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October 19
1945 - Acton Hotel, est. 1890, burns down; arson is suspected [story]


A one-time sale of land for open-space preservation, coupled with higher oil prices and better almond and grape harvests, boosted Tejon Ranch Co.’s profits to $15.9 million (80 cents per share) for the year ending Dec. 31, from $4.2 million (22 cents) in 2010.

A doubling of revenue during the final three months of 2011 led to a positive reversal of fortune for shareholders. Net fourth-quarter revenues were $5.2 million (26 cents) compared to a net loss of $1.2 million (6 cents) during the year-ago period.

More than half of Tejon Ranch’s full-year revenues during 2011 – $15.75 million of a total $27.6 million – came from the sale of 62,000 acres land to the state of California.

The sale stemmed from a 2008 agreement compelling Tejon Ranch to preserve 90 percent of its 270,000-acre property as open space in exchange for environmental groups’ promises not to sue over the company’s plans to build 26,000 homes along the Los Angeles and Kern county border. The company agreed to donate 178,000 acres and sell the other 62,000 acres.

The year also saw $4.34 million from the sale of commercial land, $5.54 million from oil production and $2.44 million from farming.

According to a company statement: “Oil royalties improved due to higher market prices and to an increase in production throughout the year of approximately 242,000 barrels. Farming revenue improved due to a higher number of almonds being sold compared to the prior year and to improved grape production and grape prices during 2011. These revenue improvements were partially offset by an increase in operating and corporate expenses of $11,950,000.

“The increase in operating and corporate expense compared to 2010 is primarily due to an increase in stock compensation expense. During 2010, stock compensation expense included a $6,327,000 reversal of cost related to the modification of performance milestone grants, and in 2011 we recognized stock compensation expense of $5,507,000.”

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Bank Santa Clarita17.251  chart -1.42%
Biosolar, Inc.0.04  chart +0.00%
Sierra Bancorp27.6978  chart +0.35%
Cu Bancorp (ca)36.90  chart +0.54%
Flex Ltd. - Ordinary Shares17.65  chart -0.06%
Mission Vly Bcp Ca14.13  chart +0.00%
Quest Diagnostics Incorporated93.07  chart +1.11%
Tejon Ranch Co19.25  chart +0.05%
Us Energy Initiative0.0007  chart +0.00%
Wesco Aircraft Holdings, Inc.9.425  chart -0.79%

Apple Inc.155.91  chart -2.41%
At&t Inc.35.735  chart +0.07%
Autonation, Inc.44.445  chart -0.41%
Best Buy Co., Inc.55.475  chart +0.03%
Big Lots, Inc.52.03  chart +0.85%
Barnes & Noble, Inc.7.20  chart -1.37%
Brady Corporation38.15  chart -0.65%
Boston Scientific Corporation29.51  chart -0.03%
Brookfield Asset Management Inc42.76  chart -0.49%
Cbre Group Inc Class A39.955  chart -0.01%
Carnival Corporation65.84  chart -2.40%
Comcast Corporation36.95  chart +2.07%
Costco Wholesale Corporation158.38  chart +0.53%
Curtiss-wright Corporation113.04  chart -0.48%
Cvs Health Corporation74.9961  chart +1.21%
Cemex, S.a.b. De C.v. Sponsored8.0699  chart +0.50%
D.r. Horton, Inc.42.51  chart +2.41%
Walt Disney Company (the)99.05  chart +0.81%
Edison International79.37  chart +1.95%
Hyatt Hotels Corporation Class 61.76  chart -0.24%
Home Depot, Inc. (the)163.3502  chart -0.06%
Kb Home27.025  chart -0.02%
Kroger Company (the)20.9324  chart +1.27%
Lennar Corporation Class A56.815  chart +0.97%
Laboratory Corporation Of Ameri151.49  chart +2.37%
Lowe's Companies, Inc.81.18  chart +0.53%
Mannkind Corporation3.82  chart -7.51%
Marriott International114.97  chart -0.69%
Mcdonald's Corporation166.44  chart +0.40%
Mitsubishi Ufj Financial Group,6.50  chart +0.31%
Netflix, Inc.194.15  chart -0.71%
Office Depot, Inc.3.645  chart -1.49%
Rite Aid Corporation1.835  chart -0.81%
Rexford Industrial Realty, Inc.30.02  chart -0.46%
Regal Entertainment Group Class16.585  chart +3.08%
Ross Stores, Inc.63.27  chart -0.08%
Republic Services, Inc.63.60  chart +0.90%
Starbucks Corporation55.375  chart +0.30%
Smart & Final Stores, Inc.7.025  chart +2.55%
Sears Holdings Corporation6.06  chart +0.17%
Six Flags Entertainment Corpora60.81  chart +0.75%
Sonova N173.30  chart -1.31%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation6.645  chart -0.08%
Target Corporation60.495  chart +0.77%
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Ulta Beauty, Inc.203.36  chart +2.52%
Walgreens Boots Alliance, Inc.67.285  chart -0.67%
Waste Connections, Inc.70.67  chart +0.23%
Whole Foods Market, Inc.41.99  chart -100.00%
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Wal-mart Stores, Inc.86.44  chart +0.26%
Woodward, Inc.80.325  chart +0.12%
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1945 - Acton Hotel, est. 1890, burns down; arson is suspected [story]
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SCV NewsBreak for Tuesday, October 17, 2017