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Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the nine months ended September 30, 2012, with the Company showing net income attributable to common stockholders of $4,414,000, or $0.22 per common share, compared to net income attributable to common stockholders of $10,656,000, or $0.54 per common share, for the same period in 2011. Revenue from operations for the nine months ended September 30, 2012 was $33,542,000, compared to $43,283,000 of revenue for the same period during 2011. All per share references in this release are presented on a fully diluted basis.
For the third quarter ended September 30, 2012, the Company had net income attributable to common stockholders of $4,021,000, or $0.20 per common share, compared to net income of $2,558,000, or $0.13 per common share during the third quarter of 2011. Revenue from operations for the third quarter of 2012 was $16,114,000 compared to $14,765,000 of revenue during the same period of 2011.
Results of Operations for the First Nine Months of 2012:
When compared to the same period of 2011, the decline in net income attributable to common stockholders and revenue from operations during the first nine months of 2012, 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, total revenue from operations increased during the first nine months of 2012.
Commercial/industrial revenue increased $3,589,000 during the first nine months of 2012, when compared to the same period in 2011, due to growth in oil and gas revenue of $3,359,000 resulting from an increase in production and pricing, and to the recognition of deferred revenue from the Caterpillar land sale in 2011.
Farming revenues increased $2,369,000 during the first nine months of 2012, when compared to 2011, due primarily to an increase of $1,955,000 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 increase in almond revenues compared to the prior year mainly due to improved prices and the timing of sales.