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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PICO Holdings Inc | NASDAQ:PICO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.89 | 9.00 | 12.00 | 0 | 01:00:00 |
Delaware
(State or other jurisdiction of incorporation)
|
94-2723335
(IRS Employer Identification No.)
|
Large accelerated filer
¨
|
Accelerated filer
x
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
Page No.
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Item 1:
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Item 2:
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Item 3:
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Item 4:
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Item 1:
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Item 1A:
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Item 2:
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Item 3:
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Item 4:
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Item 5:
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Item 6:
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|
PICO Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets - Unaudited
(In thousands, except par value)
|
|||||||
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
25,000
|
|
|
$
|
19,611
|
|
Investments ($131,260 and $25,071 measured at fair value at September 30, 2017 and December 31, 2016, respectively)
|
132,571
|
|
|
26,383
|
|
||
Real estate and tangible water assets, net
|
45,166
|
|
|
57,691
|
|
||
Intangible assets
|
126,907
|
|
|
126,796
|
|
||
Other assets
|
2,292
|
|
|
4,624
|
|
||
Assets held-for-sale
|
|
|
|
440,689
|
|
||
Total assets
|
$
|
331,936
|
|
|
$
|
675,794
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
||||
Deferred compensation
|
$
|
4,066
|
|
|
$
|
27,322
|
|
Other liabilities
|
2,266
|
|
|
12,322
|
|
||
Accounts payable and accrued expenses
|
1,644
|
|
|
1,015
|
|
||
Liabilities held-for-sale
|
|
|
|
207,566
|
|
||
Total liabilities
|
7,976
|
|
|
248,225
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
||||
Preferred stock, $0.001 par value; authorized 10,000 shares, none issued
|
|
|
|
|
|
||
Common stock, $0.001 par value; authorized 100,000 shares, 23,148 issued and 23,147 outstanding at September 30, 2017, and 23,125 issued and 23,070 outstanding at December 31, 2016
|
23
|
|
|
23
|
|
||
Additional paid-in capital
|
495,207
|
|
|
495,468
|
|
||
Accumulated deficit
|
(171,652
|
)
|
|
(173,231
|
)
|
||
Accumulated other comprehensive income
|
407
|
|
|
6,661
|
|
||
Treasury stock, at cost (common shares: 1 and 55 at September 30, 2017 and December 31, 2016, respectively)
|
(25
|
)
|
|
(927
|
)
|
||
Total PICO Holdings, Inc. shareholders’ equity
|
323,960
|
|
|
327,994
|
|
||
Noncontrolling interest in subsidiaries
|
|
|
|
99,575
|
|
||
Total equity
|
323,960
|
|
|
427,569
|
|
||
Total liabilities and equity
|
$
|
331,936
|
|
|
$
|
675,794
|
|
PICO Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - Unaudited
(In thousands, except per share data)
|
|||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues and other income:
|
|
|
|
|
|
|
|
||||||||
Sale of real estate and water assets
|
$
|
136
|
|
|
$
|
476
|
|
|
$
|
25,276
|
|
|
$
|
607
|
|
Other income, net
|
69
|
|
|
689
|
|
|
9,756
|
|
|
2,193
|
|
||||
Total revenues and other income
|
205
|
|
|
1,165
|
|
|
35,032
|
|
|
2,800
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost of sales and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate and water assets sold
|
55
|
|
|
252
|
|
|
12,604
|
|
|
316
|
|
||||
General, administrative, and other
|
2,943
|
|
|
5,649
|
|
|
9,865
|
|
|
16,054
|
|
||||
Impairment loss on intangible and long-lived assets
|
|
|
|
201
|
|
|
|
|
|
201
|
|
||||
Depreciation and amortization
|
24
|
|
|
162
|
|
|
159
|
|
|
702
|
|
||||
Total cost of sales and expenses
|
3,022
|
|
|
6,264
|
|
|
22,628
|
|
|
17,273
|
|
||||
Income (loss) from continuing operations before income taxes
|
(2,817
|
)
|
|
(5,099
|
)
|
|
12,404
|
|
|
(14,473
|
)
|
||||
Benefit (provision) for federal and state income taxes
|
(292
|
)
|
|
530
|
|
|
(3,419
|
)
|
|
712
|
|
||||
Income (loss) from continuing operations
|
(3,109
|
)
|
|
(4,569
|
)
|
|
8,985
|
|
|
(13,761
|
)
|
||||
Income (loss) from discontinued operations, net of tax
|
(5,269
|
)
|
|
2,710
|
|
|
3,053
|
|
|
4,195
|
|
||||
Gain (loss) on sale and impairment loss on classification of assets as held-for-sale, net of tax
|
2,094
|
|
|
2
|
|
|
(9,309
|
)
|
|
(1,858
|
)
|
||||
Net income (loss) from discontinued operations, net of tax
|
(3,175
|
)
|
|
2,712
|
|
|
(6,256
|
)
|
|
2,337
|
|
||||
Net income (loss)
|
(6,284
|
)
|
|
(1,857
|
)
|
|
2,729
|
|
|
(11,424
|
)
|
||||
Net (income) loss attributable to noncontrolling interests
|
1,645
|
|
|
(1,043
|
)
|
|
(1,150
|
)
|
|
(1,676
|
)
|
||||
Net income (loss) attributable to PICO Holdings, Inc.
