DENVER - Pure Cycle Corporation (NASDAQ:PCYO) announced the appointment of Ms. Susan Heitmann to its Board of Directors, succeeding Mr. Peter Howell, who has stepped down after nearly two decades of service. Ms. Heitmann, a former KPMG partner with extensive accounting and finance experience, is expected to bring her expertise to the company, particularly in her role as chair of the Audit Committee.
Ms. Heitmann's career spans over 30 years, including her time at KPMG where she began as an associate in 1987. A licensed Certified Public Accountant in Colorado, she has a strong background in auditing for SEC clients and handling complex commercial agreements. Her academic credentials include a Bachelor of Science degree from the University of Illinois. The board has recognized her qualifications as instrumental for her new responsibilities at Pure Cycle, highlighting her knowledge in SEC registrants and corporate governance.
The departure of Mr. Howell marks the end of a significant era for Pure Cycle, as he has been a part of the board since 2005. The company's President and CEO, Mark Harding, expressed gratitude for Mr. Howell's contributions and optimism for the future with Ms. Heitmann's guidance. Pure Cycle also continues to focus on board diversity, with Ms. Heitmann being the second current female member.
Pure Cycle is a diversified company operating in water and wastewater services, land development, and single-family home rentals. The organization has been expanding its operations, with the land development segment launching in 2017 and the rental business beginning in 2021. These ventures aim to provide long-term recurring revenues and add more customers to their water resource segment.
Investors should note that this press release contains forward-looking statements, which involve certain risks and uncertainties that could cause actual results to differ materially from those projected. The company cautions that such statements are based on current expectations and are subject to change.
This information is based on a press release statement from Pure Cycle Corporation.
InvestingPro Insights
As Pure Cycle Corporation (NASDAQ:PCYO) welcomes Ms. Susan Heitmann to its Board of Directors, the company's financial health and market position are of keen interest to investors. According to InvestingPro data, Pure Cycle holds a market capitalization of $224.99 million, indicating its size and presence within the industry. Despite a challenging market environment, the company's P/E Ratio stands at 34.39 for the last twelve months as of Q2 2024, which suggests a high earnings valuation that investors might weigh against the company's growth prospects and recent board changes.
An InvestingPro Tip highlights that Pure Cycle is trading near its 52-week low, which could present a potential entry point for investors who believe in the long-term strategy outlined by the company's expansion in water and wastewater services, land development, and single-family home rentals. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs and potential investments.
Investors may also find it noteworthy that Pure Cycle has been profitable over the last twelve months, as reflected in its positive operating income margin of 27.56%. However, it's important to consider that the company does not pay dividends, which could influence the investment strategy for income-focused shareholders.
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