FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from to
For Quarter Ended Commission File Number
September 30, 1997 1-7183
TEJON RANCH CO.
(Exact name of Registrant as specified in its charter)
Delaware 77-0196136
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
P.O. Box 1000, Lebec, California 93243
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code.(805) 248-6774
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Total Shares of Common Stock issued and outstanding on September
30, 1997, were 12,685,994.
- 1 -
TEJON RANCH CO.
INDEX
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Consolidated Statements of 3
Operations for the Three Months
Ended September 30, 1997 and September 30, 1996
and Nine Months Ended September 30, 1997 and
September 30, 1996
Unaudited Consolidated Balance Sheet 4
as of December 31, 1996 and September 30, 1997
Unaudited Consolidated Statements of 5
Cash Flows for the Nine Months Ended
September 30, 1997 and 1996
Notes to Unaudited Consolidated Financial 6
Statements
Item 2. Management's Discussion and Analysis of 10
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 5. Other Information 15
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURES 16
- 2 -
PART I FINANCIAL INFORMATION
TEJON RANCH CO. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS NINE MONTHS ENDED
ENDED
September 30 September 30
1997 1996 1997 1996
Revenues:
Livestock $ 10,022 $ 1,022 $ 16,491 $ 4,840
Farming 4,982 3,765 5,663 3,839
Oil & Minerals 403 353 1,061 972
Commercial and Land Use 377 372 1,171 1,044
Interest Income 364 312 1,036 959
16,148 5,824 25,422 11,654
Cost and Expenses:
Livestock 8,979 952 15,402 4,229
Farming 3,231 2,145 3,774 2,892
Oil & Minerals 139 43 254 126
Commercial and Land Use 513 430 1,690 1,498
General &
Administrative Expense 736 646 1,969 1,708
Interest Expense 247 78 510 182
13,845 4,294 23,599 10,635
Operating Income 2,303 1,530 1,823 1,019
Income Tax Expense 871 611 683 407
Net Income $ 1,432 $ 919 $ 1,140 $ 612
Earnings Per Share $ 0.11 $ 0.07 $ 0.09 $ 0.05
Cash Dividends Paid
Per Share --- --- $ 0.025 $ 0.025
See Notes to Consolidated Condensed Financial Statements.
TEJON RANCH CO. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
September December 31,
30, 1997 1996*
(Unaudited)
>
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents $ 62 $ 693
Marketable Securities 17,138 20,127
Accounts & Notes Receivable 13,112 4,303
Inventories:
Cattle 4,027 3,082
Farming 1,993 191
Other 429 157
Prepaid Expenses & Other 1,496 1,319
Total Current Assets 38,257 29,872
PROPERTY & EQUIPMENT-NET 20,967 16,270
OTHER ASSETS 1,135 1,227
TOTAL ASSETS $ 60,359 $ 47,369
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade Accounts Payable $ 1,810 $ 488
Other Accrued Liabilities 347 569
Other Current Liabilities 12,530 4,129
Total Current Liabilities 14,687 5,186
LONG-TERM DEBT 4,300 1,800
DEFERRED CREDITS 2,730 2,651
Total Liabilities 21,717 9,637
STOCKHOLDERS' EQUITY
Common Stock 6,341 6,341
Additional Paid-In Capital 387 387
Retained Earnings 32,075 31,253
Defined Benefit Plan-Funding
Adjustment, net of taxes (256) (256)
Marketable Securities-
Unrealized Gain, Net 95 7
Total Stockholders' Equity 38,642 37,732
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 60,359 $ 47,369
See Notes to Consolidated Condensed Financial Statements.
* The Balance Sheet at December 31, 1996 has been derived from
the audited financial statements at that date.