|
$
|
(4,639
|
)
|
|
$
|
(2,900
|
)
|
|
$
|
1,579
|
|
|
$
|
(13,100
|
)
|
PICO Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income or Loss - Unaudited, Continued
(In thousands, except per share data)
|
|||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(6,284
|
)
|
|
$
|
(1,857
|
)
|
|
$
|
2,729
|
|
|
(11,424
|
)
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on securities, net of deferred income tax and reclassification adjustments
|
(387
|
)
|
|
954
|
|
|
(6,286
|
)
|
|
1,484
|
|
||||
Foreign currency translation
|
6
|
|
|
31
|
|
|
32
|
|
|
57
|
|
||||
Total other comprehensive income (loss), net of tax
|
(381
|
)
|
|
985
|
|
|
(6,254
|
)
|
|
1,541
|
|
||||
Comprehensive loss
|
(6,665
|
)
|
|
(872
|
)
|
|
(3,525
|
)
|
|
(9,883
|
)
|
||||
Comprehensive (income) loss attributable to noncontrolling interests
|
1,645
|
|
|
(1,043
|
)
|
|
(1,150
|
)
|
|
(1,676
|
)
|
||||
Comprehensive loss attributable to PICO Holdings, Inc.
|
$
|
(5,020
|
)
|
|
$
|
(1,915
|
)
|
|
$
|
(4,675
|
)
|
|
$
|
(11,559
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share – basic and diluted:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
(0.13
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
0.39
|
|
|
$
|
(0.60
|
)
|
Income (loss) from discontinued operations
|
(0.07
|
)
|
|
0.07
|
|
|
(0.32
|
)
|
|
0.03
|
|
||||
Net income (loss) per common share – basic and diluted
|
$
|
(0.20
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.57
|
)
|
Weighted average shares outstanding
|
23,138
|
|
|
23,068
|
|
|
23,112
|
|
|
23,049
|
|
|
|
Shares of Common Stock Issued
|
|
Common Stock
|
|
Additional Paid-in
Capital
|
|
Accumulated Deficit
|
|
Accumulated Other
Comprehensive Income
|
|
Shares of Treasury Stock
|
|
Treasury Stock, at Cost
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||||||||
Beginning balance, January 1, 2017
|
|
23,125
|
|
|
$
|
23
|
|
|
$
|
495,468
|
|
|
$
|
(173,231
|
)
|
|
$
|
6,661
|
|
|
55
|
|
|
$
|
(927
|
)
|
|
$
|
99,575
|
|
|
$
|
427,569
|
|
Stock-based compensation expense
|
|
|
|
|
|
1,723
|
|
|
|
|
|
|
|
|
|
|
299
|
|
|
2,022
|
|
|||||||||||||
Exercise of restricted stock units
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||||
Withholding taxes paid on vested restricted stock units
|
|
|
|
|
|
(723
|
)
|
|
|
|
|
|
|
|
|
|
(121
|
)
|
|
(844
|
)
|
|||||||||||||
Changes in ownership of noncontrolling interest
|
|
|
|
|
|
(465
|
)
|
|
|
|
|
|
|
|
|
|
465
|
|
|
—
|
|
|||||||||||||
Distribution to noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26
|
)
|
|
(26
|
)
|
||||||||||||||
Purchases of treasury stock
|
|
|
|
|
|
|
|
|
|
|
|
47
|
|
|
(690
|
)
|
|
|
|
(690
|
)
|
|||||||||||||
Retirement of treasury stock
|
|
(47
|
)
|
|
|
|
(690
|
)
|
|
|
|
|
|
(47
|
)
|
|
690
|
|
|
|
|
—
|
|
|||||||||||
Distribution of treasury stock to deferred compensation plan participant (former CEO)
|
|
|
|
|
|
(106
|
)
|
|
|
|
|
|
(54
|
)
|
|
902
|
|
|
|
|
796
|
|
||||||||||||
Deconsolidation of noncontrolling interest in conjunction with sale of consolidated subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(101,342
|
)
|
|
(101,342
|
)
|
|||||||||||||
Net income
|
|
|
|
|
|
|
|
1,579
|
|
|
|
|
|
|
|
|
1,150
|
|
|
2,729
|
|
|||||||||||||
Unrealized loss on investments, net of deferred income tax of $3,385 and reclassification adjustments of $9,781
|
|
|
|
|
|
|
|
|
|
(6,286
|
)
|
|
|
|
|
|
|
|
(6,286
|
)
|
||||||||||||||
Foreign currency translation
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
32
|
|
||||||||||||||
Ending balance, September 30, 2017
|
|
23,149
|
|
|
$
|
23
|
|
|
$
|
495,207
|
|
|
$
|
(171,652
|
)
|
|
$
|
407
|
|
|
1
|
|
|
$
|
(25
|
)
|
|
$
|
—
|
|
|
$
|
323,960
|
|
|
|
Shares of Common Stock Issued
|
|
Common Stock
|
|
Additional Paid-in
Capital
|
|
Accumulated Deficit
|
|
Accumulated Other
Comprehensive Income
|
|
Shares of Treasury Stock
|
|
Treasury Stock, at Cost
