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Griffin Announces Fourth Quarter Results

Stocks in this article: GRIF

NEW YORK, Feb. 10, 2011 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2010 fourth quarter operating profit of $91,000 on total revenue of $7,782,000, as compared to an operating loss of ($971,000) on total revenue of $7,084,000 for the 2009 fourth quarter. For the 2010 full year, Griffin reported an operating loss of ($3,147,000) on total revenue of $35,611,000, as compared to an operating loss of ($5,360,000) on total revenue of $39,199,000 for the 2009 full year.

Griffin reported a 2010 fourth quarter net loss of ($545,000) and a basic and diluted net loss per share of ($0.11) as compared to a 2009 fourth quarter net loss of ($1,282,000) and a basic and diluted net loss per share of ($0.25). For the 2010 full year, Griffin reported a net loss of ($4,487,000) and a basic and diluted net loss per share of ($0.88) as compared to a net loss of ($5,513,000) and a basic and diluted net loss per share of ($1.09) for the 2009 full year.

Total revenue and operating profit at Griffin Land, Griffin's real estate business, increased in the 2010 fourth quarter and 2010 full year versus the comparable 2009 periods due principally to: (i) an increase in rental revenue, reflecting an increase in space under lease in the 2010 fourth quarter and 2010 full year period versus the comparable 2009 periods; and (ii) revenue and pretax gains from property sales that closed in the 2010 fourth quarter. Griffin Land did not have any property sales in fiscal 2009. The increase in space leased by Griffin Land is attributable to the inclusion, for the fiscal 2010 full year, of 257,000 square feet of the 304,000 square foot built-to-suit warehouse in New England Tradeport ("Tradeport"), Griffin Land's industrial park in Windsor and East Granby, Connecticut, that was completed and leased in the latter part of the 2009 third quarter and almost eleven months of a fully leased 120,000 square foot warehouse in the Lehigh Valley of Pennsylvania that was purchased in January 2010. In addition, despite the weak economy in 2010, Griffin Land completed several new leases for an aggregate of 81,000 square feet of previously vacant office space. However, in 2010 Griffin Land received very few inquiries for leases of warehouse/light industrial space and only leased 11,000 square feet of such space on a short-term basis, while leases for an aggregate of 76,000 square feet of mostly industrial space expired in fiscal 2010 and were not renewed.

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