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資本市場股票代碼:PCYO)宣佈了其截至2024年5月31日的三個月和九個月的財務業績。Pure Cycle公司連續發佈了20個財政季度的淨收益。Pure Cycle公司繼續開發其Sky Ranch規劃社區,截至2024年5月31日,我們正在積極開展2A,20億和2C三個階段的工作。20億階段將在未來幾個月內準備好施工,並且在20億階段完成後,建築商將能夠持續進入2C階段。由於我們的開發活動增加,到2024年5月31日時,我們在停售地段的土地銷售收入增長了52%,這使得這三個月的土地銷售收入和九個月的土地銷售收入與2023年相比增加了56%。
Q3 and YTD 2024 Highlights
2024 年第三季度和籌集資金摘要
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 日結束的三個月和九個月的營業收入分別爲 $7.6M 和 $16.2M,推動了稅前收入分別爲 $3.9M 和 $6.8M;
2024 年 5 月 31 日結束的三個月和九個月的淨利潤分別爲 $2.8M 和 $5M;
2024 年 5 月 31 日結束的三個月和九個月的 EBITDA 分別爲 $4.5M 和 $8.7M(有關將淨利潤調整爲 EBITDA 的說明請參見下表);
2024 年 5 月 31 日,現金及現金等價物總額爲 $20.4M;
截至 2024 年 5 月 31 日結束的三個月和九個月,我們提供了 394 和 1,422 英畝英尺的水。
Net Income to EBITDA Reconciliation
將淨利潤調整爲 EBITDA 調和
We continue our profitability as shown in the table below:
根據以下表格,我們繼續保持盈利能力:
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 |
三個月之內結束 |
九個月結束 |
||||||||||||||
(以千爲單位) |
2024年5月31日 |
2023年5月31日 |
2024年5月31日 |
2023年5月31日 |
|||||||||||
淨利潤 |
$ |
2,825 |
$ |
3,295 |
$ |
5,008 |
$ |
3,643 |
|||||||
增加: |
|||||||||||||||
利息費用,淨額 |
109 |
52 |
328 |
149 |
|||||||||||
稅收 |
1,027 |
1,124 |
1,805 |
1,344 |
|||||||||||
折舊/攤銷 |
561 |
518 |
1,579 |
1,594 |
|||||||||||
EBITDA |
$ |
4,522 |
$ |
4,989 |
$ |
8720 |
$ |
6,730 |
|||||||
基本和稀釋後每股普通股收益 |
|||||||||||||||
基本 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
|||||||
攤薄 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
|||||||
加權平均流通股數: |
|||||||||||||||
基本 |
24,087,170 |
24,054,843 |
24,085,578 |
24,021,582 |
|||||||||||
攤薄 |
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.
“由於Sky Ranch規劃社區的持續成功,我們現在有三個階段的土地開發施工,加快了將我們的土地交付給家庭建築商客戶以及我們的單一家庭租賃段的地步。隨着我們在2A階段完成最後的景觀設計,土地生產已經加速,我們在第二個半財年中交付了大約211個20億階段的土地,並在2C階段的228個土地的重疊生產上取得了實質性進展,”Pure Cycle公司CEO Mark Harding評論道。Mark Harding先生繼續說:“還有一條記錄,即2024年至今出售給油氣客戶的水創下了紀錄,並且對2024年和2025年仍有強勁的前景。”
Q3 and YTD 2024 Financial Summary
2024 年第三季度和籌集資金摘要
Revenue
營業收入
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日的三個月內,我們在我們的水和廢水資源開發部門創造了250萬美元和360萬美元,我們在土地開發部分創造了500萬美元和320萬美元,我們的單戶出租業務報告的營業收入爲10萬美元和不到10萬美元。
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日的九個月內,我們報告的總收入爲1620萬美元和1120萬美元,我們的水和廢水資源開發部門創造了760萬美元和590萬美元,我們的土地開發部門創造了830萬美元和520萬美元,我們的單戶出租業務報告的營業收入爲40萬美元和不到10萬美元。
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日的三個月內,我們出售了20個和44個水或水和廢水龍頭,分別售價60萬美元和130萬美元。截至2024年5月31日的九個月內,我們出售了35個和85個水或水和廢水龍頭,分別售價110萬美元和240萬美元。在Sky Ranch的1、2A和20億階段裏,我們共銷售了741個水和廢水龍頭。根據當前的價格和工程估計,我們認爲Sky Ranch的第2階段將在未來3-5年內額外創收和現金超過2000萬美元的水和廢水龍頭費用。
