Tejon Ranch Co. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 7 14
Tejon Ranch Co. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the third quarter, the company had net income attributable to common stockholders of $1,752,000, or $0.08 per common share, compared to net income attributable to common stockholders of $2,292,000, or $0.11 per common share, for the third quarter of 2013. Revenue from operations for the third quarter of 2014 was $13,852,000 compared to $15,128,000 of revenue during the same period of 2013. Revenue declined $1,276,000, or 8%, due primarily to lower farming revenue and reduced commercial/industrial revenues. The primary drivers of the $540,000, or 24%, decline in net income attributable to common stockholders for the quarter, as compared to the same period of 2013, is the decline in revenue and an increase in operating expense coming from higher stock compensation costs and higher water contract amortization costs. Operating income was $387,000 against $1,745,000 a year ago. Income before income tax expense was $2,298,000 against $3,222,000 a year ago. Overall, net operating income declined $1,632,000, or 54%, compared to the same period in 2013 as a result of the net increase in operating expense.
For the nine months ended September 30, 2014, the company reported net income attributable to common stockholders of $3,739,000, or $0.18 per common share, compared to net income attributable to common stockholders of $4,991,000, or $0.25 per common share, for the same period in 2013. Revenue from operations for the nine months ended September 30, 2014 was $36,708,000, compared to $32,363,000 of revenue for the same period during 2013. All per share references in this release are presented on a fully diluted basis. Total operating revenue increased $4,345,000, or 13%, during the first nine months of 2014, as compared to the same period in 2013, largely due to improved mineral resources revenues that were partially offset by reduced farming revenues and commercial/industrial revenues. Operating income was $1,370,000 against $3,002,000 a year ago. Income before income tax expense was $5,297,000 against $6,688,000 a year ago.
Tejon Ranch Co., Board Meeting, Sep 11, 2014
Sep 15 14
Tejon Ranch Co., Board Meeting, Sep 11, 2014. Agenda: To elect three new directors.
Tejon Ranch Co. Announces Board Changes
Sep 12 14
Tejon Ranch Co. announced that its Board elected Robert A. Alter, Steven A. Betts, and Frederick C. Tuomi as new Directors of the company to address the retirement of two of its long-serving members. The three new Directors were elected at a September 11, 2014 meeting of the Board. Robert Alter, President, Seaview Investors, LLC. Mr. Alter is Chairman Emeritus and Founder of Sunstone Hotel Investors. Steven A. Betts, President, Chanen Development Company. More recently, he served as the Chief Executive Officer of PhoenixMart. Frederick Tuomi, Chief Operating Officer, Colony American Homes Inc. Mr. Tuomi is responsible for the company's operations including construction, renovation, marketing, leasing, property management, asset management, human resources, and information technology. Mr. Tuomi most recently served as Executive Vice President and President, Property Management for Equity Residential. At the Board meeting, Chairman Snyder announced his plans to retire at the end of the year.