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||||||||
Beginning balance, January 1, 2016
|
|
23,116
|
|
|
$
|
23
|
|
|
$
|
494,207
|
|
|
$
|
(151,366
|
)
|
|
$
|
4,961
|
|
|
78
|
|
|
$
|
(1,413
|
)
|
|
$
|
87,592
|
|
|
$
|
434,004
|
|
Stock-based compensation expense
|
|
|
|
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
320
|
|
|
2,050
|
|
|||||||||||||
Exercise of restricted stock units
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
||||||||||||||
Withholding taxes paid on vested restricted stock units
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
(20
|
)
|
|
(46
|
)
|
|||||||||||||
Changes in ownership of noncontrolling interest
|
|
|
|
|
|
(1,898
|
)
|
|
|
|
|
|
|
|
|
|
1,899
|
|
|
1
|
|
|||||||||||||
Acquisition of interests held by noncontrolling owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,000
|
)
|
|
(1,000
|
)
|
||||||||||||||
Distribution of treasury stock to deferred compensation plan participants
|
|
|
|
|
|
(269
|
)
|
|
|
|
|
|
(23
|
)
|
|
486
|
|
|
|
|
217
|
|
||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
(13,100
|
)
|
|
|
|
|
|
|
|
1,676
|
|
|
(11,424
|
)
|
|||||||||||||
Unrealized gain on investments, net of deferred income tax of $799 and reclassification adjustments of $278
|
|
|
|
|
|
|
|
|
|
1,484
|
|
|
|
|
|
|
|
|
1,484
|
|
||||||||||||||
Foreign currency translation
|
|
|
|
|
|
|
|
|
|
57
|
|
|
|
|
|
|
|
|
57
|
|
||||||||||||||
Ending balance, September 30, 2016
|
|
23,125
|
|
|
$
|
23
|
|
|
$
|
493,744
|
|
|
$
|
(164,466
|
)
|
|
$
|
6,502
|
|
|
55
|
|
|
$
|
(927
|
)
|
|
$
|
90,467
|
|
|
$
|
425,343
|
|
PICO Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows - Unaudited
(In thousands)
|
|||||||
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Operating activities:
|
|
|
|
||||
Cash provided by (used in) operating activities - continuing operations
|
$
|
1,094
|
|
|
$
|
(11,966
|
)
|
Cash used in operating activities - discontinued operations
|
(9,728
|
)
|
|
(6,340
|
)
|
||
Net cash used in operating activities
|
(8,634
|
)
|
|
(18,306
|
)
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Purchases of investments
|
(140,464
|
)
|
|
(1,136
|
)
|
||
Proceeds from sale of investments
|
8,598
|
|
|
623
|
|
||
Proceeds from maturity of investments
|
69,963
|
|
|
18
|
|
||
Purchases of property, plant and equipment
|
(5
|
)
|
|
(132
|
)
|
||
Proceeds from sale of property, plant and equipment
|
283
|
|
|
7
|
|
||
Other investing activities, net
|
|
|
|
661
|
|
||
Cash provided by (used in) investing activities - continuing operations
|
(61,625
|
)
|
|
41
|
|
||
Cash provided by (used in) investing activities - discontinued operations
|
47,172
|
|
|
(760
|
)
|
||
Net cash used in investing activities
|
(14,453
|
)
|
|
(719
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Payment of withholding taxes on exercise of restricted stock units
|
(565
|
)
|
|
|
|
||
Purchases of treasury stock
|
(690
|
)
|
|
|
|
||
Cash used in financing activities - continuing operations
|
(1,255
|
)
|
|
—
|
|
||
Cash provided by (used in) financing activities - discontinued operations
|
(11,638
|
)
|
|
16
|
|
||
Net cash provided by (used in) financing activities
|
(12,893
|
)
|
|
16
|
|
||
|
|
|
|
||||
Decrease in cash and cash equivalents
|
(35,980
|
)
|
|
(19,009
|
)
|
||
Cash and cash equivalents, beginning of the period
|
60,980
|
|
|
57,400
|
|
||
Cash and cash equivalents, end of the period
|
25,000
|
|
|
38,391
|
|
||
Less cash and cash equivalents of discontinued operations at the end of the period
|
—
|
|
|
28,024
|
|
||
Cash and cash equivalents of continuing operations, end of the period
|
$
|
25,000
|
|
|
$
|
10,367
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Payments of federal and state income taxes
|
$
|
968
|
|
|
$
|
187
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Fair value of common stock of Century received in the sale of UCP, Inc.
