Quarterly Loss Widens for Tejon Ranch Co.
A Times staff writer
Tejon Ranch Co. said its first-quarter loss widened to $962,000 on higher revenue.
The company, which owns about 270,000 acres of ranch and commercial land in northern Los Angeles and southern Kern counties, said the deeper loss was primarily the result of losses from discontinued operations.
Tejon Ranch Co. has been shifting from ranching and agricultural operations to real estate development.
The net loss was 7 cents a share, compared with a year-earlier loss of $798,000, or 6 cents a share.
First-quarter sales from continuing operations rose nearly 20% to $2.4 million as the firm experienced growth in its real estate and leasing operations.
Shares of Tejon Ranch Co. fell 55 cents to close at $33.20 on the NYSE.
