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  • Tejon Ranch Co. (TRC) Announces Rights Offering 0 comments
    Apr 21, 2010 10:46 AM | about stocks: TRC

    Tejon Ranch Co. announced a rights offering that allows existing shareholders to purchase additional shares of common stock. The rights are transferable and will allow purchase at a discount from the market price.

    Tejon Ranch Co. said that the company has not yet determined the record date and subscription price; but that it estimates the gross proceeds will be $50 million if shareholders exercise all the rights issued.

    Tejon Ranch Co. has been affected by the recent recession like many other companies in the United States. The company reported a net loss of $3.3 million, or $0.20 per diluted share, in 2009. Tejon Ranch Co. earned net income of $4.1 million, or $0.23 per diluted share, in 2008.

    Revenues also declined in 2009. Tejon Ranch Co. reported revenues of $28.3 million in 2009, compared to $40.1 million in 2008.

    Tejon Ranch Co. is a real estate company that owns a 270,000-acre tract of land located 25 miles south of Bakersfield, California. The company is engaged in residential and industrial real estate development, ranching and other agricultural activities on the land. The company’s master planned residential developments are Centennial and Tejon Mountain Village.

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    Stocks: TRC
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