PICO Holdings, Inc. Announces Results For The Third Quarter And First Nine Months Of 2010
LA JOLLA, Calif., Nov. 9, 2010 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $573.9 million ($25.28 per share) at September 30, 2010, compared to $574.5 million ($25.37 per share) at June 30, 2010, and $582.6 million ($25.79 per share) at December 31, 2009. Reported book value per share attributable to PICO shareholders decreased by $0.09, or 0.4%, during the third quarter of 2010, and decreased by $0.51, or 2%, over the first nine months of 2010.
Commenting on the year to date, PICO's President and Chief Executive Officer, John Hart, said:
"During the first nine months of 2010, Union Community Partners, LLC invested an additional $27 million to develop its residential lot inventory, and to acquire additional lots. As of September 30, 2010, UCP owns or controls a total of 459 finished lots and 4,205 potential lots in various stages of entitlement, for an investment of more than $95 million. Inventory and affordability statistics for our markets continue to be favorable."In September, we entered into definitive agreements to build and operate a canola processing plant with an integrated refinery near Hallock, Minnesota. The plant will initially be permitted to process up to 365,000 tons of canola seed annually, and produce over 280 million pounds of high value, food grade RBD (refined, bleached and deodorized) canola oil, and 195,000 tons of canola meal, annually. The plant is expected to be operational by the fourth quarter of 2012. "The total cost of the facility is estimated at $168 million. PICO will contribute approximately $60 million of equity for an 88% ownership interest. Closing of the transaction is subject to the completion of a non-recourse, senior secured construction loan facility of approximately $100 million. "Also during the first nine months of 2010, Vidler Water Company added to its strategic water assets in metropolitan Phoenix, Arizona, and successfully settled litigation concerning the permitting of water rights in the Tule Desert Groundwater Basin in Nevada.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV