tejon ranch co (TRC) Key Developments
Tejon Ranch Co., Annual General Meeting, May 06, 2015
Mar 30 15
Tejon Ranch Co., Annual General Meeting, May 06, 2015., at 09:30 Pacific Standard Time. Location: at the Balboa Bay Resort, 1221 West Coast Highway. Agenda: To elect the four directors named in this Proxy Statement; to ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal year 2015; to seek an advisory vote to approve named executive officers compensation; and to transact such other business as may properly come before the meeting or any adjournment thereof.
Tejon Ranch Co. Appoints Joe Rentfro as Executive Vice President of Real Estate
Mar 22 15
Tejon Ranch Co. recently reported that Joe Rentfro has joined the company as Executive Vice President of Real Estate. The Company noted that Rentfro is a veteran real estate executive with 25 years of experience, including development oversight for some of the high profile projects in the USA and Middle East. He has managed development projects totaling more than $7 billion and been responsible for creating or leading the design and/or development of more than 50 master-planned, mixed-use, hospitality, residential, retail, commercial and infrastructure projects.
Tejon Ranch Co. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
Mar 16 15
Tejon Ranch Co. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company had net income attributable to common stockholders of $1,916,000, or $0.09 per diluted common share, compared to a net loss attributable to common stockholders of $826,000, or $0.04 per diluted common share, for the fourth quarter of 2013. Revenue from operations was $14,544,000 compared to $12,975,000 of revenue during the same period of 2013. Revenue increased $1,569,000, or 12%, due primarily to higher farming revenue and improved commercial/industrial revenues. Income before income tax expense was $3,162,000 against loss before income tax expense of $499,000 a year ago.
For the year, the company reported net income attributable to common stockholders of $5,655,000, or $0.27 per diluted common share compared to $4,165,000, or $0.20 per diluted common share, for the same period in 2013, which is a 37% increase year-over-year. Revenue from operations was $51,252,000, a 13% increase compared to the $45,338,000 of revenue for the same period during 2013. The improvement in net income attributable to common stockholders of $1,490,000 is driven by an increase in operating revenue, primarily from mineral resource revenues and improved equity in earnings of unconsolidated joint ventures. Adding to the improvement in revenues is an increase of $1,288,000 in earnings from unconsolidated joint ventures due to $941,000 of higher income from the TA/Petro joint venture as a result of higher gasoline sales and fuel margins and improved leasing revenue from the Five West Parcel joint venture that is in a partnership with the Rockefeller Development Group. As a partial offset to the above improved Revenue was an increase in operating costs of $4,964,000, primarily as a result of an increase in water sales cost of sales of $4,523,000. Income before income tax expense was $8,459,000 against $6,189,000 a year ago.
The company provided earnings guidance for the year 2015. The company expects mineral resource revenue from oil royalties to be negatively impacted compared to 2014 due to the expectation of lower average prices for oil during 2015 as compared to 2014. The company believes the variability of its quarterly and annual operating results will continue during 2015 due to its farming and real estate activities. Many of the company’s projects, especially in real estate, require a lengthy process to complete the entitlement and development phases before revenue can begin to be recognized. The timing of projects and sales of both real estate inventory and non-strategic assets can vary from year-to-year; therefore, it is difficult for the company to accurately predict quarterly and annual revenues and results of operations.
Tejon Ranch Co. Names Joe Rentfro as Executive Vice President of Real Estate
Mar 10 15
Tejon Ranch Co. announced that Joe Rentfro has joined the company as Executive Vice President of Real Estate. Rentfro is a veteran real estate executive with 25 years of experience, including development oversight for some of the projects in the USA and Middle East. He has managed development projects totaling more than $7 billion and been responsible for creating or leading the design and/or development of more than 50 master-planned, mixed-use, hospitality, residential, retail, commercial and infrastructure projects. Most recently, he oversaw design, development, asset management, retail leasing, business operations and budgeting for a subsidiary of the Executive Affairs Authority, which plans, develops and delivers projects on behalf of the Government of Abu Dhabi, projects including New York University Abu Dhabi. Rentfro has also held executive positions with Aramark Corporation and Marriott International Inc. as well as positions early in his career with PKF Consulting, Loews Hotels & Resorts, and The Walt Disney Company.
Tejon Ranch Co. Announces Resignation and Retirement of Joseph E. Drew as Senior Vice President, Real Estate, Effective January 16, 2015
Jan 12 15
Tejon Ranch Co. announced that Joseph E. Drew, Senior Vice President, Real Estate, has notified the company of his resignation and retirement from the company effective January 16, 2015.