This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

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

Stocks in this article: PICO

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs