Tejon Ranch Reports Loss for 2nd Quarter
Farming and real estate company Tejon Ranch Co. said it lost $414,000, or 3 cents a share, in the second quarter, compared with a profit of $600,000, or 4 cents, a year earlier. Revenue fell 27.7%, to $3.48 million, in the period ended June 30.
Real estate revenue fell 22%, to $3 million, the company said, mostly because of a one-time gain from the sale of an easement a year earlier.
Farming revenue fell 47.5% because of insurance payments the company received in the year-ago quarter that were related to the 2001 almond, walnut and zinfandel grape harvests.
Tejon Ranch shares gained 62 cents to close at $30.34 on the NYSE.
From a Times Staff Writer
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