TEJON RANCH CO. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)
NINE MONTHS ENDED
September 30
1997 1996
OPERATING ACTIVITIES
Net Income $ 1,140 $ 612
Items Not Affecting Cash:
Depreciation and Amortization 1,022 889
Deferred Income Taxes 15 134
Gain on Sale of Investments (4) 0
Changes in Operating Assets and
Liabilities
Receivables, Inventories and Other
Assets, Net (11,607) (1,579)
Current Liabilities, Net 1,126 394
NET CASH (USED IN) PROVIDED BY OPERATING
ACTIVITIES (8,308) 450
INVESTING ACTIVITIES
Acquisition of Champion Feeders (3,874) 0
Maturities and Sales of Marketable
Securities 5,336 6,767
Funds Invested in Marketable
Securities (2,192) (6,703)
Property and Equipment Expenditures (2,188) (1,424)
Net Change in Breeding Herds 70 (81)
Other (33) (26)
NET CASH (USED IN) INVESTING ACTIVITIES $ (2,881) $ (1,467)
FINANCING ACTIVITIES
Proceeds From Revolving Line of Credit 22,188 9,803
Payments of Revolving Line of Credit (13,813) (8,390)
Borrowing of Long-Term Debt 2,500 0
Cash Dividend Paid (317) (317)
NET CASH PROVIDED BY FINANCING
ACTIVITIES 10,558 1,096
(DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (631) 79
Cash and Cash Equivalents at
Beginning of Year 693 44
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $ 62 $ 123
See Notes to Consolidated Condensed Financial Statements.
TEJON RANCH CO. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
September 30, 1997
NOTE A - BASIS OF PRESENTATION
The summarized information furnished by Registrant pursuant to
the instructions to Part I of Form 10-Q is unaudited and reflects
all adjustments which are, in the opinion of Registrant's
Management, necessary for a fair statement of the results for the
interim period. All such adjustments are of a normal recurring
nature.
The results of the period reported herein are not indicative of
the results to be expected for the full year due to the seasonal
nature of Registrant's agricultural activities. Historically,
the largest percentage of revenues are recognized during the
third and fourth quarters.
For further information, refer to the Consolidated Financial
Statements and footnotes thereto included in Registrant's Annual
Report on Form 10-K for the year ended December 31, 1996.
NOTE B - CALCULATIONS OF EARNINGS PER SHARE
Earnings per share is calculated using the weighted average
number of common shares outstanding during the period. Common
shares outstanding for the three month and nine month periods
ended September 30, 1997 were 12,685,994 and for the three month
and nine month periods ended September 30, 1996 were 12,682,244.
Registrant has a Stock Option Plan providing for the granting of
options to purchase a maximum of 230,000 shares of Registrant's
Common Stock to employees, advisors and consultants of
Registrant. At September 30,1997, options to purchase 172,178
shares are outstanding at prices equal to the fair market value
at date of grant (152,178 shares at $16.00 per share, and 20,000
shares at $15.00 per share). Stock options granted will be
treated as common stock equivalents in accordance with the
treasury method when such amounts would be dilutive. Fully
diluted common shares outstanding for the three month period
ended September 30, 1997 and 1996 were 12,761,345 and 12,683,670
respectively. Fully diluted common shares outstanding for the
nine month periods ended September 30, 1997 and 1996 were
12,714,286 and 12,684,042, respectively. There is no change in
earnings per share based on the fully diluted common shares
outstanding.
NOTE C - MARKETABLE SECURITIES
Registrant has elected to classify its securities as available-
for-sale per Statement of Financial Accounting Standard No. 115,
Accounting for Certain Investments in Debt and Equity Securities,
and therefore is required to adjust securities to fair value at
each reporting date.
