PICO Holdings, Inc. Announces Results For The Third Quarter Of 2016

LA JOLLA, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (NASDAQ:PICO) reported results for the third quarter ended September 30, 2016.  PICO reported shareholders' equity of $334.9 million ($14.52 per share) at September 30, 2016, compared to $346.4 million ($15.04 per share) at December 31, 2015.

Third quarter Segment Results of Operations

For the third quarter of 2016, PICO reported a net loss of $2.9 million ($0.13 per share), compared to a net loss of $14.1 million ($0.61 per share) in the third quarter of 2015.  Our third quarter segment results of operations were as follows (in thousands):
  Three Months Ended September 30,
  2016   2015
Revenue by operating segment:      
Water resource and water storage operations $ 553     $ 3,468  
Real estate operations 95,567     73,777  
Corporate 588     846  
Total revenue $ 96,708     $ 78,091  
       
Income (loss) before taxes by operating segment:      
Water resource and water storage operations $ (1,029 )   $ 834  
Real estate operations 2,876     3,839  
Corporate (4,094 )   (3,574 )
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated affiliates (2,247 )   1,099  
Benefit (provision) for federal, foreign, and state income taxes 406     (22 )
Equity in loss of unconsolidated affiliate     (1,942 )
Loss from continuing operations (1,841 )   (865 )
Loss from discontinued agribusiness operations, net of tax (18 )   (10,225 )
Gain (loss) on sale of discontinued agribusiness operations, net of tax 2     (1,348 )
Net loss from discontinued agribusiness operations, net of tax (16 )   (11,573 )
Net loss (1,857 )   (12,438 )
Net (income) loss attributable to noncontrolling interests (1,043 )   (1,654 )
Net loss attributable to PICO Holdings, Inc. $ (2,900 )   $ (14,092 )
               

First Nine Month Segment Results of Operations

For the first nine months of 2016, we reported a net loss of $13.1 million ($0.57 per share), compared to a net loss of $80.7 million ($3.51 per share) in the first nine months of 2015.  Our nine months segment results of operations were as follows (in thousands):
  Nine Months Ended September 30,
  2016   2015
Revenue by operating segment:      
Water resource and water storage operations $ 813     $ 4,191  
Real estate operations 246,731     172,243  
Corporate 1,910     (17,911 )
Total revenue $ 249,454     $ 158,523  
       
Income (loss) before taxes by operating segment:      
Water resource and water storage operations $ (4,263 )   $ (1,907 )
Real estate operations 4,713     (1,661 )
Corporate (10,286 )   (31,248 )
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates (9,836 )   (34,816 )
Benefit for federal, foreign, and state income taxes 372     2,949  
Equity in loss of unconsolidated affiliate     (3,422 )
Loss from continuing operations (9,464 )   (35,289 )
Loss from discontinued agribusiness operations, net of tax (102 )   (29,520 )
Loss on sale of discontinued agribusiness operations, net of tax (1,858 )   (18,251 )
Net loss from discontinued agribusiness operations, net of tax (1,960 )   (47,771 )
Net loss (11,424 )   (83,060 )
Net (income) loss attributable to noncontrolling interests (1,676 )   2,373  
Net loss attributable to PICO Holdings, Inc. $ (13,100 )   $ (80,687 )
               

PICO's President and Chief Executive Officer, Max Webb, commented:

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