Pico Holdings (PICO) Sells Its Remaining Interest in Semitropic Water Storage Facility For $11.7 Million
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PICO Holdings (Nasdaq: PICO) announced that its wholly-owned subsidiary, Vidler Water Company, Inc., has assigned its remaining rights and obligations in the Semitropic Water Banking and Exchange Program for total cash sale proceeds of $11.7 million. The purchaser was San Diego County Water Authority, a public water agency serving San Diego County, California. The interest assigned to San Diego County Water Authority principally consisted of 30,000 acre-feet of storage capacity.
The sale is expected to generate a pre-tax gain of approximately $8.7 million in PICO Holdings' consolidated statement of operations for the fiscal third quarter ending September 30, 2008.
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