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Tejon Ranch posts profit in 2007
| Friday, Feb 29 2008 4:46 PM
Last Updated: Friday, Feb 29 2008 4:43 PM
Tejon Ranch Co., the publicly traded company set on 270,000 acres south of Bakersfield, turned a profit in 2007, its annual report released Friday showed.
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Chief executive officer: Bob Stine
Employees: 132
Where incorporated: Delaware
2007 revenues: $35.9 million
Source: Tejon Ranch Co.’s annual report to the federal Securities and Exchange Commission
Officials reported earnings of $7.3 million, or 42 cents a share.
That’s by far the most profit Tejon has earned in the past five years — it posted losses for three of those years — but managers have long insisted profits aren’t of much consequence in the short term as Tejon undergoes a transition from ranching to real estate development.
In 2006, Tejon lost $2.7 million, or 16 cents a share. The company trades on the New York Stock Exchange under the symbol TRC.
The report provided an update on three significant projects.
• Centennial: Work continued on the environmental report for the master-planned community of 23,000 homes just south of the Kern County line. The project is being processed in Los Angeles County.
• Tejon Mountain Village: The resort community planned for 28,000 acres of Kern turf could have its environmental report finished this year.
• Tejon Industrial Center: Construction of 606,000-square-foot industrial spec building on the west side of Interstate 5 was finished last month.
Friday’s report contained these fiscal highlights:
• Revenue from continuing operations rose to almost $36 million, up from $31.5 million the previous year. Much of the gain came from farming of pistachios and walnuts.
• Two items that helped the bottom line included a decrease of $4.6 million in corporate expenses — a joint venture created in 2006 sucked compensation dollars that year — and about $8.5 million from the sale of an industrial building.