Pure cycle posts strong fiscal 2021 financial results

Denver, co / accesswire / november 9, 2021 / pure cycle corporation (nasdaq:pcyo) posted net income of $20.1 million for its year ended august 31, 2021. fiscal 2021 marked another positive year for pure cycle highlighted by the following: substantially completed the first development phase at sky ranch - sold a total of 505 lots since 2018 commenced development on the first subphase of the second development phase at sky ranch - contracted for the sale of 804 lots that will be developed in four subphases constructing 229 lots, of which we had the first closing on 152 lots generating $3.9 million in cash proceeds, with 67 lots being under finished lot agreements that will close in fiscal 2022 remaining 10 lots we will use in our single-family rental business launched single-family rental division with the construction of three homes to be used for rentals all three rental homes are occupied effective november 1, 2021 at rates above what we budgeted recognized $2.8 million in revenues from oil and gas customers recognized $21.8 million of combined project management revenue, interest income and other income from the recognition of reimbursable public improvements recognized $5.2 million in tap fees "we are pleased to have received our first milestone payments for lots in phase 2 of sky ranch in fiscal 2021" commented mark harding, president of pure cycle.
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