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TEJON RANCH CO. REPORTS FIRST QUARTER EARNINGS -- 1993

 LEBEC, Calif., May 10 /PRNewswire/ -- Tejon Ranch Co. (AMEX) today reported net income of $44,000, or $0.00 per common share for the first quarter ended March 31, 1993. This compares with a net loss of $63,000 or $0.00 per common share for the same period in 1992. Total revenues, including interest income for the first quarter of 1993 were $1,523,000 compared to $1,684,000 for the first quarter of 1992.
 The increase in first quarter 1993 net income compared to 1992 can be attributed to the mandated adoption of Statement of Financial Accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes. The adoption of SFAS 109 resulted in a $220,000 reduction in income tax expense. This gain combined with higher oil and mineral revenues was partially offset by reductions in farming revenues, interest income and increased farming expense. Oil and mineral revenues increased because of higher oil and gas production and prices. Farming revenues fell because of the receipt in 1992 of crop proceeds which were related to 1991 crops. Farming expense increased because of higher fixed water costs.
 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.
 Financial Highlights
 First Quarter Ended March 31,
 1993 1992
 Total revenues $1,523,000 $1,684,000
 Net income (loss) 44,000 (63,000)
 Net income (loss)
 per share .00 .00
 Average shares
 outstanding 12,682,244 12,682,244
 -0- 5/10/93
 /CONTACT: Jack Hunt of Tejon Ranch, 805-248-6774/


CO: Tejon Ranch Co. ST: California IN: AGR SU: ERN

EH-MS -- LA033 -- 6626 05/10/93 15:56 EDT
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Publication:PR Newswire
Date:May 10, 1993
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