A sales assistant takes out gold ornaments for a customer at Caibai Jewelry store in Beijing.
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):
Three Months Ended June 30,
Total cost and expenses
Net income (loss) attributable to Pico Holdings, Inc.
Net income (loss) per share
Six Months Results of Operations
Our six months results of operations were as follows (in thousands):
Six Months Ended June 30,
Total cost and expenses
Net income attributable to PICO Holdings, Inc.
Net income per share
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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NICE inContact, a NICE business (Nasdaq: NICE), today announced that Ergon Energy Retail, a subsidiary of Australia-based Energy Queensland Limited, has chosen NICE inContact CXone as its cloud contact center provider. CXone, the leading cloud customer experience platform with a unified approach to Customer Analytics, Omnichannel Routing, Workforce Engagement, and Automation & Artificial Intelligence, will help Ergon Energy Retail deliver exceptional customer experiences and increase operational flexibility while supporting a growing community of remote agents through an all-in-one integrated platform. This relationship was established via NICE inContact’s strategic partnership with Optus Business.
In the wake of economic uncertainty and upheaval, Ergon Energy Retail has a critical role as an essential service provider, and the flexibility of their contact center empowers their workforce to meet and exceed the rising customer expectations and demands. Understanding their core customers’ needs and adjusting course in real-time delivers better services to their customers. NICE inContact CXone delivers a contact center that isn’t just scalable, but also offers a wide range of applications and a full library of open application programming interfaces (APIs) so businesses like Ergon Energy Retail can tailor a solution that works for its unique ecosystem.
"As a Queensland Government-owned business, we distribute electricity to 738,000 customers and answer 1.5 million calls per year across Queensland, Australia,” said Ayesha Razzaq, Executive General Manager of Ergon Energy Retail. "It’s mission-critical that we’re able to meet our customer’s needs and communicate with personalized, engaging experiences at scale – whether that’s coming from a contact center or our agents’ homes. CXone will help us keep our agents up and running from anywhere while ensuring customers are getting the real-time, exceptional experiences they deserve.”
As a result of the COVID-19 pandemic, contact centers are focused on building a culture of flexibility and adaptability for essential workers to ensure continued consistent customer and agent support – often leveraging cloud solutions. Research from NICE inContact found that 74% of contact centers that are not using cloud today are planning to accelerate their move to the cloud.
"The current climate has put a spotlight on the unique challenges individual contact centers and their customers face,” said Darren Rushworth, APAC President for NICE. "There is no one-size-fits-all model because there is no one-size-fits-all customer. NICE inContact is handing Ergon Energy Retail the tools to customize and craft the customer experience solution that takes their needs and considerations into account, first and foremost.”
About NICE inContact CXone NICE inContact CXone is the leading cloud customer experience platform. Only CXone unifies Customer Analytics, Omnichannel Routing, Workforce Engagement Management, and Automation & Artificial Intelligence – providing a seamless customer and agent experience – as part of one enterprise-grade, cloud native platform. With its Open Cloud Foundation, CXone powers rapid innovation via open APIs, leading scalability and reliability (guaranteed 99.99 percent uptime), and carrier-grade connectivity (guaranteed voice quality).
About NICE inContact NICE inContact works with organizations of all sizes to create extraordinary and trustworthy customer experiences that create deeper brand loyalty and relationships that last. With NICE inContact CXone™, the industry’s most complete cloud customer experience platform, we combine best-in-class Customer Analytics, Omnichannel Routing, Workforce Engagement, Automation and Artificial Intelligence, all on an Open Cloud Foundation to help any company transform every single customer interaction. See how our customer-centric expert services, innovative software, extensive ecosystem of valuable partnerships, and over a decade of global experience can help you transform every experience and customer relationship for lasting results. NICE inContact is recognized as a market leader by the leading industry analyst firms. www.niceincontact.com
NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com
Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Rushworth, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the "Company”). In some cases, such forward-looking statements can be identified by terms such as "believe,” "expect,” "seek,” "may,” "will,” "intend,” "should,” "project,” "anticipate,” "plan,” "estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.
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