Tejon Ranch Co. (NYSE:TRC) today released the results of operations for the six months ended June 30, 2014, with the Company showing net income attributable to common stockholders of $1,987,000, or $0.10 per common share, compared to net income attributable to common stockholders of $2,699,000, or $0.13 per common share, for the same period in 2013. Revenue from operations for the six months ended June 30, 2014 was $15,153,000, compared to $17,235,000 of revenue for the same period during 2013. All per share references in this release are presented on a fully diluted basis.
For the second quarter ended June 30, 2014, the Company had net income attributable to common stockholders of $874,000, or $0.04 per common share, compared to net income attributable to common stockholders of $2,084,000, or $0.10 per common share, for the second quarter of 2013. Revenue from operations for the second quarter of 2014 was $8,008,000 compared to $7,475,000 of revenue during the same period of 2013.
Results of Operations for the First Six Months of 2014:
The decline in net income attributable to common stockholders during the first six months of 2014, when compared to the same period in 2013, is primarily the result of lower farming net operating profits, a decline in oil royalty revenue, and an increase in corporate expenses. These unfavorable variances were partially offset by $3,179,000 in net income received from water sales during the year. Revenue declined $2,082,000 during the first six months of 2014, as compared to the same period in 2013, largely due to a decrease in farming and mineral resources revenues.The decline in farming revenue of $1,220,000 during the first six months of 2014, compared to the same period in 2013, is primarily due to a $2,148,000 decrease in almond sales resulting from a 54% decrease in pounds sold from the 2013 crop inventory carryover. The decline in sales volume was partially offset by higher almond prices and an increase in pistachio revenues due to higher prices.
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