Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the year ended December 31, 2012, with the Company showing net income attributable to common stockholders of $4,441,000, or $0.22 per common share, compared to net income attributable to common stockholders of $15,894,000, or $0.80 per common share, for the same period in 2011. Revenue from operations for the year ended December 31, 2012 was $47,089,000, compared to $63,098,000 of revenue for the same period during 2011. The change between the two years is primarily due to the one time sale of conservation easements in 2011 for $15,750,000. All per share references in this release are presented on a fully diluted basis.
For the fourth quarter of 2012, the Company had net income attributable to common stockholders of $27,000, or $0.00 per common share, compared to net income attributable to common stockholders of $5,238,000, or $0.26 per common share during the fourth quarter of 2011. Revenue from operations for the fourth quarter of 2012 was $13,547,000 compared to $19,815,000 of revenue during the same period of 2011.
“The Company’s core operational performance was comparable to last year with the exception of the one time sale of conservation easements that occurred in 2011. We continued to show steady revenue and earnings growth from our commodity linked businesses of farming and mineral resources,” said Robert A. Stine, President and CEO. “We are continuing to push forward with our real estate projects and as the economy starts to show signs of improvement we anticipate that we will also see improvement in our projects and in the activities of our tenants. We also believe our strong balance sheet will allow us to continue to grow and support our current and future real estate activities.”
Results of Operations for the Year Ended December 31, 2012:When compared to the same period of 2011, the decline in net income attributable to common stockholders and revenue from operations during the year ended December 31, 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 is comparable to 2011.
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