PICO Holdings Inc. said its fourth-quarter normalized net income came to a loss of 4 cents per share, compared with a loss of 18 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 $1.0 million, compared with a loss of $4.1 million in the year-earlier period.

The normalized profit margin rose to negative 0.9% from negative 9.2% in the year-earlier period.

Total revenue grew on an annual basis to $107.0 million from $45.0 million, and total operating expenses increased 79.8% year over year to $103.3 million from $57.4 million.

Reported net income totaled $326,000, or 1 cents per share, compared to a loss of $22.0 million, or a loss of 96 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 36 cents per share, compared with a loss of 52 cents per share in the prior year.

Normalized net income was a loss of $8.3 million, compared with a loss of $11.7 million in the prior year.

Full-year total revenue grew 44.5% from the prior-year period to $286.3 million from $198.2 million, and total operating expenses grew 30.1% year over year to $294.5 million from $226.4 million.

The company said reported net income came to a loss of $32.6 million, or a loss of $1.42 per share, in the full year, compared with a loss of $38.4 million, or a loss of $1.68 per share, the prior year.