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PICO Holdings, Inc. Announces Results For The First Quarter Of 2013

LA JOLLA, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $460.2 million ($20.24 per share) at March 31, 2013, compared to $473.2 million ($20.82 per share) at December 31, 2012. Reported book value per share attributable to PICO shareholders decreased by $0.58, or 2.8%, during the first quarter of 2013.


For the first quarter of 2013, PICO reported a net loss of $15 million ($0.66 per share), compared to a net loss of $4.9 million ($0.22) per share in the first quarter of 2012. Our first quarter segment results of operations are (in thousands):
  2013 2012
Water Resource and Water Storage Operations  $ 184  $ 1,455
Real Estate Operations  $ 11,939  $ 3,824
Agribusiness Operations  $ 39,565  $ 27
Enterprise Software  $ 3,650  
Corporate  $ 1,470  $ 379
Total Revenue  $ 56,808  $ 5,685
Water Resource and Water Storage Operations  $ (2,141)  $ (1,161)
Real Estate Operations  (711)  (1,345)
Agribusiness Operations  (9,715)  (526)
Enterprise Software  (1,150)  
Corporate  (3,842)  (3,901)
Loss Before Taxes  $ (17,559)  $ (6,933)
Income tax benefit  $ 784  1,198
Income from discontinued operations, net of income taxes   617
Non-controlling interest  $ 1,800 222
Net Loss  $ (14,975)  (4,896)

PICO's President and Chief Executive Officer, John Hart, commented on the Operating Segments' first quarter results:

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