Marketable securities consist of the following at:
September 30 December 31
1997 1996
Estimated Estimated
Fair Fair
Cost Value Cost Value
Marketable securities:
(in thousands)
U.S. Treasury and
agency notes $ 9,780 $ 9,941 $ 13,156 $ 13,158
Corporate notes 7,199 7,197 6,960 6,969
$ 16,979 $ 17,138 $ 20,116 $ 20,127
As of September 30, 1997, the cumulative fair value adjustment is
a $159,000 unrealized gain. The cumulative fair value adjustment
to stockholders' equity, net of a deferred tax of $64,000, is an
unrealized gain of $95,000. Registrant's gross unrealized
holding gains equal $268,000, while gross unrealized holding
losses equal $109,000. On September 30, 1997, the average
maturity of U.S. Treasury and agency securities was 1.2 years and
corporate notes was 1.7 years. Currently, Registrant has no
securities with a remaining term to maturity of greater than five
years.
Market value equals quoted market price, if available. If a
quoted market price is not available, market value is estimated
using quoted market prices for similar securities. Registrant's
investments in Corporate notes are with companies with a Standard
& Poor's credit rating of A or better.
NOTE D - COMMODITY DERIVATIVES USED TO HEDGE PRICE FLUCTUATIONS
Registrant uses commodity contracts to hedge its exposure to
price fluctuations on its purchased stocker cattle. The
objective is to protect or create a future price for stocker
cattle that will provide a profit or minimize a loss once the
cattle are sold and all costs are deducted and to protect
Registrant against market declines. To help achieve this
objective Registrant uses the cattle futures and cattle options
markets to hedge the price of cattle. Registrant also hedges to
protect against fluctuations in feed cost by using the corn
futures and options markets. Feed costs are hedged in order to
protect against large pricing increases in feed costs. Registrant
continually monitors any open futures and options contracts to
determine the appropriate hedge based on market movement of the
underlying asset. The option and futures contracts used
typically expire on a quarterly or semi-annual basis and are
structured to expire close to or during the month the stocker
cattle are scheduled to be sold. The risk associated with
hedging is that hedging imposes a limit on the potential profits
from the sale of cattle if cattle prices begin to increase
dramatically. The costs of buying and selling options and
futures contracts reduce profits. Any payments received and paid
related to options are deferred in and reflected as an asset on
the balance sheet in prepaid expenses until contracts are closed
or expire and were approximately $26,000 at September 30, 1997.
There were 88 outstanding option contracts at September 30, 1997.
Cattle futures contracts are carried off-balance sheet until the
contracts are settled. There were no outstanding futures
contracts at September 30, 1997.
The following table identifies the cattle options outstanding at
September 30, 1997 (in thousands, except number of Contracts):
Cattle Hedging Estimated
Activity Original Fair Value Estimated
Commodity Option Option At Gain
Future/Option No. Expiration (Bought) Settlement (Loss) at
Description Option Date Sold (Buy) Sell Settlement
Cattle 38 Oct. 97 $ 9 $ (1) $ 8
Options-
Calls Sold,
40,000 lbs.
per contract
Cattle 20 Feb. 98 $ 4 $ 2 $ 2
Options-
Puts bought,
40,000 lbs. 30 Apr. 98 $ 6 $ 5 $ 1
per contract
Estimated fair value at settlement is based upon quoted market
prices at September 30, 1997.
NOTE E - ACQUISITION OF ASSETS
On March 10, 1997, Registrant completed the purchase of certain
assets from Champion Feeders, Inc., a cattle feedlot company in
western Texas. The assets purchased include land, a feed mill,
cattle pins, office and shop buildings, all rolling stock,
inventory and intangibles. No debt or material liabilities of
Champion Feeders, Inc. were assumed in the purchase of these
assets. The purchase price for these assets is $3.5 million plus
inventory value of $358,000, as of February 28, 1997 and has been
accounted for as a purchase. The purchase price of the assets
was based upon a dollar value per head of capacity at the
feedyard and the fair market value of assets purchased. The
purchase price was allocated based on estimated fair value at
date of acquisition. The excess of the purchase price over the
fair market value of tangible assets acquired was immaterial.
The purchase of these assets allows the Company to begin to meet
its long-term objective of becoming more vertically integrated
within the beef industry. The assets purchased will allow
Registrant to own and operate a cattle feedyard operation in
western Texas.
