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Griffin Announces 2013 First Quarter Results

Stocks in this article: GRIF

Imperial Nurseries, Inc. ("Imperial"), Griffin's landscape nursery business incurred an operating loss in the 2013 first quarter that was essentially unchanged from the operating loss incurred in the 2012 first quarter. Imperial historically incurs an operating loss in the first quarter because of the seasonality of its business. Imperial has minimal sales in the winter months (December through February) that comprise Griffin's first quarter. 

The discontinued operation in Griffin's 2012 first quarter results reflects the gain on the sale of Griffin Land's 308,000 square foot warehouse in Manchester, Connecticut and the operating results of that facility during the 2012 first quarter prior to the time it was sold. The sale of the Manchester warehouse closed on January 31, 2012. Griffin received cash proceeds of $16,000,000, before transaction expenses, and had a pretax gain on sale of approximately $2,900,000 from that transaction.   

Griffin operates its real estate business, Griffin Land, and Imperial, its landscape nursery business. Griffin also has an investment in Centaur Media plc, a public company based in the United Kingdom and listed on the London Stock Exchange. 

Forward-Looking Statements:

This Press Release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although Griffin believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved particularly with respect to completion of the sewer line currently under construction and recognition of the remaining revenue and gain on the Dollar Tree Sale that have been deferred and other statements that are not historical facts. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by Griffin as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of Griffin and which could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Important factors that could affect the outcome of the events set forth in these statements are described in Griffin's Securities and Exchange Commission filings, including the "Business," "Risk Factors" and "Forward-Looking Information" sections in Griffin's Annual Report on Form 10-K for the fiscal year ended December 1, 2012. Griffin disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law.

Griffin Land & Nurseries, Inc.
Consolidated Condensed Statements of Operations
(amounts in thousands, except per share data)
  First Quarter Ended,  
  Mar. 2, 2013   Mar. 3, 2012  
Rental revenue and property sales  $ 5,508 (1)  $ 4,413 (1)
Landscape nursery net sales and other revenue  202    200  
Total revenue 5,710   4,613  
Operating profit (loss):        
Real estate business  1,066 (1)  728 (1)
Landscape nursery business  (623)    (643)  
General corporate expense  (1,412)    (1,360)  
Total operating loss  (969)    (1,275)  
Interest expense  (978) (2)  (875) (2)
Gain on sale of investment in Shemin Nurseries Holding Corp.  3,397    --  
Gain on sale of common stock in Centaur Media plc  504    --  
Investment income  --    387  
Income (loss) before taxes  1,954    (1,763)  
Income tax (provision) benefit  (644)    638  
Income (loss) from continuing operations  1,310    (1,125)  
Discontinued operation, net of tax: (3)        
Income from operations, net of tax  --    117  
Gain on sale of warehouse, net of tax  --    1,530  
Total discontinued operation, net of tax   --   1,647  
Net income  $ 1,310    $ 522  
Basic net income (loss) per common share:        
Income (loss) from continuing operations  $ 0.25    $ (0.22)  
Income from discontinued operation (3)  --     0.32  
Basic net income per common share  $ 0.25    $ 0.10  
Diluted net income (loss) per common share:        
Income (loss) from continuing operations  $ 0.25    $ (0.22)  
Income from discontinued operation (3)  --     0.32  
Diluted net income per common share  $ 0.25    $ 0.10  
Weighted average common shares outstanding for computation of basic per share results 5,140   5,134  
Weighted average common shares outstanding for computation of diluted per share results 5,144   5,134  
(1) Revenue and operating profit at Griffin Land were as follows:
  First Quarter Ended,  
  Mar. 2, 2013   Mar. 3, 2012  
Revenue from leasing operations  $ 4,624    $ 4,413  
Revenue from property sales  884    --  
Total revenue at Griffin Land  $ 5,508    $ 4,413  
Operating profit from leasing operations  $ 325    $ 728  
Operating profit from property sales  741    --  
Total operating profit at Griffin Land  $ 1,066    $ 728  
Operating profit from leasing operations includes depreciation and amortization expense, principally related to real estate properties, of approximately $1.5 million and approximately $1.4 million in the 2013 and 2012 first quarters, respectively.
(2) Interest expense is primarily for mortgages on Griffin Land's rental properties.
(3) The discontinued operation reflects the results, net of tax, of Griffin Land's 308,000 square foot warehouse in Manchester, Connecticut that was sold to the tenant in that facility on January 31, 2012.
CONTACT: Anthony Galici
         Chief Financial Officer
         (860) 653-4541

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