|
$
|
60,043
|
|
|
|
||
Non-cash distribution of debt and equity securities to deferred compensation plan participant
|
$
|
15,709
|
|
|
$
|
856
|
|
Issuance of common stock for vested restricted stock units
|
$
|
2,571
|
|
|
$
|
274
|
|
|
Page No.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Real estate and improvements held and used, net of accumulated depreciation of $12,003 at September 30, 2017 and December 31, 2016, respectively
|
$
|
9,469
|
|
|
$
|
9,469
|
|
Other real estate inventories completed or under development
|
5,724
|
|
|
5,724
|
|
||
Tangible water assets
|
29,973
|
|
|
42,498
|
|
||
Total real estate and tangible water assets
|
$
|
45,166
|
|
|
$
|
57,691
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Pipeline rights and water credits at Fish Springs Ranch
|
$
|
83,897
|
|
|
$
|
83,897
|
|
Pipeline rights and water rights at Carson-Lyon
|
25,569
|
|
|
25,569
|
|
||
Other
|
17,441
|
|
|
17,330
|
|
||
Total intangible assets
|
$
|
126,907
|
|
|
$
|
126,796
|
|
September 30, 2017
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Carrying Value
|
||||||||
Debt securities: corporate bonds and U.S. Treasuries
|
$
|
70,850
|
|
|
$
|
42
|
|
|
$
|
(12
|
)
|
|
$
|
70,880
|
|
Marketable equity securities
|
59,716
|
|
|
671
|
|
|
(7
|
)
|
|
60,380
|
|
||||
Total
|
$
|
130,566
|
|
|
$
|
713
|
|
|
$
|
(19
|
)
|
|
$
|
131,260
|
|
December 31, 2016
|
Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Carrying Value
|
||||||||
Debt securities: corporate bonds
|
$
|
4,306
|
|
|
$
|
82
|
|
|
$
|
(6
|
)
|
|
$
|
4,382
|
|
Marketable equity securities
|
10,400
|
|
|
10,327
|
|
|
(38
|
)
|
|
20,689
|
|
||||
Total
|
$
|
14,706
|
|
|
$
|
10,409
|
|
|
$
|
(44
|
)
|
|
$
|
25,071
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Amortized Cost
|
|
Carrying Value
|
|
Amortized Cost
|
|
Carrying Value
|
||||||||
Due in one year or less
|
$
|
70,228
|
|
|
$
|
70,260
|
|
|
$
|
182
|
|
|
$
|
183
|
|
Due after one year through five years
|
622
|
|
|
620
|
|
|
4,124
|
|
|
4,199
|
|
||||
Total
|
$
|
70,850
|
|
|
$
|
70,880
|
|
|
$
|
4,306
|
|
|
$
|
4,382
|
|
|
Quoted Prices In Active
Markets for Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Balance at September 30, 2017
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Available-for-sale equity securities
(1)
|
$
|
60,136
|
|
|
$
|
244
|
|
|
|
|
$
|
60,380
|
|
Available-for-sale debt securities
(1)
|
70,880
|
|
|
|
|
|
|
|
70,880
|
|
|||
Total
|
$
|
131,016
|
|
|
$
|
244
|
|
|
|
|
$
|
131,260
|
|
|
Quoted Prices In Active
Markets for Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Balance at December 31, 2016
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Available-for-sale equity securities
(1)
|
$
|
12,545
|
|
|
$
|
8,144
|
|
|
|
|
$
|
20,689
|
|
Available-for-sale debt securities
(1)
|
4,382
|
|
|
|
|
|
|
4,382
|
|
||||
Total
|
$
|
16,927
|
|
|
$
|
8,144
|
|
|
|
|
$
|
25,071
|
|
Asset Description
|
|
Quoted Prices In Active
Markets for Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Total Loss
|
||||
Oil and gas wells
(1)
|
|
|
|
|
|
$
|
—
|
|
|
$
|
201
|
|
Investments in unconsolidated affiliates
(2)
|
|
|
|
|
|
$
|
—
|
|
|
$
|
2,170
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Net unrealized gain on available-for-sale investments
|
$
|
451
|
|
|
$
|
6,736
|
|
Foreign currency translation
|
(44
|
)
|
|
(75
|
)
|
||
Accumulated other comprehensive income
|
$
|
407
|
|
|
$
|
6,661
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Beginning balance
|
$
|
788
|
|
|
$
|
5,517
|
|
|
$
|
6,661
|
|
|
$
|
4,961
|
|
Unrealized gain reclassified and recognized in net loss, net of tax
(1)
|
(392
|
)
|
|
(95
|
)
|
|
(6,357
|
)
|
|
(181
|
)
|
||||
Foreign exchange reclassified and recognized in net loss, net of tax
(1)
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Total reclassified and recognized in net income or loss, net of tax
|
(393
|
)
|
|
(95
|
)
|
|
(6,356
|
)
|
|
(181
|
)
|
||||
Unrealized gain on marketable securities, net of tax