The following unaudited pro forma information presents a summary
of consolidated results of operations of Registrant as if the
acquisition had occurred as of January 1, 1996.
Nine Months Ended
September 30
(In thousands except per
share amounts)
1997 1996
Total Revenue $ 28,125 $ 22,291
Net Operating Income 2,152 1,389
Net Income 1,392 831
Net Income Per Share $ 0.11 $ 0.07
NOTE F - CONTINGENCIES
Registrant leases land to National Cement Company of California,
Inc. ("National") for the purpose of manufacturing portland
cement from limestone deposits on the leased acreage, National
and Lafarge Corporation (the successor to the previous operator
and referred to herein as "Lafarge") have been ordered to clean
up and abate certain hazardous waste sites on the leased
premises. On October 9, 1997, the Regional Water Quality Control
Board voted to name National and Lafarge as primarily responsible
parties in a cleanup and abatement order and to name National as
the primarily responsible party in a cease and desist order and
waste discharge requirements. Those orders require investigation
and certain remedial activities related to the cement kiln dust
piles on the premises but do not require the removal or disposal
of the piles. Registrant has been named secondarily responsible
on all existing orders and the Board voted to name Registrant
secondarily responsible on the orders relating to the kiln dust
piles, which means that Registrant could be ordered to perform
the obligations of National or Lafarge under the orders if either
of them should fail to do so. Under existing lease agreements
either National or Lafarge is required to indemnify Registrant
for costs and liabilities incurred in connection with the orders,
depending on when the obligation arises. Due to the financial
strength of National and its parent company, which guaranteed
National's obligations, and the financial strength of Lafarge,
Registrant believes that it is remote there will be a material
effect on Registrant.
As an unrelated matter, Registrant has become aware that soils
contaminated by gasoline, diesel fuel, and heavy metals are
present on the premises leased from Registrant by Truckstops of
America for a truck stop and gas station. Registrant has become
actively engaged in the regulatory oversight activities of the
Kern County Environmental Health Services Department, which has
named Registrant as a secondarily responsible party with respect
to the underground diesel storage tanks that have leaked, and of
the Central Valley Regional Water Quality Control Board.
Registrant has demanded the cleanup of the contaminated soils by
the lessee. This demand has been made on the current tenant and
on the guarantors of the lease, Standard Oil of Ohio and BP Oil &
Exploration, Inc. Registrant has entered into settlement
discussions with the foregoing parties, is currently working with
them on a jointly approved investigation plan and is hopeful that
this dispute can be resolved without resorting to litigation.
Because of the financial strength of Standard Oil of Ohio and BP
Oil & Exploration, Inc. Registrant believes it is remote that
this matter will have a material effect on Registrant.
For a further discussion refer to Registrant's 1996 Form 10-K,
Part I, Item 3, - "Legal Proceedings". There have been no
changes since the filing of the 1996 Form 10-K.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
Results of Operations
This Management's discussion and Analysis of Financial Condition
and Results of Operations includes forward-looking statements
that are subject to many uncertainties and may turn out not to be
accurate. These forward looking statements include those
relating to future prices, yields, the timing of receipt of a
payment for a pipeline easement, the effect of pending
environmental proceedings, future development of Registrant's
land and future cash needs. These statements are subject to
factors beyond the control of Registrant (such as weather and
market forces) and with respect to Registrant's future
development of its land, the availability of financing and the
ability to obtain various governmental entitlements. No
assurance can be given that any such forward looking statements
will turn out to be accurate.
Total revenues, including interest income, for the first nine
months of 1997 were $25,422,000 compared to $11,654,000 for the
first nine months of 1996. The growth in revenues during 1997 is
primarily attributable to increases in livestock and farming
operations revenues. The increase in livestock revenues is due
primarily to the new cattle feedlot located near Hereford, Texas
that was purchased on March 10, 1997. The revenues from the
feedlot were approximately $9,492,000 for the seven months
Registrant has owned the feedlot. Revenues at the feedlot are
derived from the sale of grain and other types of feed rations to
customers that are feeding cattle at the feedlot.
