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Griffin Announces 2013 First Quarter Results

Stocks in this article: GRIF

NEW YORK, April 11, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 first quarter operating loss of ($969,000) on total revenue of $5,710,000 as compared to a 2012 first quarter operating loss of ($1,275,000) on total revenue of $4,613,000. Griffin reported income from continuing operations and net income of $1,310,000 and basic and diluted income from continuing operations and basic and diluted net income per share of $0.25 for the 2013 first quarter. In the 2012 first quarter, Griffin incurred a loss from continuing operations of ($1,125,000) and a basic and diluted loss from continuing operations per share of ($0.22), income from a discontinued operation (see below) of $1,647,000 and basic and diluted income from discontinued operation per share of $0.32 and net income of $522,000 and basic and diluted net income per share of $0.10.

The increase in Griffin's income from continuing operations in the 2013 first quarter as compared to the 2012 first quarter reflects approximately $3,900,000 of gain from the sales of investments in the 2013 first quarter and approximately $700,000 of property sales gain (see below) recognized in the 2013 first quarter. The gain on property sales recognized in the 2013 first quarter resulted in Griffin having a lower operating loss in the 2013 first quarter as compared to the 2012 first quarter. In the 2013 first quarter, the sale of Griffin's investment in Shemin Nurseries Holding Corp. ("SNHC") was completed, with Griffin receiving cash proceeds of approximately $3,400,000. As Griffin had a very low cost basis in this investment, Griffin's gain on the sale of its investment in SNHC also was approximately $3,400,000. Also in the 2013 first quarter, Griffin sold 1,324,688 shares of its common stock of Centaur Media plc ("Centaur Media") for cash proceeds of approximately $1,200,000, resulting in a gain on sale of approximately $500,000. After its 2013 first quarter sales of Centaur Media common stock, Griffin continues to own 3,952,462 shares of common stock in Centaur Media. There were no sales of Centaur Media common stock in the 2012 first quarter. In the 2012 first quarter, Griffin reported investment income of approximately $400,000 from a cash distribution from SNHC. 

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