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New words:
criteria, field, fracking, hydrologic, reach, registered
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consistent
Financial report summary
?Management Discussion
- For the three and six months ended February 29, 2024, total revenue increased as compared to 2023, primarily due to a significant increase in oil and gas operations in our service area resulting in a substantial increase in commercial water sales. We also experienced increased lot sale revenue for the six months ended February 29, 2024 compared to 2023 from multiple on-going Phases in 2024. Phase 2A had more activity in late 2023 and we began construction on Phase 2B during the end of 2023, resulting in more revenue being recognized. The increase was offset by a decrease in our water and wastewater tap sales period over period due to the timing of new home construction. Lot sales are recognized using the percentage of completion method and due to increased construction activity in late 2023 despite the increased challenges on the housing market and severe weather in our market, construction activities increased to provide additional lots to builders.