Tejon Ranch Co. reports 1996 earnings.LEBEC, Calif.--(BUSINESS WIRE)--March 7, 1997--Tejon Ranch Co. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :TRC TRC Noun (in South Africa) Truth and Reconciliation Commission: a commission which encourages people who committed human rights abuses or acts of terror during the apartheid era to reveal the truth about their crimes in return for immunity from prosecution ) Friday reported 1996 net income of $1,685,000, or 13 cents per common share, which is an increase of $1,251,000 when compared with 1995 net income of $434,000, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This is an increase of 300 percent when compared with 1995. Total revenues for 1996 were $18,895,000, compared with $19,490,000 for 1995. Net income for the fourth quarter of 1996 was $1,074,000, or 8 cents per common share, compared with net income of $534,000, or 4 cents per common share, for the same period in 1995. Total revenues for the fourth quarter of 1996 were $7,241,000, compared with $7,573,000 for the fourth quarter of 1995. Net income for 1996 increased when compared with 1995 because of higher operating profits within the Livestock, Farming and Commercial and Land Use divisions. Livestock operating profits increased because of a decline in the cost of sales on cattle sold. Cost of sales fell because of fewer cattle being placed in feedlots during 1996 when compared with 1995, and because of improved grazing grazing, n See irregular feeding. grazing 1. actions of herbivorous animals eating growing pasture or cereal crop. 2. area of pasture or cereal crop to be used as standing feed. See also pasture. conditions during 1996. Farming profits improved when compared with 1995 because of higher pistachio pistachio (pĭstăsh`ēō, pĭstä`shēō), tree or shrub (of the genus Pistacia) of the family Anacardiaceae (sumac family). The species that yields the pistachio nut of commerce is P. , grape and almond revenues during 1996 and because of lower farming costs. Farming costs in 1996 were lower than in 1995 because of the charge-off of destroyed almond trees during 1995. Pistachio and almond revenues improved because of increases in production, while grape revenues increased because of higher prices. The increase within the Commercial and Land Use Division was due to a reduction in professional service fees because of reduced right- of-way and easement easement, in law, the right to use the land of another for a specified purpose, as distinguished from the right to possess that land. If the easement benefits the holder personally and is not associated with any land he owns, it is an easement in gross (e.g. activities and to gains on the sale of land. Tejon Ranch Tejon Ranch Company is the largest private landowner in California. It was incorporated in 1936 to organise the ownership of a large tract of land originally comprised of four Mexican land grants, and began ranching in the 1840's. Co. owns the approximately 270,000-acre Tejon Ranch, 60 miles north of downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . The company is engaged in a range of businesses, including commercial real estate, farming, ranching, recreation, filming and mineral extraction. The company is also actively involved in planning for future uses of its lands. -0-
TEJON RANCH CO.
Financial Highlights
(In thousands, except per-share data)
Three months ended 12 months ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Total revenue $7,241 $7,573 $18,895 $19,490
Net income 1,074 534 1,685 434
Net income per share 8 cents 4 cents 13 cents 3 cents
CONTACT: Tejon Ranch Co., Lebec Allen Lyda, 805/327-8481 |
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