|
5
|
|
|
1,049
|
|
|
72
|
|
|
1,665
|
|
||||
Accumulated currency, net of tax
|
7
|
|
|
31
|
|
|
30
|
|
|
57
|
|
||||
Net change in other comprehensive income, net of tax
|
(381
|
)
|
|
985
|
|
|
(6,254
|
)
|
|
1,541
|
|
||||
Accumulated other comprehensive income
|
$
|
407
|
|
|
$
|
6,502
|
|
|
$
|
407
|
|
|
$
|
6,502
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets:
|
|
|
|
||||
Water resource and water storage operations
|
$
|
173,968
|
|
|
$
|
186,055
|
|
Corporate
|
157,968
|
|
|
49,050
|
|
||
Assets held-for-sale
|
|
|
|
440,689
|
|
||
Total assets
|
$
|
331,936
|
|
|
$
|
675,794
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue and other income:
|
|
|
|
|
|
|
|
||||||||
Water resource and water storage operations
|
$
|
347
|
|
|
$
|
577
|
|
|
$
|
25,766
|
|
|
$
|
890
|
|
Corporate
|
(142
|
)
|
|
588
|
|
|
9,266
|
|
|
1,910
|
|
||||
Total revenue and other income
|
$
|
205
|
|
|
$
|
1,165
|
|
|
$
|
35,032
|
|
|
$
|
2,800
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Water resource and water storage operations
|
$
|
(965
|
)
|
|
$
|
(1,004
|
)
|
|
$
|
8,664
|
|
|
$
|
(4,186
|
)
|
Corporate
|
(1,852
|
)
|
|
(4,095
|
)
|
|
3,740
|
|
|
(10,287
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
$
|
(2,817
|
)
|
|
$
|
(5,099
|
)
|
|
$
|
12,404
|
|
|
$
|
(14,473
|
)
|
|
Shares and Per Share Amounts
|
Totals
|
||||
Shares of UCP owned by the Company
|
10,402
|
|
|
|||
Cash received
|
$
|
5.32
|
|
$
|
55,337
|
|
Shares of Century common stock received (0.2309 per share of UCP owned)
|
2,402
|
|
|
|||
Value of Century common stock on the date received
|
$
|
25.00
|
|
$
|
60,044
|
|
Total consideration received at the date of close
|
|
$
|
115,381
|
|
||
Transaction cost paid by the Company
|
|
$
|
(284
|
)
|
||
Carrying value of UCP at the date of close adjusted for tax distributions
|
|
$
|
(124,408
|
)
|
||
Loss on sale
|
|
$
|
(9,311
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue and other income from discontinued real estate operations:
|
|
|
|
|
|
|
|
||||||||
Sales of real estate
|
$
|
39,462
|
|
|
$
|
95,340
|
|
|
$
|
247,213
|
|
|
$
|
246,403
|
|
Other
|
20
|
|
|
204
|
|
|
506
|
|
|
253
|
|
||||
Total revenue and other income
|
39,482
|
|
|
95,544
|
|
|
247,719
|
|
|
246,656
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cost of sales and expenses from discontinued real estate operations:
|
|
|
|
|
|
|
|
||||||||
Cost of real estate sold
|
32,221
|
|
|
78,725
|
|
|
200,789
|
|
|
201,841
|
|
||||
General, administrative, and other
|
11,245
|
|
|
4,612
|
|
|
29,618
|
|
|
19,331
|
|
||||
Sales and marketing
|
2,415
|
|
|
4,939
|
|
|
13,784
|
|
|
14,035
|
|
||||
Impairment loss on long-lived assets
|
|
|
|
4,416
|
|
|
102
|
|
|
6,812
|
|
||||
Total cost of sales and expenses
|
45,881
|
|
|
92,692
|
|
|
244,293
|
|
|
242,019
|
|
||||
Income (loss) before income taxes
|
(6,399
|
)
|
|
2,852
|
|
|
3,426
|
|
|
4,637
|
|
||||
Benefit (provision) for federal and state income taxes
|
1,130
|
|
|
(124
|
)
|
|
(360
|
)
|
|
(340
|
)
|
||||
Net income (loss) from discontinued real estate operations
|
(5,269
|
)
|
|
2,728
|
|
|
3,066
|
|
|
4,297
|
|
||||
Net loss from discontinued agribusiness operations, net of tax
|
|
|
|
(18
|
)
|
|
(13
|
)
|
|
(102
|
)
|
||||
Net income (loss) from discontinued operations, net of tax
|
(5,269
|
)
|
|
2,710
|
|
|
3,053
|
|
|
4,195
|
|
||||
Gain (loss) on sale of discontinued real estate operations, net of tax
(1)
|
2,094
|
|
|
|
|
|
(9,311
|
)
|
|
|
|
||||
Income (loss) on sale of discontinued agribusiness operations, net of tax
|
|
|
|
2
|
|
|
2
|
|
|
(1,858
|
)
|
||||
Net income (loss) from discontinued operations, net of tax
|
(3,175
|
)
|
|
2,712
|
|
|
(6,256
|
)
|
|
2,337
|
|
||||
Net (income) loss from discontinued operations attributable to noncontrolling interests
|
1,645
|
|
|
(1,043
|
)
|
|
(1,150
|
)
|
|
(1,676
|
)
|
||||
Net income (loss) from discontinued operations attributable to PICO Holdings, Inc.
