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

"As we head into the second half of the year, our focus particularly with Northstar and UCP, after a period of building and acquiring assets, is on operational performance. The economy continues to present major challenges and uncertainty but for the moment, we seem well positioned to profit from an improving real estate market and strengthening canola crush margin."

NET BOOK VALUE

The following table is provided as a supplement to the financial statements contained in PICO's 10-Q, to illustrate the relative size of the Company's assets and activities (in millions):

SEGMENT NET BOOK VALUE PERCENTAGE
Water Resource and Water Storage Operations $219 46%
Real Estate Operations 118 24%
Agribusiness Operations 56 12%
Corporate 45 9%
Discontinued Operations 45 9%
Shareholders' Equity $483 100%

 

SECOND QUARTER SEGMENT RESULTS OF OPERATIONS

For the second quarter of 2012, PICO reported a net loss of $15.4 million ($0.68 per share), compared to net income of $2.1 million ($0.09) per share in the second quarter of 2011. Our second quarter segment results of operations are (in thousands):

  2012 2011
Water Resource and Water Storage Operations $(1,817) $(1,482)
Real Estate Operations (2,411) (239)
Agribusiness Operations (2,528) (587)
Corporate (3,848) 457
Loss before taxes $(10,604) $(1,851)
Equity in loss of unconsolidated affiliate   (2,142)
Income tax (provision) benefit (125) 1,284
Loss from continuing operations $(10,729) (2,709)
Income (loss) from discontinued operations, net of tax (5,224) 3,762
Noncontrolling interest 520 1,032
Net Income (loss) $(15,433) 2,085

FIRST HALF SEGMENT RESULTS OF OPERATIONS

For the first half of 2012, PICO reported a net loss of $20.3 million ($0.89 per share), compared to a net loss of $20,000 in the first half of 2011. Our first half segment results of operations are (in thousands):

  2012 2011
Water Resource and Water Storage Operations $(2,979) $(3,062)
Real Estate Operations (3,756) (1,980)
Agribusiness Operations (3,054) (973)
Corporate (7,748) (1,636)
Loss before taxes $(17,537) $(7,651)
Equity in loss of unconsolidated affiliate   (3,717)
Income tax benefit 1,073 3,663
Loss from continuing operations $(16,464) (7,705)
Income (loss) from discontinued operations, net of tax (4,606) 5,833
Noncontrolling interest 741 1,852
Net Loss $(20,329) (20)

PICO is a diversified holding company. We seek to acquire, build, and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which we identify as undervalued and where our management participation in operations can aid in the recognition of the business's fair value, as well as create additional value. 

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