TEJON RANCH CO. REPORTS 1991 EARNINGS AND DIVIDEND
TEJON RANCH CO. REPORTS 1991 EARNINGS AND DIVIDEND LEBEC, Calif., March 6 /PRNewswire/ -- Tejon Ranch Co.
(AMEX: TRC) today reported 1991 net income of $1,484,000 or $.12 per common share. This compares with net income of $1,957,000 or $.15 per common share for the same period in 1990. Total revenues for the year ending Dec. 31, 1991, were $15,220,000 compared to $15,232,000 for the same period in 1990.
Net income for the fourth quarter of 1991 was $837,000 or $.07 per common share compared to net income of $833,000 or $.07 per common share for the same period in 1990. Total revenues for the fourth quarter of 1991 were $6,739,000 compared to $7,454,000 for the same period in 1990. Net income in 1991 was below 1990 net income because of lower operating profits from the Livestock, Farming and Oil and Minerals divisions. The extended California drought reduced Tejon's net agricultural income in 1991. Higher farm revenue in 1991 was offset by increased crop irrigation costs. In addition, Tejon had fewer range cattle to sell because of the poor forage conditions. The building recession also affected income from the Oil and Minerals Division causing substantially lower cement royalties. The board of directors today declared a cash dividend to shareholders of two-and-one-half cents ($.025) per share. The dividend will be payable to shareholders of record as of the close of business on May 22, 1992 with payment to be made on June 9, 1992. Tejon Ranch Co. owns approximately 270,000 acres of land approximately 60 miles north of Los Angeles. The company's operations include cattle, farming, the leasing of property for commercial uses and oil and mineral activity. The company is also involved in planning for future uses of its lands. TEJON RANCH CO. Period Ended Dec. 31, 1991 (In thousands, except per share amounts) Three months 12 months Ended Ended 1991 1990 1991 1990 Revenue $6,739 $7,454 $15,220 $15,232 Income from continuing operations 837 833 1,484 1,957 Net income 837 833 1,484 1,957 Net income per share $.07 $.07 $.12 $.15 Average shares outstanding -- 12,682,244 for all periods. -0- 3/6/92 /CONTACT: Jack Hunt of Tejon Ranch Co., 805-327-8481/ (TRC) CO: Tejon Ranch Co. ST: California IN: SU: ERN DIV
KJ-CH -- LA019 -- 6058 03/06/92 17:29 EST
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|Date:||Mar 6, 1992|
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