Pure Cycle Q1 revenue down 69% YoY to $1.3M; net income falls to $0.2M

PURE CYCLE CORP

2023-Q1 EPS reported $0.01 revenue$1,340,000

Revenue $1.3M vs $4.3M YoY; net income $0.2M ($0.01 EPS) vs $1.5M ($0.06 EPS).
Water deliveries 67.5M gallons (-13% YoY); tap sales 4 for $0.2M vs 9 for $0.3M.
Land development revenue declined to $0.5M from $3.2M due to housing slowdown.
Received $1.2M in surface use payments from oil & gas operators; expects strong O&G water sales in FY2023.
Cash and investments $32.0M; authorized 200k share repurchase but no shares bought yet.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PURE CYCLE CORP reported three months ended November 30, 2022 results: revenue $1.3 million, net income $0.2 million, EPS $0.01.

Period: three months ended November 30, 2022
Revenue: $1.3 million
Net income: $0.2 million
EPS: $0.01
Result: reported results

Exact text from the filing

sign to what we believe will be a strong year for oil and gas water sales. Highlights for the first quarter of fiscal 2023 are presented below. Highlights Ø Revenues of $1.3 million which drove p re-tax income of $0.3 million Ø EBITDA of $0.8 million o Reconciliation of net income to EBITDA is as follows: net income of $0.2M plus interest expense of $0.05M

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Source: SEC EDGAR

accession 0001558370-23-000181

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