PICO Net Down as it Runs Down Sequoia, Citation

PICO Holdings, Inc. (Nasdaq: PICO) reported shareholders' equity of $219.9 million, or $17.76 per share, at March 31, 2003, compared to shareholders' equity of $221 million, or $17.86 per share, at December 31, 2002. Book value per share decreased by $0.10 per share, or 0.6%, during the quarter. Net income for the first quarter of 2003 was $856,000 ($0.07 per diluted share), compared to net income of $1.9 million ($0.15 per share) in the first quarter of 2002. The result for the first quarter of 2003 consisted of a $2 million loss from continuing operations ($0.16 per diluted...