Tejon Ranch Co.’s earnings grew to 20 cents per share ($4 million) for the third quarter of 2012 from 13 cents ($2.6 million) a year earlier as revenues from operations rose by $1.35 million.
The growth was attributed to higher oil and gas production and pricing, and an $880,000 increase in farming revenues. Pistachio and almond sales were higher, thanks both to higher prices and to a larger inventory carryover of the 2011 crop.
Earnings for the first nine months of 2012 fell my more than half (to 22 cents) from the same period a year ago, but only because the 2011 figure included an extraordinary one-time receipt of $15.75 million from a major land sale, skewing last year’s results.
In its earnings report, the company said it will spend the rest of 2012 “aggressively pursu(ing) land entitlement activities and investment within the Tejon Ranch Commerce Center and in our joint ventures.”
“As an example, during the third quarter of 2012 we began a new phase of master infrastructure development within the Tejon Ranch Commerce Center to open up retail and industrial sites in the southern section of the development,” the statement said. “We also entered into a Letter of Intent with the Rockefeller Group to jointly pursue the potential development of a retail outlet center, which is planned for the area where infrastructure work is underway.”
Tejon Ranch Co. is a diversified real estate development and agribusiness company whose principal asset is its 270,000-acre land holding from Lebec north over the Grapevine.
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