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PICO Holdings, Inc. Announces Fourth Quarter And Full Year 2013 Results

LA JOLLA, Calif., March 17, 2014 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $472.9 million ($20.79 per share) at December 31, 2013, compared to $479.4 million ($21.08 per share) at September 30, 2013 and $473.2 million ($20.82 per share) at December 31, 2012. Reported book value per share decreased by $0.03, or 0.1%, during 2013.

NET BOOK VALUE

The following table is provided as a supplement to the consolidated financial statements contained in our 10-K, to illustrate the relative size of our assets and activities (net book value in millions):

SEGMENT NET BOOK VALUE
  12/31/2013 12/31/2012 CHANGE
Water resource and water storage operations $203.8 $220.5 $(16.7)
Real estate operations 136.9 112.3 24.6
Agribusiness operations 57.2 59.3 (2.1)
Corporate 75 81.1 (6.1)
Shareholders' equity $472.9 $473.2 $(0.3)

We are 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. Our objective is to maximize long-term shareholder value. We manage our operations to achieve a superior return on net assets over the long term, as opposed to short-term earnings.

Currently our three major businesses are:

  • Vidler Water Company, Inc., a water resource development business;
  • a 57.7% interest in UCP, Inc. (NYSE:UCP), a publicly-traded homebuilder and land developer, with significant land acquisition and entitlement expertise, in growth markets in Northern California and the Puget Sound area of Washington State; and
  • an 88% interest in PICO Northstar Hallock, LLC, doing business as Northstar Agri Industries, a canola seed crushing operation.

FOURTH QUARTER SEGMENT RESULTS OF OPERATIONS

For the fourth quarter of 2013, we reported a net loss of $7.8 million ($0.34 per share), compared to a net loss of $3.5 million ($0.17 per share) in the fourth quarter of 2012. Our fourth quarter segment results of operations are as follows (in thousands): 

Revenue by operating segment: 2013 2012
Water resource and water storage operations $320 $196
Real estate operations 29,630 30,067
Agribusiness operations 44,860 33,537
Corporate 1,218 680
Total revenue $76,028 $64,480
     
     
Income (loss) before taxes by operating segment:    
Water resource and water storage operations $(1,604) $(1,742)
Real estate operations (1,740) 4,006
Agribusiness operations (2,575) (3,495)
Corporate (3,188) (2,076)
Loss before taxes $(9,107) $(3,307)
Provision for federal, foreign, and state income taxes (458) (408)
Equity in loss of unconsolidated affiliate (476)  
Loss from discontinued operations, net of income taxes   (475)
Loss attributable to noncontrolling interests 2,261 711
Net loss $(7,780) $(3,479)

FULL YEAR SEGMENT RESULTS OF OPERATIONS

For 2013, we reported a net loss of $22.3 million ($0.98 per share), compared to a net loss of $29.1 million ($1.28 per share) in 2012. Our full year segment results of operations are as follows (in thousands):

Revenue by operating segment: 2013 2012
Water resource and water storage operations $25,862 $3,096
Real estate operations 93,272 59,066
Agribusiness operations 184,648 85,305
Enterprise software 13,649  
Corporate 27,398 2,614
Total revenue $344,829 $150,081
     
     
Income (loss) before taxes by operating segment:    
Water resource and water storage operations $(867) $(6,279)
Real estate operations (4,442) 2,487
Agribusiness operations (23,265) (12,654)
Enterprise software (5,281)  
Corporate 8,423 (13,132)
Loss before taxes $(25,432) $(29,578)
Benefit (provision) for federal, foreign, and state income taxes (3,197) 1,069
Equity in loss of unconsolidated affiliate (565)  
Loss from discontinued operations, net of income taxes   (3,143)
Loss attributable to noncontrolling interests 6,896 2,579
Net Loss $(22,298) $(29,073)

Our President and Chief Executive Officer, John Hart, commented:

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