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,第一開發階段(509塊)已經完成,第二開發階段(874塊)正在分4個子階段進行開發,分別稱爲第2A階段(229塊),20億階段(211塊),第2C階段(228塊)和第2D階段(206塊)。截至2024年5月31日,第2A階段已經完成了約98%的工程,20億階段已經完成了約70%的工程,第2C階段已經完成了約21%的工程。第2A階段的大部分工程已經完成,部分園林工程還需完成。20億階段預計將在Pure Cycle的2024財年結束時完工,第2C階段預計將在Pure Cycle的2025財年期間完工。
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單一家庭租賃業務已建成並租賃14套房屋,還有17套房屋預計在20億階段建造。正如在此前的幾個季度中所指出的那樣,由於Sky Ranch的租賃房屋需求非常高,我們預計在第二個階段的93間房屋中,能夠增加超過200個房屋。
"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公司的CFO Marc Spezialy表示:“正如我們預期的那樣,我們的土地開發活動在第三財季中加速,我們預計將在2025財年中繼續開發多個階段。” “新房銷售仍然很高,我們很高興能夠向我們的Sky Ranch規劃社區的建築商提供價格實惠的住房產品。我們還準備在第四季度開始單一家庭租賃的下一個階段的建設,一旦20億階段建成,我們將把租賃單位數量增加一倍以上。”
Working Capital
營運資金
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,我們報告的淨營運資本(流動資產減去流動負債)爲1960萬美元,現金及現金等價物爲2040萬美元。
Q3 and YTD 2024 Operational Summary
2024年Q3和YTD運營概要
Water and Wastewater Resource Development
水和廢水資源開發
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.
2024年5月31日結束的三個月中,水的交付量從Q3 2023的394英畝-英尺減少到564英畝-英尺,主要是由於Q3 2023的不尋常大量油氣水銷售導致的。2024年5月31日結束的九個月中,水的交付量達到了記錄性的1,422英畝-英尺,而2023年同期交付了806英畝-英尺。油氣業務高度變化,取決於油價,對天然氣的需求以及其他用於服務區的租賃的開發時間;然而,我們目前預計,油氣用水銷售的需求將在2024年和2025年持續保持強勁。隨着Sky Ranch的不斷髮展,我們預計住宅給水和廢水服務收入將繼續增長。由於Sky Ranch社區的施工許可申請時間不同,因此Q3 2024和2024年至今的水龍頭銷售額與2023年同期相比有所下降。水龍頭銷售額由建築許可證申請驅動,而與建築商沒有合同約定。
Land Development
土地開發
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.
土地銷售收入在2024年5月31日結束的三個月內增加了480萬美元,而在2023年爲320萬美元。土地銷售收入在2024年5月31日結束的九個月內增加到了790萬美元,而2023年爲510萬美元。本季度和年度土地銷售收入的增長是由於在Sky Ranch的2A,20億和2C階段的建設時間。由於土地銷售收入是隨着施工的進展而確認的,因此收入會因施工活動的時間而波動。
Single Family Rentals
單戶出租住宅
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年第一季度是我們的14套房屋的首次租金收入。另外的17座房屋的建設預計將在2024年的20億階段進行。
Earnings Call Information
業績會信息。
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將於2024年7月11日星期四上午8:30(東部標準時間)舉行電話會議,討論財務業績並回答問題。以下是電話詳情。我們將在公司網站上發佈一份詳細的演示文稿,概述Pure Cycle並呈現財務業績摘要,可以通過下面的網址訪問。
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: |
時間: |
2024年7月11日上午8:30(東部標準時間) |
|
呼叫號碼: |
888-506-0062(訪問代碼:435023) |
|
國際呼叫號碼: |
973-528-0011(訪問代碼:435023) |
|
重放次數: |
877-481-4010 | 919-882-2331(密碼:50832) |
|
重放可用至: |
2024年7月25日上午8:30(東部時間) |
|
活動鏈接: |
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日三個月和九個月的合併業務運營結果(未經審計):
