PITTSBURGH, Sept. 25, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that union members at Libbey Glass facilities in Toledo, Ohio, and Shreveport, Louisiana, have ratified new, four-year labor agreements with the bankrupt company.
Members of the USW and International Association of Machinists (IAM) voted overwhelming in favor of the contracts, which include a temporary wage reduction and other concessions that will give Libbey financial relief to reorganize its debts under Chapter 11 of the federal bankruptcy code but also include provisions to increase wages when the company's financial condition improves.
USW International Vice President (Administration) David McCall, who chaired the negotiations with Libbey, credited the solidarity of the combined union membership and their negotiating committee for standing up to demand fairness and dignity when management and the company's creditors sought major, permanent concessions.
"Throughout this process, our members made it clear that cutting wages and benefits for hourly workers without shared sacrifices by management would not keep the company afloat," McCall said. "We are proud that we stood together to ensure our voices were heard and we achieved a more just resolution than the mammoth concessions that management originally proposed."
Under the agreements, Libbey will discontinue production in Shreveport, but will maintain a shipping and distribution facility at the location.
The USW represents 850,000 men and women employed in manufacturing, metals, mining, pulp and paper, rubber, chemicals, glass, auto supply and the energy-producing industries, along with a growing number of workers in public sector, service, academic and tech professions.
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SOURCE United Steelworkers (USW)
PICO Holdings, Inc. (NASDAQ:PICO) reported results for the second quarter ended June 30, 2020. Our reported shareholders’ equity was $172.3 million ($9.06 per share) at June 30, 2020, compared to $178.3 million ($9.01 per share) at December 31, 2019.
Second Quarter Results of Operations
Our second quarter results of operations were as follows (in thousands):
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Net income (loss) attributable to Pico Holdings, Inc.
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Six Months Results of Operations
Our six months results of operations were as follows (in thousands):
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PICO’s Chief Executive Officer, Dorothy Timian-Palmer, commented:
"Our reported results of net income of $1.9 million for the second quarter ended June 30, 2020 reflects the sale of 470 acre-feet of groundwater rights in Dodge Flat, Nevada for sale proceeds of $3.1 million in May, 2020. We did not generate any other significant water resource asset sale transactions in the period or in the first quarter of 2020 and, as a result, our reported net income of $53,000 was virtually break-even for the six months ended June 30, 2020.
"Effective July 24, 2020, the Board adopted a new tax benefits preservation plan (the ‘Plan’) designed to preserve the Company’s ability to utilize its net operating losses (‘NOLs’). As of December 31, 2019, the Company had approximately $156.5 million (pre-tax) federal NOLs. Information with respect to these NOLs is contained in our Annual Report on Form 10-K for the year ended December 31, 2019 that we filed with the Securities and Exchange Commission. We believe these NOLs are a valuable asset to the Company and our shareholders, as they may potentially shelter all or part of any future taxable gains arising as we monetize our assets. The Company will seek shareholder ratification of the Plan at PICO’s 2021 Annual Meeting. The Plan is similar to the Company's previous tax benefits preservation plan, which expired on July 24, 2020.
"We continue to carefully monitor our liquidity and working capital requirements during these uncertain times. We believe our cash resources of $11.3 million as of June 30, 2020, provides us sufficient liquidity for our ongoing operations and share repurchase program. The Board continues to believe that at current and recent market prices, our stock is undervalued from our estimate of its intrinsic value, and we continued to repurchase our common stock through open market purchases throughout the second quarter of 2020 and year to date. In 2020, we have to date repurchased a total of approximately 838,000 shares for approximately $7.2 million. We will continue to monitor our liquidity and forecast cash generation very carefully; depending on the price of our shares, our cash position, and our cash flow outlook, we will continue to evaluate our capital allocation with respect to our share repurchase plan.”
About PICO Holdings, Inc.
As of June 30, 2020, our primary holding was Vidler Water Company, Inc. ("Vidler”), a water resource and water storage business, with assets and operations primarily in the Southwestern U.S.
Currently, we believe the highest potential return to 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 such as special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetizations in further development of existing assets, if we believe the returns on such reinvestment outweigh the benefits of a return of capital.
At June 30, 2020, we had a market capitalization of $160.4 million, and 19,027,285 shares outstanding.
We remind all of our stockholders that questions regarding our operations may be submitted to firstname.lastname@example.org, and, if appropriate, we will post on our website responses to these questions.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as "anticipates," "believes," "estimates," "plans,'' "projects," "expects," "hopes," "intends," "strategy," ''focus," "outlook," "will," "could," "should," "may," "continue," or similar expressions, which speak only as of the date the statement was made. Such statements are forward-looking statements and are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation statements regarding our business objectives, our ability to monetize our water resources, the future demand for our water resources, our ability to reduce net operating cash use, our ability to preserve and utilize NOLs to offset taxable income and reduce our federal income liability, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means. The forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.
A number of other factors may cause actual results to differ materially from our expectations, such as: any slow down or downturn in the housing or in the 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; the impacts of the COVID-19 global pandemic on the demand for real estate, real estate development, and demand for water resources to support residential and commercial real estate development; prolonged weakness in the overall U.S. and global economies; the performance of the businesses 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 SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which may be obtained by contacting us at (775) 885-5000 x200 or at https://picoholdings.com.
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 date of this press release.
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