,513 issued and outstanding (liquidation preference of $432,513) |
- |
- |
||||||
Common shares: par value 1/3 of $.01 per share, 40.0 million authorized; 24,075,342 and 24,078,720 outstanding, respectively |
80 |
80 |
||||||
Additional paid-in capital |
175,069 |
174,689 |
||||||
Accumulated deficit |
(51,966) | (56,535) | ||||||
Total shareholders' equity |
123,183 |
118,234 |
||||||
Total liabilities and shareholders' equity |
$ |
140,404 |
$ |
133,216 |
(以千为单位,除股份外) |
2024年5月31日 |
2023年8月31日 |
||||||
资产: |
(未经审计) |
|||||||
流动资产: |
||||||||
现金及现金等价物 |
$ |
20,360 |
$ |
26,012 |
||||
短期投资 |
171 |
- |
||||||
交易应收账款净额 |
2,303 |
1,092 |
||||||
正在开发的土地 |
5,183 |
1,726 |
||||||
应收所得税款项 |
- |
551 |
||||||
预付款项和其他资产 |
580 |
346 |
||||||
总流动资产 |
28,597 |
29,727 |
||||||
受限现金 |
2,881 |
2,475 |
||||||
水和水系统的投资,净值 |
59,078 |
57,798 |
||||||
在建工程 |
4,243 |
5,457 |
||||||
单户出租单元 |
5,115 |
4,490 |
||||||
土地和矿业权: |
||||||||
持有待开发项目土地 |
3,714 |
4,652 |
||||||
持有投资目的的土地 |
451 |
451 |
||||||
其他 |
1,167 |
1,359 |
||||||
应收款项-关联方,包括应计利息 |
||||||||
报销的公共设施改进和项目管理费用 |
33,541 |
24,999 |
||||||
其他 |
1,441 |
1451 |
||||||
租赁权-使用权益资产 |
176 |
357 |
||||||
总资产 |
$ |
140,404; |
$ |
133,216; |
||||
负债: |
||||||||
流动负债: |
||||||||
应付账款 |
$ |
3,311 |
$ |
1,960 |
||||
应计负债 |
1,380 |
$1,761 |
||||||
应计的关联方负债 |
1,357 |
1,021 |
||||||
应付所得税 |
1,383 |
- |
||||||
推迟的土地销售收入 |
所有板块 |
1,661 |
||||||
推迟的水销售收入 |
13 |
69 |
||||||
债务,短期部分 |
34 |
31 |
||||||
流动负债合计 |
9,026 |
6,503 |
||||||
债务,长期部分 |
6,859 |
6,885 |
||||||
递延所得税负债,净额 |
1,230 |
1,352 |
||||||
租赁义务-操作租赁,减去短期部分 |
106 |
242 |
||||||
负债合计 |
17,221 |
14,982 |
||||||
承诺和 contingencies |
||||||||
股东权益: |
||||||||
b系列优先股:每股面值$0.001, 2500万授权; 发行和流通股为432,513股(清算优先权为$432,513) 资产 |
- |
- |
||||||
普通股份:每股面值1/3美分,总发行量4000万股; 分别为24,075,342和24,078,720股; |
80 |
80 |
||||||
额外实收资本 |
175,069; |
174,689; |
||||||
累积赤字 |
(51,966); | (56,535); | ||||||
股东权益合计 |
123,183; |
118,234; |
||||||
负债和股东权益合计 |
$ |
140,404; |
$ |
133,216; |
Company Information
公司信息
Pure Cycle continues to grow and strengthen its operations, grow its balance sheet, and drive recurring revenues. We operate in three distinct business segments, each of which complements the other. At our core, we are an innovative and vertically integrated wholesale water and wastewater service provider. In 2017, we launched our land development segment which develops master planned communities on land we own and to which we provide water and wastewater services. In 2021, we launched our newest line of business, the rental of single-family homes located at Sky Ranch, which provides long-term recurring revenues, furthers our land development operations, and adds more customers to our water resource segment.
Pure Cycle不断增强其业务,增强其资产负债表,并驱动重复收入。我们经营着三个独特的业务板块,每个板块都相辅相成。在我们的核心业务中,我们是创新的垂直一体化批发供水和污水处理服务提供商。2017年,我们推出了土地开发板块,该板块在我们拥有的土地上开发主计划社区,并向其提供水和污水处理服务。在2021年,我们推出了我们最新的业务板块,即位于Sky Ranch的单户家庭出租,这将提供长期的收入,进一步推进我们的土地开发业务,并为我们的水资源板块增添更多客户。
Additional information, including our recent press releases and SEC filings, is available at , or you may contact our President, Mark W. Harding, or our CFO, Marc Spezialy, at 303-292-3456 or info@purecyclewater.com.
其他信息包括我们最近的新闻稿和SEC文件,可在 **网站上获得,或您可以联系我们的总裁Mark W. Harding或我们的CFO Marc Spezialy,电话号码是303-292-3456, 电子邮件:info@purecyclewater.com。
Forward-Looking Statements
前瞻性声明
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as statements about the following: our positioning to continue to grow through this market cycle; the completion and delivery of our rental units; timing of development at Sky Ranch; future water and wastewater tap sales and revenues; future home sales by our home builder customers; the affordability of our products; the strength of the Sky Ranch market; forecasts about our fiscal 2024 sales of water to oil and gas operators; our sales of lots; and our expected financial results. The words "anticipate," "likely," "may," "should," "could," "will," "believe," "estimate," "expect," "plan," "intend" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include, without limitation: home mortgage interest rates, inflation, and other factors impacting the housing market and home sales; the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2023; and those factors discussed from time to time in our press releases, public statement and documents filed or furnished with the U.S. Securities and Exchange Commission. Except as required by law, we disclaim any obligation to update publicly any forward-looking statements, whether because of new information, future events or otherwise.
本新闻发布稿包含根据1933年修正版证券法第27(A)条和1934年修正版证券交易法第21(E)条所做的前瞻性声明。前瞻性声明是指本新闻发布稿中除历史事实陈述之外的关于我们预计或期望将要或可能发生的活动、事件或发展的所有声明,例如关于以下方面的声明:我们的定位将继续通过这个市场周期增长;我们租赁单元的完成和交付;天空牧场的开发时间;未来的自来水和污水入户销售及收入;我们的房屋建筑客户未来的房屋销售情况;我们产品的可负担性;天空牧场市场的强度;我们面向油气运营商的2024财年水销售的收益预测;我们的用地销售;我们预期的财务业绩。本文中使用的“预计”、“可能”、“应该”、“可能”、“将”、“相信”、“估计”、“期望”、“计划”、“打算”及类似表述都旨在识别前瞻性声明。我们提醒投资者,前瞻性声明具有本质上的不确定性并涉及风险和不确定性,可能导致实际结果与预期结果有所不同。可能导致实际结果与预期结果不同的因素,包括但不限于:房屋抵押利率、通货膨胀和影响住房市场和房屋销售的其他因素;我们最近一份10-K表格中第一部分第1A项中讨论的风险因素;以及我们的新闻发布稿、公开声明以及向美国证券交易委员会提交或附加的文件中不时讨论的因素。除非法律要求,否则我们否认对任何前瞻性声明进行公开更新,无论是因为新信息、未来事件或其他原因而导致这些声明的更新。
SOURCE: Pure Cycle Corporation
来源:Pure Cycle Corporation