TEJON RANCH CO. REPORTS SECOND QUARTER EARNINGS
TEJON RANCH CO. REPORTS SECOND QUARTER EARNINGS LEBEC, Calif., Aug. 11 /PRNewswire/ -- Tejon Ranch Co.
(AMEX: TRC) today reported net income of $364,000, or $0.03 per common share, for the six months ended June 30, 1992. This compares with net income of $608,000, or $0.05 per common share, for the same period in 1991. Total revenues, including interest income, for the first six months of 1992, were $6,721,000, compared to $5,551,000 for the same period in 1991.
Net income for the second quarter ended June 30, 1991, was $427,000, or $.03 per common share, compared to net income of $327,000, or $.03 per common share, for the same period in 1991. Total revenues for the second quarter of 1992 were $5,037,000, compared to $2,962,000 for the same period in 1991. The increase in revenues for the six months and three months ended June 30, 1992, is because of increased cattle sales. The increase in livestock revenue was partially offset by lower oil and mineral, commercial and farming revenues. Oil and mineral revenues have fallen because of lower oil royalties and a reduction in cement royalties because of decreased demand for cement. Commercial lease revenues have declined primarily because of the receipt of a one-time right-of-way payment in 1991. Farming revenues have decreased from 1991 levels because of the release in 1991 of the 1990 mandated almond marketing reserve. Net income for the six months ended 1992 decreased when compared to the same period last year. The overall higher revenues as described above were offset by increased expenses primarily related to livestock operations. The increase in expense within livestock operations is due primarily to an increase in the average cost of sales as compared to the same period in 1991. Net income for the three months ended June 30, 1992, increased when compared to 1991, because of higher revenue as discussed above. 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 June 30, 1992 (In thousands, except earnings per share) Three months Six months 1992 1991 1992 1991 Total revenue $5,037 $2,962 $6,721 $5,551 Net income 427 327 364 608 Net income per share .03 .03 .03 .05 NOTE: Average shares outstanding -- 12,682,244 for all periods. -0- 8/11/92 /CONTACT: Jack Hunt of Tejon Ranch Co., 805-248-6774/ (TRC) CO: Tejon Ranch Co. ST: California IN: SU: ERN
JL-KJ -- LA003 -- 8808 08/11/92 08:15 EDT
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|Date:||Aug 11, 1992|
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