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PICO Holdings Inc. (PICO) filed Quarterly Report for the period ended 2011-06-30.
Pico Holdings Inc. has a market cap of $544.2 million; its shares were traded at around $24.35 with and P/S ratio of 16.9.
This is the annual revenues and earnings per share of PICO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PICO.
Highlight of Business Operations:
At June 30, 2011, we reported shareholders equity of $562.4 million, or $24.77 per share, compared to $568.1 million, or $25.03 per share at December 31, 2010. The $5.7 million decrease in shareholders equity for the first half of 2011 was primarily due to an $8 million comprehensive loss. Book value per share decreased by $0.26, or 1%, during the first half of 2011.
Our second quarter revenues were $16 million in 2011, compared to $6.8 million in 2010, an increase of $9.1 million year-over-year. This increase was primarily due to a year over year increase in sales of real estate at UCP of $5.7 million, and a $4.7 million year over year increase in realized gains reported in the insurance in run off segment.
First half revenues were $23.6 million in 2011, compared to $13.4 million in 2010, an increase of $10.2 million year-over-year. This increase is due primarily to an increase in the sale of real estate reported in the real estate segment of $5.1 million and an increase of $7.2 million in net realized gains on the sale of securities held in our insurance in run-off segment.
First half costs and expenses were $22.4 million in 2011, compared to $23.2 million in 2010, a year-over-year decrease of $833,000. This decrease is due primarily to a $4 million favorable change in the foreign exchange gain, a $1.9 million reduction in project costs in the water and water resource segment, offset by a $4.2 million increase in the cost of real estate sold reported in the real estate segment and a $981,000 increase in overhead costs in the agribusiness segment.
Project expenses were $455,000 in the second quarter of 2011, compared to $1.2 million in the second quarter of 2010, and $1.2 million in the first half of 2011 compared to $3.1 million in the first half of 2010. The second quarter and first half year-over-year decrease in project expenses of $748,000 and $1.9 million, respectively, is largely due to the reduction in expenses for exploration and drilling costs for the exploration phase of our water resource development project in New Mexico. These costs were expensed through the statement of operations as incurred in the first quarter and the first half of 2010. In the first half of 2011 approximately $1.5 million of development costs were capitalized with respect to this project as, after the recent completion of our groundwater model, we now consider the project more likely than not to generate revenues from permitted water rights sufficient to recover our capitalized costs. In the future, we do not anticipate incurring any further significant development costs associated with this project and we expect to present our scientific evidence to support the award of up to 1,010 acre - feet of permitted water rights to the New Mexico's State Engineer's Office in 2012.
In the second quarter of 2011, segment total revenues were $7.2 million. UCP sold 11 completed homes and 47 finished lots in the second quarter of 2011 for total sales proceeds of $6.6 million. The gross margin on these sales was approximately 18%. In addition, Nevada Land also sold 640 acres of real estate in the second quarter for total revenues of $211,000. Net investment income, primarily consisting of interest earned on real estate sales contracts where Nevada Land has provided vendor financing on prior period sales, was $133,000, and other revenues (primarily lease and royalty income from Nevada Land's properties) were $191,000.
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