|
$
|
(1,530
|
)
|
|
$
|
1,669
|
|
|
$
|
(7,406
|
)
|
|
$
|
661
|
|
|
December 31, 2016
|
||
Real estate assets held-for-sale:
|
|
||
Cash and cash equivalents
|
$
|
40,931
|
|
Real estate
|
373,207
|
|
|
Accounts receivable
|
5,628
|
|
|
Other assets
|
14,418
|
|
|
Valuation allowance on assets held-for-sale
|
|
|
|
Real estate assets held-for-sale
|
434,184
|
|
|
Agribusiness assets held-for-sale
|
6,505
|
|
|
Total assets held-for-sale
|
$
|
440,689
|
|
|
|
||
Real estate liabilities held-for-sale:
|
|
||
Debt, net
|
$
|
160,994
|
|
Account payable and accrued expenses
|
34,025
|
|
|
Other liabilities
|
12,271
|
|
|
Real estate liabilities held-for-sale
|
207,290
|
|
|
Agribusiness liabilities held-for-sale
|
276
|
|
|
Total liabilities held-for-sale
|
$
|
207,566
|
|
|
Year Ended December 31,
|
||||||||
|
2016
|
2015
|
2014
|
||||||
Revenues and other income:
|
|
|
|
||||||
Sale of real estate and water assets
|
$
|
633
|
|
$
|
3,856
|
|
$
|
1,220
|
|
Impairment loss on investment in unconsolidated affiliate
|
(2,170
|
)
|
(20,696
|
)
|
(1,078
|
)
|
|||
Other income, net
|
9,471
|
|
4,472
|
|
1,077
|
|
|||
Total revenues and other income
|
7,934
|
|
(12,368
|
)
|
1,219
|
|
|||
|
|
|
|
||||||
Cost of sales and expenses:
|
|
|
|
||||||
Cost of real estate and water assets sold
|
326
|
|
1,239
|
|
738
|
|
|||
General, administrative, and other
|
32,830
|
|
20,027
|
|
24,156
|
|
|||
Impairment loss on intangible and long-lived assets
|
201
|
|
2,085
|
|
10,219
|
|
|||
Depreciation and amortization
|
865
|
|
1,660
|
|
2,385
|
|
|||
Total cost and expenses
|
34,222
|
|
25,011
|
|
37,498
|
|
|||
Loss from continuing operations before income taxes and equity in loss of unconsolidated affiliates
|
(26,288
|
)
|
(37,379
|
)
|
(36,279
|
)
|
|||
Benefit for federal and state income taxes
|
1,135
|
|
2,961
|
|
2,450
|
|
|||
Equity in loss of unconsolidated affiliate
|
|
|
(3,422
|
)
|
(2,076
|
)
|
|||
Loss from continuing operations
|
(25,153
|
)
|
(37,840
|
)
|
(35,905
|
)
|
|||
Income (loss) from discontinued operations, net of tax
|
13,899
|
|
(24,310
|
)
|
(23,700
|
)
|
|||
Loss on sale or impairment loss on classification of assets as held-for-sale, net of tax
|
(1,775
|
)
|
(18,729
|
)
|
|
|
|||
Net income (loss) from discontinued operations, net of tax
|
12,124
|
|
(43,039
|
)
|
(23,700
|
)
|
|||
Net loss
|
(13,029
|
)
|
(80,879
|
)
|
(59,605
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
(8,836
|
)
|
(979
|
)
|
7,180
|
|
|||
Net loss attributable to PICO Holdings, Inc.
|
$
|
(21,865
|
)
|
$
|
(81,858
|
)
|
$
|
(52,425
|
)
|
|
Year Ended December 31,
|
||||||||
|
2016
|
2015
|
2014
|
||||||
Other comprehensive income (loss):
|
|
|
|
||||||
Net loss
|
$
|
(13,029
|
)
|
$
|
(80,879
|
)
|
$
|
(59,605
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||||
Unrealized gain (loss) on securities, net of deferred income tax and reclassification adjustments
|
1,671
|
|
292
|
|
(2,093
|
)
|
|||
Foreign currency translation
|
29
|
|
(48
|
)
|
6,578
|
|
|||
Total other comprehensive income, net of tax
|
1,700
|
|
244
|
|
4,485
|
|
|||
Comprehensive loss
|
(11,329
|
)
|
(80,635
|
)
|
(55,120
|
)
|
|||
Comprehensive (income) loss attributable to noncontrolling interests
|
(8,836
|
)
|
(979
|
)
|
7,180
|
|
|||
Comprehensive loss attributable to PICO Holdings, Inc.
