PICO Holdings Inc. said its normalized net income for the second quarter amounted to a loss of 4 cents per share, compared with a loss of 14 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $922,500, compared with a loss of $3.2 million in the year-earlier period.

Total revenue grew 50.0% on an annual basis to $83.7 million from $55.8 million, and total operating expenses climbed 36.4% on an annual basis to $84.1 million from $61.7 million.

Reported net income came to a loss of $3.3 million, or a loss of 15 cents per share, compared to a loss of $24.1 million, or a loss of $1.05 per share, in the prior-year period.