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TEJON RANCH CO. REPORTS FIRST QUARTER EARNINGS

 TEJON RANCH CO. REPORTS FIRST QUARTER EARNINGS
 LEBEC, Calif., May 12 /PRNewswire/ -- Tejon Ranch Co. (AMEX: TRC)


today reported a net loss of $63,000, or $0.00 per common share for the first quarter ending March 31, 1992. This compares with a net income of $281,000 or $0.02 per common share for the same period in 1991. Total revenues, including interest income, for the first quarter of 1992 were $1,684,000 compared to $2,589,000 for the first quarter of 1991.
 The decrease in first quarter 1992 revenues and net income compared to 1991, is primarily due to decreases in livestock revenues and oil and mineral revenues. Livestock revenues decreased due to fewer cattle sales. During the first quarter of 1991, cattle were sold due to drought conditions existing at that time. Oil and mineral revenues have fallen due to lower prices received on oil royalties and a reduction in cement royalties due to decreased demand for cement. Partially offsetting lower revenues were decreased feed costs due to winter rains which increased forage on the ranch.
 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 March 31, 1992
 First Quarter Ended March 31,
 1992 1991
 Total revenue $1,684,000 $2,589,000
 Net income (loss) (63,000) 281,000
 Net income (loss) per share .00 .02
 Average shares outstanding 12,682,244 12,682,244
 -0- 5/12/92
 /CONTACT: Jack Hunt of Tejon Ranch Co., 805-248-6774/
 (TRC) CO: Tejon Ranch Co. ST: California IN: SU: ERN


SD -- LA014 -- 9151 05/12/92 12:57 EDT
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Publication:PR Newswire
Date:May 12, 1992
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