Tejon Ranch Co. Blames Drought for 87% Profit Dip
Tejon Ranch Co., a Lebec company with cattle, farming and real estate development operations that has been hurt by the statewide drought, reported that its net income plunged 87% in the third quarter that ended Sept. 30 to $39,000. A year earlier, Tejon’s net income was $300,000. Revenues increased 32% to $2.93 million from $2.22 million.
In the nine months that ended Sept. 30, Tejon said its earnings fell 42% to $647,000 from $1.12 million in the same period in 1990. Revenues totaled $8.48 million, up 9% from $7.79 million.
Tejon said the drought has resulted in reduced cattle sales and higher water and livestock feed costs.
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