PICO Holdings, Inc. (PICO) saw its loss widen to $8.77 million in the quarter ended compared with $1.17 million a year ago. Revenue during the quarter grew 4.61 percent to $113.12 million from $108.14 million in the previous year period.
Cost of revenue plunged 37.83 percent or $0.74 million during the quarter to $1.21 million.
PICO's President and Chief Executive Officer, Max Webb, commented: "2016 was a year of transition that saw us begin the process of monetizing our assets with the objective of returning capital to shareholders. Additionally, the year witnessed the implementation of a series of key corporate initiatives for PICO. Following the CEO succession process we undertook in the fourth quarter, the Board adopted a new executive compensation plan designed to reduce overall executive compensation while bringing our compensation program more in line with what we believe to be the expectations of our shareholders. During the year we also implemented a series of additional cost saving measures that have significantly reduced our net annual cash costs on a go forward basis."
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