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PICO Holdings, Inc. Announces Water Asset Monetizations
In addition, during the third quarter of 2019, Vidler’s 51% owned subsidiary,
PICO’s President and Chief Executive Officer,
“We noted in our 2019 Second Quarter Earnings Release that we continue to execute our business plan by monetizing assets, returning capital to shareholders and reducing costs. In the third quarter of 2019 to date, we have continued on this path with these separate sale transactions in the
Net Operating Loss Carryforwards
Currently, we believe the highest potential return to our shareholders is from a return of capital. As we monetize assets, rather than reinvest the proceeds, we intend to return capital to shareholders through a stock repurchase program or by other means, including special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetizations to further develop existing assets, if we believe the return on such a reinvestment outweighs the benefits of a return of capital.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this press release that are not historical, including statements regarding our business objectives, our ability to monetize our water resources, the future demand for our water resources, our ability to preserve and utilize NOLs to offset taxable income and reduce our federal income tax liability, and our ability to monetize assets and return capital to shareholders through stock repurchases or other means, are forward-looking statements based on current expectations and assumptions and are subject to risks and uncertainties.
In addition, a number of other factors may cause results to differ materially from our expectations, including without limitation, any slow down or downturn in the housing or real estate markets in which Vidler operates; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; prolonged weakness in the overall U.S. and global economies; the performance of the business sectors in which Vidler operates; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.
For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our
We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the time and date of this press release.