This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PICO Holdings, Inc. Announces Results For The Second Quarter And First Half Of 2012

LA JOLLA, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $482.8 million ($21.20 per share) at June 30, 2012, compared to $497.8 million ($21.86 per share) at March 31, 2012, and $501.8 million ($22.10 per share) at December 31, 2011. Reported book value per share attributable to PICO shareholders decreased by $0.90, or 4.1%, during the first six months of 2012.

PICO's President and Chief Executive Officer, John Hart, commented:

"Construction of Northstar Agri Industries' canola processing plant near Hallock, Minnesota was completed during the second quarter of 2012, ahead of schedule and $2 million below our budgeted cost. Northstar's financial results to June 30 reflect start - up costs and a reduced level of activity during the performance testing period. The plant becomes fully operational later in August. We are encouraged by the continued bullish outlook for oilseeds in general, and canola in particular, and what appears to be extremely good agricultural conditions to produce a record canola crop from Canada for the upcoming canola crop season.

"During the first half of 2012, UCP, LLC generated revenues of $5 million which had a gross margin of approximately 32%. We have built an organization to support the acquisition and development of lots and construction and sale of homes and, as yet, we have not reached the critical mass of monetizations to cover these costs. However, given the indicators that point to a housing recovery in our markets such as tightening inventories and rising home prices, we expect that activity should increase resulting in improved overall performance for the year.

"Also during the second quarter of 2012, we entered into a definitive agreement to sell our legacy insurance operations, Physicians Insurance Company of Ohio and Citation Insurance Company. Physicians has been in run off since 1995, and Citation since 2001. The run offs have reached the point where we concluded that value would be maximized by selling the insurance operations and releasing the capital tied up in the insurance companies for reinvestment in opportunities with higher potential returns. Based on the surplus in the insurance companies at June 30, 2012 the sale will free up capital, in the form of cash and marketable equity securities, of approximately $45 million. We expect the sale to close before the end of 2012. 

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs