This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tejon Ranch Co. Reports Second Quarter Results Of Operations – 2012

Stocks in this article: TRC

Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the six months ended June 30, 2012, with the Company showing net income attributable to common stockholders of $393,000, or $0.02 per common share, compared to net income attributable to common stockholders of $8,098,000, or $0.41 per common share, for the same period in 2011. Revenue from operations for the six months ended June 30, 2012 was $17,428,000, compared to $28,518,000 of revenue for the same period during 2011. All per share references in this release are presented on a fully diluted basis.

For the second quarter ended June 30, 2012, the Company had net income attributable to common stockholders of $118,000, or $0.01 per common share, compared to a net loss of $638,000, or $0.03 per common share during the second quarter of 2011. Revenue from operations for the second quarter of 2012 was $7,849,000 compared to $5,872,000 of revenue during the same period of 2011.

Results of Operations for the First Six Months of 2012:

The decline in net income attributable to common stockholders, and revenue from operations during the first six 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 six months of 2012. Commercial/industrial revenue increased $3,164,000 during the first six months of 2012, when compared to the same period in 2011, due to growth in oil and gas revenue of $2,610,000 resulting from an increase in production and pricing, and to the recognition of deferred revenue related to the Caterpillar land sale in 2011. Farming revenues also increased during the first six months of 2012, when compared to 2011, due primarily to an increase in pistachio revenues related to the sale of 2011 crop pistachios during 2012 and to positive price adjustments received on pistachios sold. We also saw an improvement in equity in earnings of unconsolidated joint ventures during the period as a result of improved operating margins at our Petro/TA joint venture due to higher gasoline sales, and to improved revenues in our Rockefeller joint venture coming from the full lease up of a building with Dollar General in late 2011. Contributing to the decline in net income during the first six months of 2012 was an overall increase in operating expense of $1,467,000. This increase in expense was driven by higher compensation cost due to the timing of hiring employees in 2011 and early 2012 and the recognition of additional stock compensation costs related to the vesting and the timing of vesting of milestone performance grants.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs