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TEJON RANCH CO. REPORTS THIRD QUARTER EARNINGS

           TEJON RANCH CO. REPORTS THIRD QUARTER EARNINGS
    LEBEC, Calif., Nov. 4 /PRNewswire/ -- Tejon Ranch Co. (AMEX: TRC)


today reported net income of $647,000, or $.05 per common share, for the nine months ended Sept. 30, 1991. This compares with net income of $1,124,000, or $.09 per common share for the same period in 1990. Total revenues for the first nine months of 1991 were $8,481,000 compared to $7,778,000 for the same period in 1990. Revenues increased primarily due to higher commercial revenues and increased farming revenues.
    Net income for the third quarter ended Sept. 30, 1991 was $39,000 or $.00 per common share, compared to net income of $300,000, or $.02 per common share for the same period in 1990.  Total revenues for the third quarter of 1991 were $2,930,000 compared to $2,219,000 for the same period in 1990.
    Net income for the nine months and three months ended Sept. 30, 1991 decreased when compared to the same period last year.  Higher revenues from the farming and commercial divisions were more than offset by reduced cattle sales, increased livestock feed expense, and increased irrigation water expense -- all attributable to the prolonged California drought.
    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 Sept. 30, 1991
              (In thousands, except earnings per share)
                                  Three months       Nine months
                                 1991      1990      1991    1990
    Total revenue              $2,930    $2,219    $8,481  $7,778
    Net income                     39       300       647   1,124
    Net income per share         $.00      $.02      $.05    $.09
    Average shares outstanding -- 12,682,244 for all periods.
    -0-                      11/4/91
    /CONTACT: Jack Hunt or Allen Lyda of Tejon Ranch Co., 805-248-6774/
    (TRC) CO:  Tejon Ranch Co. ST:  California IN: SU:  ERN KJ-AL -- LA011 -- 0740 11/04/91 12:30 EST
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Date:Nov 4, 1991
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