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Tejon Ranch's earnings fall 24 percent [The Bakersfield Californian](Bakersfield Californian, The (CA) Via Acquire Media NewsEdge) Nov. 08--Tejon Ranch Co. on Friday reported third-quarter earnings 24 percent less than a year before amid higher executive compensation costs, greater water-related expenses and lower farming and commercial revenues. The Lebec-based agribusiness and real estate development company said revenues during the three months ended Sept. 30 ended up 8 percent less than 2013's third quarter. Farming receipts were off 8 percent because higher almond and wine grape prices failed to offset lower pistachio production attributed to adverse weather conditions unrelated to the drought, it said. Commercial and industrial revenues fell 10 percent during the third quarter, partly because of a decline in hunting permit income and partly because of a decrease in the company's share of rent collected from Calpine Corp.'s Pastoria Energy Facility, Tejon reported. But the primary reasons for the company's lower profitability, it said, were higher stock compensation expenses related to last year's retirement of former CEO Bob Stine, and increased water contract amortization costs. Tejon's stock declined one-tenth of 1 percent Friday, closing at $30.79. Its shares have ranged in value between $27.92 and $38.13 over the past year, according to Yahoo! Finance. ___ (c)2014 The Bakersfield Californian (Bakersfield, Calif.) Visit The Bakersfield Californian (Bakersfield, Calif.) at www.bakersfield.com Distributed by MCT Information Services |