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PICO Holdings swings to profit in Q3

PICO Holdings Inc. said its normalized net income for the third quarter came to 2 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 $437,000, compared with a loss of $1.7 million in the year-earlier period.

Total revenue increased 23.8% on an annual basis to $96.7 million from $78.1 million, and total operating expenses increased 23.7% on an annual basis to $94.3 million from $76.3 million.

Reported net income came to a loss of $2.9 million, or a loss of 13 cents per share, compared to a loss of $2.5 million, or a loss of 11 cents per share, in the prior-year period.