Tejon Ranch (US:TRC)2023-08-03 18:31Revenue Performance - Commercial/industrial real estate development segment revenues for Q2 2023 were $2,633,000, a 6.9% increase from $2,462,000 in Q2 2022[86] - The Mineral Resources segment generated revenues of $1,600,000 in Q2 2023, a decrease of 61.2% from $4,131,000 in Q2 2022[88] - The Farming segment reported revenues of $1,025,000 in Q2 2023, down 46.8% from $1,921,000 in Q2 2022[89] - Ranch Operations segment revenues increased to $840,000 in Q2 2023 from $755,000 in Q2 2022, marking an 11.3% growth[90] - Total revenues for the three months ended June 30, 2023, were $47,206,000, a decrease of 12.5% compared to $53,692,000 in the same period of 2022[95] - For the six months ended June 30, 2023, total revenues were $88,627,000, down 8.7% from $96,466,000 in the same period of 2022[96] - Petro Travel Plaza Holdings, LLC reported revenues of $40,214,000 for Q2 2023, a decline of 18.7% from $49,469,000 in Q2 2022[95] Joint Ventures and Investments - Equity in earnings from unconsolidated joint ventures for the six months ended June 30, 2023, was $3,455,000, up from $2,876,000 in the same period of 2022[86] - The Company’s investment in unconsolidated joint ventures was $38,350,000 as of June 30, 2023[91] - The Company’s investment in the TRCC/Rock Outlet Center LLC joint venture was $7,099,000 as of June 30, 2023[93] - The joint venture TRC-MRC 5 LLC is expected to complete construction of a 446,400 square foot industrial building by Q1 2024[92] - The Company recognized a profit of $3,012,000 from the land contributed to TRC-MRC 5 LLC, with deferred profit also at $3,012,000[92] Financial Position - The total equity for the company as of June 30, 2023, was $116,074,000, an increase from $102,520,000 as of December 31, 2022[98] - The company has long-term debt of $47,721,000 as of June 30, 2023, with a weighted average interest rate of 4.62%[200] - Marketable securities amounted to $39,782,000 as of June 30, 2023, with a weighted average interest rate of 4.77%[203] - The company’s total assets as of June 30, 2023, were $292,477,000, an increase from $281,611,000 as of December 31, 2022[98] Operating Losses - The Ranch Operations segment incurred an operating loss of $498,000 in Q2 2023, slightly higher than the loss of $495,000 in Q2 2022[90] - The company reported an equity loss of $1,938,000 for the three months ended June 30, 2023, compared to a loss of $1,663,000 in the same period of 2022[95] Market Risks - The company’s farming inventories are exposed to adverse price fluctuations, particularly for almonds, grapes, and pistachios[206]