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Griffin Announces 2013 Third Quarter Results

Stocks in this article: GRIF

NEW YORK, Oct. 10, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 third quarter operating loss of ($358,000) on total revenue of $8,231,000, as compared to a 2012 third quarter operating profit of $4,012,000 on total revenue of $12,547,000. Griffin reported a loss from continuing operations and a net loss of ($929,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.18) for the 2013 third quarter. In the 2012 third quarter, Griffin had income from continuing operations and net income of $1,882,000 and basic and diluted income from continuing operations per share and basic and diluted net income per share of $0.37.

For the 2013 nine month period, Griffin reported an operating loss of ($362,000) on total revenue of $29,184,000, as compared to operating profit of $2,682,000 on total revenue of $29,894,000 for the 2012 nine month period. Griffin reported income from continuing operations and net income of $269,000 and basic and diluted income from continuing operations per share and basic and diluted net income per share of $0.05 for the 2013 nine month period. In the 2012 nine month period, Griffin had income from continuing operations of $345,000 and basic and diluted income from continuing operations per share of $0.07. Griffin's net income for the 2012 nine month period, which included the operating results and a gain on sale of Griffin's discontinued operation, was $1,992,000, and Griffin had basic and diluted net income per share of $0.39 for the 2012 nine 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).

The lower operating results in both the 2013 third quarter and 2013 nine month period versus the comparable 2012 periods principally reflect lower operating profit at Griffin Land, Griffin's real estate business. Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business, incurred a higher operating loss in the 2013 third quarter as compared to the 2012 third quarter, however, Imperial's operating loss in the 2013 nine month period was essentially unchanged from the operating loss incurred by Imperial in the 2012 nine month period. Griffin's general corporate expense was essentially unchanged in the 2013 third quarter as compared to the 2012 third quarter, but increased in the 2013 nine month period as compared to the 2012 nine month period.

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