|
$
|
(20,165
|
)
|
$
|
(81,614
|
)
|
$
|
(47,940
|
)
|
|
|
|
|
||||||
Net income (loss) per common share – basic and diluted:
|
|
|
|
||||||
Loss from continuing operations
|
$
|
(1.09
|
)
|
$
|
(1.76
|
)
|
$
|
(1.34
|
)
|
Income (loss) from discontinued operations
|
0.14
|
|
(1.80
|
)
|
(0.96
|
)
|
|||
Net loss per common share – basic and diluted
|
$
|
(0.95
|
)
|
$
|
(3.56
|
)
|
$
|
(2.30
|
)
|
Weighted average shares outstanding
|
23,054
|
|
23,014
|
|
22,802
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Change
|
||||||
Shareholders’ equity
|
$
|
323,960
|
|
|
$
|
327,994
|
|
|
$
|
(4,034
|
)
|
Shareholders’ equity per share
|
$
|
14.00
|
|
|
$
|
14.22
|
|
|
$
|
(0.22
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Change
|
||||||
Total assets
|
$
|
331,936
|
|
|
$
|
675,794
|
|
|
$
|
(343,858
|
)
|
Total liabilities
|
$
|
7,976
|
|
|
$
|
248,225
|
|
|
$
|
(240,249
|
)
|
Thousands of dollars
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Revenue and other income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sale of real estate and water assets
|
$
|
136
|
|
|
$
|
477
|
|
|
$
|
(341
|
)
|
|
$
|
25,276
|
|
|
$
|
607
|
|
|
$
|
24,669
|
|
Other
|
211
|
|
|
100
|
|
|
111
|
|
|
490
|
|
|
283
|
|
|
207
|
|
||||||
Total revenue and other income
|
347
|
|
|
577
|
|
|
(230
|
)
|
|
25,766
|
|
|
890
|
|
|
24,876
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of sales and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of real estate and water assets sold
|
55
|
|
|
252
|
|
|
(197
|
)
|
|
12,604
|
|
|
316
|
|
|
12,288
|
|
||||||
Depreciation and amortization
|
21
|
|
|
37
|
|
|
(16
|
)
|
|
82
|
|
|
316
|
|
|
(234
|
)
|
||||||
Overhead expense
|
856
|
|
|
1,040
|
|
|
(184
|
)
|
|
3,200
|
|
|
3,345
|
|
|
(145
|
)
|
||||||
Project expense
|
380
|
|
|
252
|
|
|
128
|
|
|
1,216
|
|
|
1,099
|
|
|
117
|
|
||||||
Segment total expenses
|
1,312
|
|
|
1,581
|
|
|
(269
|
)
|
|
17,102
|
|
|
5,076
|
|
|
12,026
|
|
||||||
Income (loss) before income taxes
|
$
|
(965
|
)
|
|
$
|
(1,004
|
)
|
|
$
|
39
|
|
|
$
|
8,664
|
|
|
$
|
(4,186
|
)
|
|
$
|
12,850
|
|
Thousands of dollars
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred compensation and other
|
$
|
(142
|
)
|
|
$
|
588
|
|
|
$
|
(730
|
)
|
|
$
|
9,266
|
|
|
$
|
1,910
|
|
|
$
|
7,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impairment loss on intangible and long-lived assets
|
|
|
|
201
|
|
|
(201
|
)
|
|
|
|
|
201
|
|
|
(201
|
)
|
||||||
Stock-based compensation expense
|
300
|
|
|
442
|
|
|
(142
|
)
|
|
1,146
|
|
|
1,308
|
|
|
(162
|
)
|
||||||
Deferred compensation expense
|
16
|
|
|
1,758
|
|
|
(1,742
|
)
|
|
221
|
|
|
2,808
|
|
|
(2,587
|
)
|
||||||
General, administrative, and other
|
1,394
|
|
|
2,282
|
|
|
(888
|
)
|
|
4,159
|
|
|
7,880
|
|
|
(3,721
|
)
|
||||||
Segment total expenses
|
1,710
|
|
|
4,683
|
|
|
(2,973
|
)
|
|
5,526
|
|
|
12,197
|
|
|
(6,671
|
)
|
||||||
Income (loss) before income taxes
|
$
|
(1,852
|
)
|
|
$
|
(4,095
|
)
|
|
$
|
2,243
|
|
|
$
|
3,740
|
|
|
$
|
(10,287
|
)
|
|
$
|
14,027
|
|
Thousands of dollars
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||||||||||
|
2017
(1)
|
|
2016
|
|
Change
|
|
2017
(1)
|
|
2016
|
|
Change
|
||||||||||||
Real estate revenue and other income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sale of real estate
|
$
|
39,462
|
|
|
$
|
95,340
|
|
|
$
|
(55,878
|
)
|
|
$
|
247,213
|
|
|
$
|
246,403
|
|
|
$
|
810
|
|
Other
|
20
|
|
|
204
|
|
|
(184
|
)
|
|
506
|
|
|
253
|
|
|
253
|
|
||||||
Total real estate revenue and other income
|
39,482
|
|
|
95,544
|
|
|
(56,062
|
)
|
|
247,719
|
|
|
246,656
|
|
|
1,063
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate cost of sales and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of real estate sold
|
32,221
|
|
|
