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Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the three months ended March 31, 2012, with the Company showing net income attributable to common stockholders of $275,000, or $0.01 per common share, compared to net income attributable to common stockholders of $8,736,000, or $.44 per common share, for the same period in 2011. Revenue from operations for the three months ended March 31, 2012 was $9,579,000, compared to $22,646,000 of revenue for the same period during 2011. All per share references in this release are presented on a fully diluted basis.
Results of Operations for the Quarter Ended March 31, 2012:
The decline in net income attributable to common stockholders, and revenue from operations, during the first three months of 2012, when compared to the same period of 2011, is primarily due to the recognition of $15,750,000 in income during the first quarter of 2011 that came from the closing of conservation easement sales. On a comparison basis, excluding the sale of conservation easements during the first quarter of 2011, revenue from operations increased during the first quarter of 2012. Commercial/industrial revenue increased $1,751,000 during the first quarter of 2012, when compared to the same period in 2011, due to growth in oil and gas revenue resulting from an increase in production and pricing. Farming revenues also increased during the first quarter of 2012, when compared to 2011, due to an increase in pistachio revenues related to the sale of 2011 crop pistachios during the first quarter of 2012. Contributing to the decline in net income during the first quarter of 2012 was an overall increase in operating expense of $383,000. This increase in expense was driven by higher compensation cost due to the timing of hiring employees in 2011 and early 2012, higher professional service costs, and an increase in property taxes related to reassessments.