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Griffin Announces 2013 Second Quarter Results

NEW YORK, July 11, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 second quarter operating profit of $965,000 on total revenue of $15,243,000, as compared to a 2012 second quarter operating loss of ($55,000) on total revenue of $12,734,000. Griffin reported a loss from continuing operations and a net loss of ($112,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.02) for the 2013 second quarter. In the 2012 second quarter, Griffin incurred a loss from continuing operations and a net loss of ($412,000) and had a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.08).

For the 2013 six month period, Griffin reported an operating loss of ($4,000) on total revenue of $20,953,000 as compared to an operating loss of ($1,330,000) on total revenue of $17,347,000 for the 2012 six month period. Griffin reported income from continuing operations and net income of $1,198,000 and basic and diluted income from continuing operations per share and basic and diluted net income per share of $0.23 for the 2013 six month period. Griffin incurred a loss from continuing operations of ($1,537,000) and had a basic and diluted loss from continuing operations per share of ($0.30) in the 2012 six month period. Griffin's net income for the 2012 six month period, which includes the operating results and a gain on sale of Griffin's discontinued operation, was $110,000 and Griffin had basic and diluted net income per share of $0.02 for the 2012 six month period. Griffin's discontinued operation reflects a fully-leased 308,000 square foot warehouse building in Manchester, Connecticut (the "Manchester Warehouse") that was sold in the 2012 first quarter (see below).

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