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* Tejon Ranch Co., the land and livestock company based in Lebec, reported third-quarter net income of $806,000, or 6 cents per share, compared with net income of $1.9 million, or 16 cents, a year ago. The earnings decline was attributed to higher real estate expenses and farming costs. Revenue rose to $19.2 million from $16.7 million.
* Los Angeles-based Mercury Air Group Inc., a provider of cargo and aviation services to commercial airlines, reported fiscal first-quarter net income of $1.1 million, or 14 cents, compared with $1.5 million, or 17 cents, a year ago. Revenue rose 42% to $74.6 million from $52.6 million.
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