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 |
三個月之內結束 |
九個月結束 |
|||||||||||||||
(以千爲單位,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 |
||||||||||||
營收: |
||||||||||||||||
自計量客戶的用水量: |
||||||||||||||||
市政客戶 |
$ |
145 |
$ |
145 |
$ |
458 |
$ |
349 |
||||||||
商業客戶 |
1,432 |
2,145 |
5,045 |
2,596 |
||||||||||||
廢水處理費 |
85 |
75 |
258 |
216 |
||||||||||||
自來水和廢水連接費 |
581 |
1,256 |
1,162 |
2,400 |
||||||||||||
地塊銷售 |
4,795 |
3,160 |
7,906 |
5,064 |
||||||||||||
項目管理費用 |
221 |
42 |
362 |
173 |
||||||||||||
單一家庭租賃 |
123 |
34 |
357 |
90 |
||||||||||||
特殊設施項目和其他 |
222 |
22 |
639 |
330 |
||||||||||||
總收入 |
7,604 |
6,879 |
16,187 |
11,218 |
||||||||||||
營業成本: |
||||||||||||||||
供水服務操作 |
564 |
576 |
1,628 |
1457 |
||||||||||||
廢水運營 |
173 |
96 |
513 |
350 |
||||||||||||
土地開發施工成本 |
1,192 |
951 |
1,961 |
1,291 |
||||||||||||
項目管理成本 |
154 |
81 |
401 |
227 |
||||||||||||
單戶家庭出租成本 |
71 |
24 |
161 |
53 |
||||||||||||
折舊及攤銷費用 |
410 |
407 |
1,132 |
1,246 |
||||||||||||
其他 |
174 |
71 |
406 |
318 |
||||||||||||
總收入成本 |
2,738 |
2,206 |
6,202 |
4,942 |
||||||||||||
一般及管理費用 |
1,647 |
805 |
5,082 |
3,900 |
||||||||||||
折舊費用 |
151 |
111 |
447 |
348 |
||||||||||||
營業利潤 |
3,068 |
3,757 |
4,456 |
2,028 |
||||||||||||
其他收入(支出): |
||||||||||||||||
關聯方利息收入 |
217 |
331 |
1,156 |
841 |
||||||||||||
投資利息收入 |
279 |
281 |
873 |
727 |
||||||||||||
石油和天然氣版稅淨收入 |
392 |
44 |
479 |
227 |
||||||||||||
石油和天然氣租賃淨收入 |
18 |
18 |
56 |
56 |
||||||||||||
其他,淨額 |
(13) | 40 |
121 |
1,257 |
||||||||||||
利息費用,淨額 |
(109) | (52) | (328) | (149) | ||||||||||||
稅前營業收入 |
3,852 |
4,419 |
6,813 |
4,987 |
||||||||||||
所得稅費用 |
(1,027) | (1,124) | (1,805) | (1,344) | ||||||||||||
淨收入 |
$ |
2,825 |
$ |
3,295 |
$ |
5,008 |
$ |
3,643 |
||||||||
基本和稀釋後每股普通股收益 |
||||||||||||||||
基本 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
||||||||
攤薄 |
$ |
0.12 |
$ |
0.14 |
$ |
0.21 |
$ |
0.15 |
||||||||
加權平均流通股數: |
||||||||||||||||
基本 |
24,087,170 |
24,054,843 |
24,085,578 |
24,021,582 |
||||||||||||
攤薄 |
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):
下表呈現了我們截至2024年5月31日(未經審計)和2023年8月31日(經審計)的財務狀況:
(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 |
(以千爲單位,除股份外) |
2024年5月31日 |
2023年8月31日 |
||||||
資產: |
(未經審計) |
|||||||
流動資產: |
||||||||
現金及現金等價物 |
$ |
20,360 |
$ |
26,012 |
||||
短期投資 |
171 |
- |
||||||
交易應收賬款淨額 |
2,303 |
1,092 |
||||||
正在開發的土地 |
5,183 |
1,726 |
||||||
應收所得稅款項 |
- |
551 |
||||||
預付款項和其他資產 |
580 |
