This Day On The Street
Continue to site
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 Fourth Quarter And Full Year 2012 Results

LA JOLLA, Calif., March 4, 2013 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $473.2 million ($20.82 per share) at December 31, 2012, compared to $477.1 million ($20.95 per share) at September 30, 2012 and $501.8 million ($22.10 per share) at December 31, 2011. Reported book value per share attributable to PICO shareholders decreased by $1.28, or 5.8%, during 2012.

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

"In 2012, UCP, LLC generated revenues of $58.1 million and gross margin of $16.5 million from the sale of 41 homes and 560 lots in California and Central Puget Sound, Washington. This included the sale of 24 homes and 336 lots for $29.9 million and gross margin of $8.6 million during the fourth quarter of 2012. We are experiencing strong demand from both homebuilders acquiring lot inventory and individual home-buyers in the carefully selected sub-markets in which UCP operates. We are budgeting for a higher level of sales this year, and based on current conditions intend to begin construction of more than 200 homes in 2013.

"At the end of 2012, UCP owned or controlled approximately 63 finished or partially completed homes built by its subsidiary Benchmark Communities, 949 finished lots, and 3,904 potential lots in various stages of development or entitlement. We began to acquire residential lots in selected California sub-markets in 2008. The lot inventory had a carrying value of $123.4 million on PICO's balance sheet as of December 31, 2012.

"Of the 4,916 lots UCP owned or controlled, 2,479 are located in the Central Valley of California, 1,633 in the Monterey, California area, 93 in the Bay Area of California, and 711 in the Central Puget Sound market area of Seattle, Washington.

"In December 2012, Vidler Water Company announced a definitive agreement to sell 1,021 acres of land and the related 3,063 acre-feet of groundwater in Arizona's Harquahala Valley to two golf courses for approximately $10 million. We anticipate that the sale will close in the first quarter of 2013, and be reflected in our 2013 results.

1 of 5

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs