Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the six months ended June 30, 2013, with the Company showing net income attributable to common stockholders of $2,699,000, or $0.13 per common share, compared to net income attributable to common stockholders of $393,000, or $0.02 per common share, for the same period in 2012. Revenue from operations for the six months ended June 30, 2013 was $17,235,000, compared to $17,428,000 of revenue for the same period during 2012. All per share references in this release are presented on a fully diluted basis.
For the second quarter ended June 30, 2013, the Company had net income attributable to common stockholders of $2,084,000, or $0.10 per common share, compared to net income attributable to commons stockholders of $118,000, or $0.01 per common share, for the second quarter of 2012. Revenue from operations for the second quarter of 2013 was $7,475,000 compared to $7,849,000 of revenue during the same period of 2012.
Results of Operations for the First Six Months of 2013:
The improvement in net income attributable to common stockholders during the first six months of 2013, when compared to the same period in 2012, is primarily the result of higher farming net operating profits, an increase in equity in earnings from our joint ventures, and a decline in stock compensation expense, which were partially offset by a decline in oil royalty revenues and higher tax expense. Revenue declined $193,000 during the first six months of 2013, as compared to the same period in 2012, due to a decrease in mineral resources revenues, which were partially offset by improved revenues from the other operating segments.Commercial/industrial revenue improved $776,000 in the first six months of 2013 compared to the same period in 2012, due to a $1,036,000 increase in hunting and grazing revenues, as our hunting program was closed during the first half of 2012. Additionally, percentage rent from our Calpine lease increased $459,000 due to increases in power prices. These improvements were somewhat offset by a $648,000 decrease in land sale revenue recognized in 2012 related to a deferred gain from the sale of land to Caterpillar that occurred in 2011. The improvement in farming revenue of $849,000 during 2013 is due to increased almond revenues resulting from increases in the price per pound of almonds.
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