78,725
|
|
|
(46,504
|
)
|
|
200,789
|
|
|
201,841
|
|
|
(1,052
|
)
|
||||||
Impairment loss on intangible and long-lived assets
|
|
|
|
4,414
|
|
|
(4,414
|
)
|
|
102
|
|
|
6,811
|
|
|
(6,709
|
)
|
||||||
General, administrative, and other
|
11,245
|
|
|
4,612
|
|
|
6,633
|
|
|
29,618
|
|
|
19,331
|
|
|
10,287
|
|
||||||
Sales and marketing
|
2,416
|
|
|
4,939
|
|
|
(2,523
|
)
|
|
13,784
|
|
|
14,035
|
|
|
(251
|
)
|
||||||
Total real estate cost of sales and expenses
|
45,882
|
|
|
92,690
|
|
|
(46,808
|
)
|
|
244,293
|
|
|
242,018
|
|
|
2,275
|
|
||||||
Real estate income before income taxes
|
(6,400
|
)
|
|
2,854
|
|
|
(9,254
|
)
|
|
3,426
|
|
|
4,638
|
|
|
(1,212
|
)
|
||||||
Agribusiness income (loss) before income taxes
|
—
|
|
|
(18
|
)
|
|
18
|
|
|
(13
|
)
|
|
(102
|
)
|
|
89
|
|
||||||
Segment income before income taxes
|
$
|
(6,400
|
)
|
|
$
|
2,836
|
|
|
$
|
(9,236
|
)
|
|
$
|
3,413
|
|
|
$
|
4,536
|
|
|
$
|
(1,123
|
)
|
•
|
Water resource and water storage operations segment held cash of
$1.1 million
.
|
•
|
Corporate segment held cash of
$23.9 million
and marketable equity and debt securities with a market value of
$131.3 million
,
$59.2 million
of which was the shares we owned in Century, and
$4 million
was held in deferred compensation rabbi trust accounts, which will be used to pay the related and offsetting deferred compensation liabilities.
|
|
Payments Due by Period
|
||||||||||||||
Contractual Obligations
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
|
Total
|
||||||
Operating leases
|
$
|
86
|
|
|
$
|
870
|
|
|
|
|
|
|
$
|
956
|
|
Other
(1)
|
4,066
|
|
|
|
|
|
|
|
|
4,066
|
|
||||
Total
|
$
|
4,152
|
|
|
$
|
870
|
|
|
|
|
|
|
$
|
5,022
|
|
•
|
quarterly variations in financial performance and condition of our various businesses;
|
•
|
shortfalls in revenue or earnings from estimates forecast by securities analysts or others;
|
•
|
changes in estimates by such analysts;
|
•
|
the ability to monetize our assets related to our water resource business for an adequate economic return, including the length of time any such monetization may take;
|
•
|
our competitors’ announcements of extraordinary events such as acquisitions;
|
•
|
litigation; and
|
•
|
general economic conditions and other matters described herein.
|
Period
|
|
Total number of shares of common stock purchased
|
|
Average price paid per share of common stock (including commissions)
|
|
Total number of shares of common stock purchased as part of publicly announced plans of programs
|
|
Maximum dollar value of shares of common stock that may yet be purchased under the plans of programs (in thousands)
(1)
|
||||||
July 1 to July 31, 2017
|
|
|
|
|
|
|
|
$
|
49,310
|
|
||||
August 1 to August 31, 2017
|
|
|
|
|
|
|
|
|
||||||
September 1 to September 30, 2017
|
|
|
|
|
|
|
|
|
||||||
Total
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
49,310
|
|
Exhibit Number
|
|
Description
|
|
2.1
|
|
|
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to the Current Report om Form 8-K filed with the SEC on July 17, 2015.
|
(2)
|
Incorporated by reference to the Current Report om Form 8-K filed with the SEC on June 1, 2017.
|
(3)
|
Incorporated by reference to the Current Report om Form 8-K filed with the SEC on July 24, 2017.
|
(4)
|
Incorporated by reference to the Quarterly Report on Form 10-Q filed with the SEC on August 9, 2017.
|
(5)
|
Incorporated by reference to the Current Report om Form 8-K filed with the SEC on October 2, 2017.
|
|
|
|
PICO HOLDINGS, INC.
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November 7, 2017
|
By:
/s/ John T. Perri
|
|||
|
|
John T. Perri
|
|||
|
|
Chief Financial Officer
|
|||
|
|
(
Principal Financial Officer and Authorized Signatory)
|
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