RESULTS - United States

Pico Holdings/Water rights market blamed for losses.

PICO’S STRATEGY of establishing a foothold in the still emerging water rights market contributed to net losses of $4.3 million ($0.47 per basic and diluted share) for the first quarter of 2000, compared with net losses of $2.4 million ($0.27 per share) in the first quarter of 1999. President and CEO John Hart attributed the losses to the company’s undervalued assets.

The assets of...

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