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Tejon Ranch Co. Reports 2013 Results Of Operations

Stocks in this article: TRC

Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the year ended December 31, 2013, with the Company showing net income attributable to common stockholders of $4,165,000, or $0.21 per common share, compared to net income attributable to common stockholders of $4,441,000, or $0.22 per common share, for the same period in 2012. Total revenue, including investment and other income, for the year ended December 31, 2013 was $46,345,000, compared to $48,444,000 of total revenue for the same period during 2012. All per share references in this release are presented on a fully diluted basis.

For the fourth quarter of 2013, the Company had net losses attributable to common stockholders of $826,000, or ($0.04) per common share, compared to net income attributable to common stockholders of $27,000, or $0.00 per common share during the fourth quarter of 2012. Total revenue for the fourth quarter of 2013, including investment income and other income, was $13,216,000, compared to $13,904,000 of revenue during the same period of 2012.

“Overall, the Company’s performance for 2013 was comparable to 2012. 2013 was also a year we saw the diversity in our revenue sources come into play. Our mineral resource revenue declined in 2013, but the decline was offset by improved commercial/industrial revenue including growth from our joint ventures,” said Gregory S. Bielli, president and CEO. “In 2014 we will continue to advance our various real estate projects with a particular focus on completing and opening The Outlets at Tejon, which is scheduled to open in late summer. Undoubtedly, water is a very important and valuable commodity in California. Many operations around the state may have difficulty in securing all the water they need in 2014, but due to our previous investments in water and water infrastructure, we will have the necessary water resources to continue forward with our real estate and farming activities during this year and beyond.”

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