Tejon Ranch Co. The agricultural and land...

Tejon Ranch Co. The agricultural and land management firm said its net income for 1989, including continuing and discontinued operations, fell 78% to $2.58 million. The company, in which Times Mirror Co. owns a substantial interest, sold its seed division, which accounted for $6.1 million of 1988 after-tax profit. Net income from continuing operations in 1989, however, totaled $2.45 million, up 78% from 1988. Revenue from continuing operations climbed 23% to $17.326 million. The Lebec, Calif., company said income from continuing operations improved primarily because of increased farming revenues, the receipt of a cash payment associated with the settlement of a gas line right-of-way issue and increased interest income.