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Results were better than expected due to a spike in oil prices for much of the year, said Allen Lyda, chief financial officer. The Lebec-headquartered company gets royalties from oil pumped on its land.
"It was a nice surprise," he said.
Four land sales also contributed to 2008 income, Lyda said.
Earnings dropped from 2007's income of $7.3 million but beat a $2.7 million loss in 2006.
Regardless, quarterly profits have never been a driving concern for Tejon, even after morphing from a low-key ranching operation to a real estate development company. Eyes are on the long haul: designs for a few key spots in the company's vast 270,000-acre holdings borne of a Spanish land grant.
Most locals are familiar with one its existing projects, the big travel plaza off Laval Road at the base of the Grapevine and the industrial complex with the IKEA warehouse.
A planned expansion of the complex to the east side of Highway 99 moved forward last year with the launch of road and water systems, the annual report said. A foreign trade zone designation within the complex received approval early in the year.
Plans for the 23,000-home Centennial project, located on Tejon Ranch's holdings in Los Angeles County, continued.
Development of a posh resort community in Kern, Tejon Mountain Village, moved forward in late 2008 with an initial environmental report submitted to planners.
Farming operations -- which include wine grapes, almonds and pistachios -- brought in revenues of nearly $12.9 million, down from 2007. Almond prices in general suffered last year as the recession curbed global demand.
This year, low almond and oil prices will probably hurt the bottom line, Lyda said.
Like many companies, share prices have taken a hit in the market rout. During 2008, they declined 39 percent.
But Tejon has little debt and "a lot of cash" to ride out the recession, Lyda said.
"We believe we can get through this next couple of years," he said.
Tejon Ranch trades under the symbol TRC. Shares closed down 46 cents Thursday at $19.
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