346 |
||||||
總流動資產 |
28,597 |
29,727 |
||||||
受限現金 |
2,881 |
2,475 |
||||||
水和水系統的投資,淨值 |
59,078 |
57,798 |
||||||
施工進度 |
4,243 |
5,457 |
||||||
單戶出租單元 |
5,115 |
4,490 |
||||||
土地和礦業權: |
||||||||
持有待開發項目土地 |
3,714 |
4,652 |
||||||
持有投資目的的土地 |
451 |
451 |
||||||
其他 |
1,167 |
1,359 |
||||||
應收款項-關聯方,包括應計利息 |
||||||||
報銷的公共設施改進和項目管理費用 |
33,541 |
24,999 |
||||||
其他 |
1,441 |
1451 |
||||||
租賃權-使用權益資產 |
176 |
357 |
||||||
總資產 |
$ |
140,404; |
$ |
133,216; |
||||
負債: |
||||||||
流動負債: |
||||||||
應付賬款 |
$ |
3,311 |
$ |
1,960 |
||||
應計負債 |
1,380 |
$1,761 |
||||||
應計的關聯方負債 |
1,357 |
1,021 |
||||||
應付所得稅 |
1,383 |
- |
||||||
推遲的土地銷售收入 |
所有板塊 |
1,661 |
||||||
推遲的水銷售收入 |
13 |
69 |
||||||
債務,短期部分 |
34 |
31 |
||||||
流動負債合計 |
9,026 |
6,503 |
||||||
債務,長期部分 |
6,859 |
6,885 |
||||||
遞延所得稅負債,淨額 |
1,230 |
1,352 |
||||||
租賃義務-操作租賃,減去短期部分 |
106 |
242 |
||||||
負債合計 |
17,221 |
14,982 |
||||||
承諾和 contingencies |
||||||||
股東權益: |
||||||||
b系列優先股:每股面值$0.001, 2500萬授權; 發行和流通股爲432,513股(清算優先權爲$432,513) 資產 |
- |
- |
||||||
普通股份:每股面值1/3美分,總髮行量4000萬股; 分別爲24,075,342和24,078,720股; |
80 |
80 |
||||||
額外實收資本 |
175,069; |
174,689; |
||||||
累積赤字 |
(51,966); | (56,535); | ||||||
股東權益合計 |
123,183; |
118,234; |
||||||
負債和股東權益合計 |
$ |
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公司持續發展和壯大其業務,增強其資產負債表,提高其經常性收入。我們分別經營三個不同的業務板塊,每個板塊相輔相成。在我們的核心業務中,我們是創新的、垂直一體化的批發給水和廢水服務提供商。在2017年,我們推出了地產開發業務板塊,該業務板塊在我們擁有的土地上開發規劃社區,並向其提供給水和廢水服務。2021年,我們推出了我們最新的業務線,即在Sky Ranch社區租賃單戶住宅,該業務線提供長期的經常性收入,進一步推進我們的土地開發業務,併爲我們的水資源板塊增加更多的客戶。
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.
其他信息包括我們最近的新聞稿和SEC文件,可在 **網站上獲得,或您可以聯繫我們的總裁Mark W. Harding或我們的CFO Marc Spezialy,電話號碼是303-292-3456, 電子郵件:info@purecyclewater.com。
Forward-Looking Statements
前瞻性聲明
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.
本新聞發佈稿包含根據1933年修正版證券法第27(A)條和1934年修正版證券交易法第21(E)條所做的前瞻性聲明。前瞻性聲明是指本新聞發佈稿中除歷史事實陳述之外的關於我們預計或期望將要或可能發生的活動、事件或發展的所有聲明,例如關於以下方面的聲明:我們的定位將繼續通過這個市場週期增長;我們租賃單元的完成和交付;天空牧場的開發時間;未來的自來水和污水入戶銷售及收入;我們的房屋建築客戶未來的房屋銷售情況;我們產品的可負擔性;天空牧場市場的強度;我們面向油氣運營商的2024財年水銷售的收益預測;我們的用地銷售;我們預期的財務業績。本文中使用的“預計”、“可能”、“應該”、“可能”、“將”、“相信”、“估計”、“期望”、“計劃”、“打算”及類似表述都旨在識別前瞻性聲明。我們提醒投資者,前瞻性聲明具有本質上的不確定性並涉及風險和不確定性,可能導致實際結果與預期結果有所不同。可能導致實際結果與預期結果不同的因素,包括但不限於:房屋抵押利率、通貨膨脹和影響住房市場和房屋銷售的其他因素;我們最近一份10-K表格中第一部分第1A項中討論的風險因素;以及我們的新聞發佈稿、公開聲明以及向美國證券交易委員會提交或附加的文件中不時討論的因素。除非法律要求,否則我們否認對任何前瞻性聲明進行公開更新,無論是因爲新信息、未來事件或其他原因而導致這些聲明的更新。
SOURCE: Pure Cycle Corporation
來源:Pure Cycle Corporation