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Griffin Announces 2012 Fourth Quarter Results

Stocks in this article: GRIF

NEW YORK, Feb. 14, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2012 fourth quarter operating loss of ($556,000) on total revenue of $6,697,000, as compared to an operating profit of $2,470,000 on total revenue of $10,891,000 in the 2011 fourth quarter. Griffin reported a 2012 fourth quarter loss from continuing operations and a net loss of ($1,026,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.20). In the 2011 fourth quarter, Griffin reported income from continuing operations of $603,000 and basic and diluted income from continuing operations per share of $0.12 and net income of $712,000 and basic and diluted net income per share of $0.14. The 2011 fourth quarter included income from a discontinued operation (see below) of $109,000 and basic and diluted income from discontinued operation per share of $0.02. 

Griffin incurred a 2012 fourth quarter operating loss, as compared to the 2011 fourth quarter operating profit, due to lower operating profit at Griffin Land, Griffin's real estate business, partially offset by a lower operating loss at Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business, and lower general corporate expense in the 2012 fourth quarter as compared to the 2011 fourth quarter. The lower operating profit at Griffin Land was principally due to a lower gain on property sales in the 2012 fourth quarter as compared to the 2011 fourth quarter. In the 2011 fourth quarter there were two sales of undeveloped land for total revenue of $3,600,000 and a total gain of approximately $3,200,000. The 2012 fourth quarter included the sale of approximately 14 acres of undeveloped land for approximately $1,000,000 with a gain of approximately $700,000. Griffin Land's 2012 fourth quarter gain on property sales included an adjustment of approximately $700,000 to reduce previously recorded revenue and gain from the prior quarter's sale of approximately 93 acres of undeveloped land to Dollar Tree Distribution, Inc. for $7,000,000 in cash proceeds (the "Dollar Tree Sale"). As Griffin Land is required to construct a sewer line to service the property sold, the Dollar Tree Sale is accounted for using the percentage of completion method whereby the revenue and gain on sale are recorded as costs are incurred. The adjustment in the 2012 fourth quarter to reduce a portion of the previously recorded revenue and gain on the Dollar Tree Sale reflects an increase in the costs, estimated at the end of the fiscal year, to construct the sewer line from the estimated costs at the end of the third quarter. For the 2012 full year, Griffin Land has recorded revenue of approximately $4,700,000 and a gain of approximately $3,900,000 on the Dollar Tree Sale. Griffin Land expects the total gain on the Dollar Tree Sale will be approximately $5,900,000 after all costs are incurred, including the costs of completing the construction of the sewer line, which is expected to be in the first half of fiscal 2013. Property sales occur periodically and changes in revenue from year to year from these transactions may not be indicative of any trends in the real estate business. Operating profit from Griffin Land's leasing operations was lower in the 2012 fourth quarter as compared to the 2011 fourth quarter, principally due to an increase in depreciation expense as the result of a new 228,000 square foot industrial building, built on speculation, in the Lehigh Valley of Pennsylvania that was completed and placed in service at the end of the 2012 third quarter. Although there have been expressions of interest by prospective tenants, this new building has not yet been leased.

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