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April 13 , 2021 OPURE CYCLE Pure Cycle Reports Second Quarter Earnings DENVER , CO / ACCESSWIRE / April 13 , 2021 / " Pure Cycle continues to build momentum monetizing its highly appreciated land and water assets through the start of the next development phase at Sky Ranch , " commented Mark Harding , President of Pure Cycle . " We realized several important milestones during our second quarter which included recording more than $ 21 million of outstanding reimbursables from our initial phase at Sky Ranch due to the growth of assessed value in homes at Sky Ranch as well as partnering with our local school district for a new Sky Ranch Academy Charter School , " continued Mr. Harding . " Sky Ranch continues to be one of Denver's most attractive and affordable Master Planned Communities and we are excited to be working with an outstanding portfolio of national home builders . We are also excited to launch our new build - to - rent segment that will help increase shareholder value and accretive recurring revenues to Pure Cycle , " continued Mr. Harding . Highlights and Significant Events • Revenues of $ 4.7 million and $ 9.6 million for the three and six months ended February 28 , 2021 • Initial development phase at Sky Ranch is nearly sold out and second phase is underway with lots being graded • 387 or 76 % of lots in the initial phase of Sky Ranch have purchased water and wastewater taps , totaling $ 11.5 million in tap fees Pure Cycle Corporation ( NASDAQ Capital Market : PCYO ) is reporting net income of $ 17.4 million and $ 18.2 million for the three and six months ended February 28 , 2021 . " Due to the overwhelming success of the initial development at Sky Ranch , the Sky Ranch Metropolitan Districts and related Community Authority Board have an established taxpayer base and assessed value which demonstrates their ability and intent to repay Pure Cycle for funding and managing the construction of the public improvements throughout the community . This allowed Pure Cycle to recognize all remaining reimbursable costs , project management revenue , and interest income from the first phase - resulting in $ 21.5 million of income . The result is an adjusted margin of over 80 % on our land development activities , which more fairly demonstrates the value of our land development activities . " concluded Mr. Harding . Financial Summary Revenue - Total revenue increased 35 % compared to the three months ended February 29 , 2020 , as a result of $ 1.6 million of project management fees , increased water and wastewater tap sales , and a special facility construction project . Despite COVID - 19 delaying the permitting process we have broken ground on the second development phase at Sky Ranch and expect revenue recognition to begin later this fiscal year .