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PICO Holdings Q1 loss widens 27.7% YOY

PICO Holdings Inc. said its normalized net income for the first quarter was a loss of 13 cents per share, compared with a loss of 10 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 $3.0 million, compared with a loss of $2.3 million in the year-earlier period.

Total revenue rose 52.3% on an annual basis to $69.0 million from $45.3 million, and total operating expenses grew 38.5% from the prior-year period to $73.8 million from $53.3 million.

Reported net income came to a loss of $4.9 million, or a loss of 21 cents per share, compared to a loss of $6.3 million, or a loss of 28 cents per share, in the prior-year period.