In addition to the revenues from the feedlot, cattle sales
increased approximately $2,090,000 when compared to 1996 sales.
The increase in cattle sales revenue is due to the sale of cattle
at higher weights and prices than in 1996. This increase in
sales revenues has been accomplished even though 2,014 fewer
head of cattle have been sold thus far in 1997. The difference
in the number of cattle sold in 1997 compared to 1996 is due to
the timing of sales of cattle.
Registrant continues to hedge the future sales price of cattle
using commodity contracts. See Note D - Commodity Contracts used
to Hedge Price Fluctuations, for further information.
Farming revenues are higher due to the timing of the recording of
1997 crop revenues as well as the receipt of additional crop
proceeds related to the 1996 harvest. The timing of the 1997
crop harvest resulted in an additional $1,162,000 of revenues
when compared to the third quarter of 1996 and was due primarily
to the completion of the 1997 almond harvest during the third
quarter of 1997. During 1996 the almond harvest was not
completed until the fourth quarter and no revenues were recorded
until the fourth quarter. Farming revenues during 1997 have also
increased due to the receipt of additional crop proceeds related
to the 1996 grape, walnut, and pistachio crops ($437,000). The
receipt of these proceeds results from increases in crop prices
that were reflected in the final settlement payments received
during 1997.
Operating activities during the first nine months of 1997
resulted in net income of $1,140,000, or $.09 per share, compared
to net income of $612,000, or $.05 per share, for the same
period in 1996. The increase in net income when compared to 1996
is due to the increase in revenues as described above which was
partially offset by increased livestock, farming, general and
administrative, and interest expenses. The increase in livestock
expense is due to the operations of the new feedlot and to an
increase in cost of sales of cattle sold. Expenses at the
feedlot for the period from acquisition through September 30,
1997 were approximately $8,936,000. The increase in cost of
sales on cattle of approximately $2,127,000, is due to
maintaining ownership of cattle for a longer period of time than
in 1996 and to additional costs in 1997 associated with feedlot
charges.
Farming costs increased due to the timing of recording cultural
and harvest expenses associated with the revenues recognized
during the quarter and described above. General and
administrative costs have increased when compared to 1996 due to
higher staffing costs and professional service fees. Staffing
costs increased in 1997 due to the timing of hiring a new chief
executive officer in 1996. Interest expense has increased during
1997 due to financing costs associated with the purchase of the
feedlot, working capital needs due to the delay in the sale of
cattle during the year to the third and fourth quarters of 1997,
and to credit lines at the feedlot which are used to meet short-
term working capital needs.
Total revenues for the third quarter of 1997, including interest
income, were $16,148,000 compared to $5,824,000 for the third
quarter of 1996. The increase in third quarter revenues is due
to additional revenue from the new feedlot, increased cattle
sales during the quarter, and to the timing of farming revenues
as described above.
During the third quarter of 1997 Registrant recognized net income
of $1,432,000, or $.11 per share, compared to net income of
$919,000, or $.07 per share for the same period in 1996. The
increase in net income during the quarter is due to the growth of
revenues as described above which was partially offset by
increased livestock and farming expenses. Livestock expenses
increased due to the feedlot operations and to higher cost of
sales on cattle sold. Farming expenses increased due to the
timing of completion of 1997 crop harvests.
Based on the 1997 harvest completed during October, it appears
that the California almond crop will be approximately 680 million
pounds based on preliminary estimates by the California Almond
Board. Based on this estimate it appears that the price per
pound expected to be received by Registrant for its almonds will
be less than that received in 1996 by an estimated $.50 per
pound. This lower price will reduce almond revenues when
compared to 1996 almond revenues. The yields for all of
Registrant's crops appear to be within expectations with the
exception of the walnut crop which is coming in below
expectations, but it appears that walnut prices may be higher due
to statewide production estimates being less than the previous
year.
