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

LA JOLLA, Calif., Aug. 9, 2013 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $454.2 million ($19.97 per share) at June 30, 2013, compared to $460.2 million ($20.24 per share) at March 31, 2013 and $473.2 million ($20.82 per share) at December 31, 2012. Reported book value per share attributable to PICO shareholders decreased by $0.85, or 4.1%, during the first half of 2013.

FIRST HALF SEGMENT RESULTS OF OPERATIONS

For the first six months of 2013, PICO reported a net loss of $22.7 million ($1.00 per share), compared to a net loss of $20.3 million ($0.89 per share) in the first six months of 2012. Our first half segment results of operations are (in thousands):
  2013 2012
REVENUE BY OPERATING SEGMENT:    
Water Resource and Water Storage Operations $ 25,032 $ 1,811
Real Estate Operations 39,930 5,413
Agribusiness Operations 84,479 9,684
Enterprise Software 9,247  
Corporate 3,326 1,327
Total Revenue $ 162,014 $ 18,235
     
INCOME (LOSS) BEFORE TAXES BY OPERATING SEGMENT:    
     
Water Resource and Water Storage Operations $ 2,536 $ (2,979)
Real Estate Operations (2,470) (3,756)
Agribusiness Operations (18,475) (3,054)
Enterprise Software (2,709)  
Corporate (6,055) (7,748)
Loss Before Taxes $ (27,173) $ (17,537)
Income tax benefit 898 1,073
Loss from discontinued operations, net of income taxes   (4,606)
Loss attributable to noncontrolling interests 3,590 741
Net Loss $ (22,685) $ (20,329)
     

SECOND QUARTER SEGMENT RESULTS OF OPERATIONS

For the second quarter of 2013, PICO reported a net loss of $7.7 million ($0.34 per share), compared to a net loss of $15.4 million ($0.68 per share) in the second quarter of 2012. Our second quarter segment results of operations are (in thousands):
  2013 2012
REVENUE BY OPERATING SEGMENT:    
Water Resource and Water Storage Operations $ 24,848 $ 355
Real Estate Operations 27,991 1,589
Agribusiness Operations 44,914 9,658
Enterprise Software 5,597  
Corporate 1,857 948
 Total Revenue $ 105,207 $ 12,550
     
INCOME (LOSS) BEFORE TAXES BY OPERATING SEGMENT:    
     
Water Resource and Water Storage Operations $ 4,677 $ (1,817)
Real Estate Operations (1,758) (2,411)
Agribusiness Operations (8,760) (2,528)
Enterprise Software (1,559)  
Corporate (2,213) (3,848)
Loss Before Taxes $ (9,613) $ (10,604)
Income tax benefit (provision) 114 (125)
Loss from discontinued operations, net of income taxes   (5,224)
Loss attributable to noncontrolling interests 1,790 520
Net Loss $ (7,709) $ (15,433)

PICO's President and Chief Executive Officer, John Hart, commented on developments in the Company's Operating Segments in 2013 to date:

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