PICO Holdings Inc. said its second-quarter normalized net income came to a loss of 14 cents per share, compared with a loss of 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.2 million, compared with a loss of $1.7 million in the prior-year period.

The normalized profit margin fell to negative 5.8% from negative 2.5% in the year-earlier period.

Total revenue declined 17.4% on an annual basis to $55.8 million from $67.6 million, and total operating expenses declined 11.2% year over year to $61.7 million from $69.4 million.

Reported net income came to a loss of $24.1 million, or a loss of $1.05 per share, compared to a loss of $2.6 million, or a loss of 11 cents per share, in the year-earlier period.