Registrant has been advised that final approvals were received
for the construction of a major crude oil pipeline through
Registrant land. During December 1995 Registrant completed
negotiations with respect to an easement agreement related to
this pipeline. The pipeline company has informed Registrant that
it expects to close the easement purchase transaction sometime
during the fourth quarter of 1997, which must occur before the
pipeline company may commence construction on Registrant land.
Registrant continues to be involved in various environmental
proceedings related to leased acreage. For a further discussion
refer to Note E - Contingencies.
Prices received by Registrant for many of its products are
dependent upon prevailing market conditions and commodity prices.
Therefore, Registrant is unable to accurately predict revenue,
just as it cannot pass on any cost increases caused by general
inflation, except to the extent reflected in market conditions
and commodity prices. The operations of the Registrant are
seasonal and results of operations cannot be predicted based on
quarterly results.
Liquidity and Capital Resources
Registrant's cash, cash equivalents and short-term investments
totaled approximately $17,200,000 at September 30, 1997, compared
to $20,820,000 on December 31, 1996, a decrease of 17%. Working
capital as of September 30, 1997 was $23,570,000 compared to
$24,686,000 as of December 31,1996. Cash and short-term
investments declined during 1997 due to increases in cattle and
farming inventories because of the timing of sales and to the
purchase of the cattle feedlot. Working capital uses during 1997
have been for property and equipment expenditures, the purchase
of the cattle feedlot and dividend payments. The assets of the
cattle feedlot were purchased on March 10, 1997 for $3,500,000
plus an additional $358,000 in beginning inventories. Registrant
funded this purchase with cash and short-term lines of credit.
During the second quarter Registrant refinanced the funding of
the purchase of the feedlot with a $2.5 million term loan, with
an interest rate of 8.50%, secured by feedlot assets and payable
over 10 years. This debt is expected to be paid out of cash
flows generated at the feedlot.
Registrant has a revolving line of credit of $6,000,000 that
bears interest at 8.50% and, as of September 30, 1997, had an
outstanding balance of $5,607,000. Registrant also has a short-
term line of credit outstanding of $5,576,000 from an investment
banking firm at an interest rate of 6.05%. Registrant's short-
term borrowing needs increased during the quarter due to the
timing of cattle sales, the timing of the purchase of stocker
cattle, and the feedlot's financing of customer receivables.
The lines of credit are expected to be paid down throughout the
year from the proceeds of cattle and crop sales and collection of
receivables. The revolving lines of credit are used as a short-
term cash management tool.
The accurate forecasting of cash flows by Registrant is made
difficult due to the fact that commodity markets set the prices
for the majority of Registrant's products, the fact that the cost
of water changes significantly from year-to-year as a result of
changes in its availability, and the fact that adverse weather
conditions can significantly affect farming and cattle
operations.
Registrant has traditionally funded its growth and capital
additions from internally generated funds. Management believes
that the combination of net earnings, short-term investments and
borrowing capacity will be sufficient for its near term
operations.
Registrant is currently evaluating the possibility of new farming
developments, expansion of the cattle herd, and commercial
development along the Interstate 5 corridor. These potential new
projects would be funded from current cash resources and from
additional borrowings.
Item 8. Financial Statements and Supplementary Data.
The response to this Item is submitted in a separate section of
this report.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
Not applicable.
Impact of Accounting Change
None
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Not Applicable
Item 2. Changes in Securities
Not Applicable
Item 3. Defaults upon Senior Securities
Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 5. Other Information
Not Applicable
Item 6. Exhibits and Reports
(a) Exhibits -
27 Financial Data Schedule (Edgar)
(b) Reports - None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
TEJON RANCH CO.
(Registrant)
November 6, 1997 BY /s/ Allen E. Lyda
Date Allen E. Lyda
Vice President, Finance
& Treasurer
EXHIBIT INDEX
Exhibit No. Exhibit Description
27 Financial Data Schedule (Edgar)