This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Tejon Ranch Co. Reports First Quarter Results Of Operations – 2014

Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the three months ended March 31, 2014, with the Company showing net income attributable to common stockholders of $1,113,000, or $0.05 per common share, an increase of $498,000 when compared to net income attributable to common stockholders of $615,000, or $0.03 per common share, for the same period in 2013. Revenue from operations for the three months ended March 31, 2014 was $7,145,000, compared to $9,760,000 of revenue for the same period during 2013. All per share references in this release are presented on a fully diluted basis.

Results of Operations for the Quarter Ended March 31, 2014:

The improvement in net income attributable to common stockholders is primarily due to $3,002,000 in net income received from sales of water during the quarter, and to reduced expenses within our farming and corporate general and administrative operations. The overall reduction in revenue from operations during the first quarter is the result of lower farming and mineral resources revenue.

The decline in farming revenue of $2,355,000 is due to a 67% decrease in the number of almonds sold during the first quarter of 2014, stemming from a lower carry forward of 2013 crop inventory. This decline in the volume of almond sales was partially offset, however, by a 13% increase in almond prices. Farming expenses also declined during the quarter due to lower cost of sales for almonds. Compared to the same time period in 2013, mineral resource revenues declined $602,000 during the first quarter of 2014. The decline is due to a decrease of $514,000 in oil royalty revenues and $256,000 in oil leasehold payments. The decrease in oil royalties is tied to a decline in production of approximately 21% during the quarter, resulting from the timing of completion of the expansion of new lessee production facilities. Leasehold payments declined due to Sojitz Energy beginning a drill program in late 2013, which eliminated their obligation for continued leasehold payments. The Company did see positive improvement from our rock and aggregate operations as well as the National Cement lease, with an increase in royalties of $168,000 driven by improved construction activity in our region. Commercial/industrial revenue also increased $220,000, due primarily to an increase in development fees related to the construction of the Outlets at Tejon.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs