Tejon Ranch Company (TRC) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $0.29 million, or $ 0.01 a share in the quarter, against a net profit of $1.72 million, or $0.08 a share in the last year period.

Revenue during the quarter dropped 18.45 percent to $12.70 million from $15.57 million in the previous year period.

Operating income for the quarter was $0.22 million, compared with $4.22 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $2.81 million compared with $5.48 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1304 basis points in the quarter to 22.16 percent from 35.19 percent in the last year period.

"During fiscal 2016 we made significant progress in our efforts to monetize our land, set the stage for future revenue growth, and create long-term shareholder value," said Gregory S. Bielli, President and chief executive officer. "First, our master planned residential community of Grapevine at Tejon Ranch was unanimously approved by the Kern County Board of Supervisors in December. We submitted to the Kern County Planning Department tentative tract maps for our Mountain Village at Tejon Ranch resort/residential community for review and approval. Our third master planned residential community, Centennial at Tejon Ranch, continues to march forward in Los Angeles County."