PICO Holdings, Inc. Announces Sale of Long-Term Storage Credits in Arizona
PICO HOLDINGS (PICO)
US:NASDAQ Investor Relations:
investors.picoholdings.com/investor-overview
Company Research
Source: Business Wire
CARSON CITY, Nev.--(BUSINESS WIRE)--PICO Holdings, Inc. (NASDAQ: PICO) announced today that the city of El Mirage in Arizona has approved the purchase from the Company’s wholly owned subsidiary, Vidler Water Company Inc., (“Vidler”) of 25,000 Long - Term Storage Credits banked in the Phoenix Active Management Area for proceeds of $8.69 million ($347.50 per Credit). Funding of the transaction is expected before December 19, 2019, and the transaction will be recorded in the Company’s financial statements for the year ending December 31, 2019.The Company’s remaining inventory of Long - Term Storage Credits in Arizona after this sale is comprised of 28,432 Credits in the Phoenix Active Management Area and 250,683 Credits in the Company’s recharge facility in the Harquahala Valley, about 70 miles west of Phoenix.Net Operating Loss CarryforwardsAt December 31, 2018, we had approximately $170.1 million of (pre-tax) federal net operating loss carryforwards (“NOLs”) that could be utilized
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