Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the nine months ended September 30, 2013, with the Company showing net income attributable to common stockholders of $4,991,000, or $0.25 per common share, compared to net income attributable to common stockholders of $4,414,000, or $0.22 per common share, for the same period in 2012. Revenue from operations for the nine months ended September 30, 2013 was $32,363,000, compared to $33,542,000 of revenue for the same period during 2012. All per share references in this release are presented on a fully diluted basis.
For the third quarter ended September 30, 2013, the Company had net income attributable to common stockholders of $2,292,000, or $0.11 per common share, compared to net income attributable to common stockholders of $4,021,000, or $0.20 per common share, for the third quarter of 2012. Revenue from operations for the third quarter of 2013 was $15,128,000 compared to $16,114,000 of revenue during the same period of 2012.
Results of Operations for the First Nine Months of 2013:
The improvement in net income attributable to common stockholders during the first nine months of 2013, when compared to the same period in 2012, is primarily the result of improved equity in earnings of unconsolidated joint ventures and a reduction in operating expenses.Revenue from operations declined $1,179,000, or 4%, during the first nine 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 $880,000 over the first nine months of 2013, compared to the same period in 2012, thanks to a $1,036,000 increase in hunting and grazing revenues. Our hunting program was closed during the first eight months of 2012. Additionally, percentage rent from our Calpine lease increased $477,000 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.
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