Delaware
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06-0868496
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification Number)
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Commission File Number
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1-12879
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One Rockefeller Plaza, New York, New York
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10020
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s Telephone Number including Area Code
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(212) 218-7910
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(Former name or former address, if changed since last report) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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SIGNATURE
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GRIFFIN LAND & NURSERIES, INC.
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By:
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/s/ Anthony J. Galici
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Anthony J. Galici
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Vice President, Chief Financial Officer
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and Secretary
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Dated: July 7, 2011
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NEWS FROM:
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Exhibit 99.1
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GRIFFIN LAND & NURSERIES, INC.
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CONTACT:
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Anthony Galici
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Chief Financial Officer
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(860) 653-4541
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Griffin Land & Nurseries, Inc.
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Consolidated Condensed Statements of Operations
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(amounts in thousands, except per share data) | |||||||||||||||||
(unaudited)
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Second Quarter Ended,
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Six Months Ended,
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May 28, 2011
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May 29, 2010
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May 28, 2011
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May 29, 2010
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Revenue
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Rental revenue and property sales
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$ | 4,846 | $ | 4,623 | $ | 9,659 | $ | 9,150 | |||||||||
Landscape nursery net sales and other revenue
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9,262 | 10,868 | 9,445 | 11,147 | |||||||||||||
Total revenue
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14,108 | 15,491 | 19,104 | 20,297 | |||||||||||||
Operating profit (loss):
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Real estate business
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1,108 | (1) | 876 | (1) | 1,384 | (1) | 836 | (1)(2) | |||||||||
Landscape nursery business
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82 | (3) | 33 | (1,120 | ) | (4) | (750 | ) | |||||||||
General corporate expense
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(1,186 | ) | (1,097 | ) | (2,601 | ) | (2,278 | ) | |||||||||
Total operating profit (loss)
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4 | (188 | ) | (2,337 | ) | (2,192 | ) | ||||||||||
Interest expense
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(1,056 | ) | (1,141 | ) | (2,132 | ) | (2,182 | ) | |||||||||
Investment income
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80 | 70 | 91 | 174 | |||||||||||||
Loss before taxes
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(972 | ) | (1,259 | ) | (4,378 | ) | (4,200 | ) | |||||||||
Income tax benefit
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343 | 474 | 1,620 | 1,571 | |||||||||||||
Net loss
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$ | (629 | ) | $ | (785 | ) | $ | (2,758 | ) | $ | (2,629 | ) | |||||
Basic net loss per common share
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$ | (0.12 | ) | $ | (0.15 | ) | $ | (0.54 | ) | $ | (0.52 | ) | |||||
Diluted net loss per common share
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$ | (0.12 | ) | $ | (0.15 | ) | $ | (0.54 | ) | $ | (0.52 | ) | |||||
Weighted average common shares outstanding
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for computation of basic per share results
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5,128 | 5,103 | 5,126 | 5,101 | |||||||||||||
Weighted average common shares outstanding
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for computation of diluted per share results
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5,128 | 5,103 | 5,126 | 5,101 | |||||||||||||
(1) Includes depreciation and amortization expense, principally related to real estate properties, of $1.5 million and $1.6 million in the 2011 and 2010 second quarters, respectively, and $3.1 million in both the 2011 and 2010 six month periods.
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(2) Includes $0.3 million of expense associated with the acquisition of a 120,000 square foot industrial building in the 2010 first quarter.
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(3) Includes a net credit of approximately $0.2 million, reflecting: (a) a credit of approximately $0.3 million to reduce the charge of approximately $0.6 million recorded in the first quarter for the estimated number of plants that became unsaleable from the collapse this past winter, due to snow load, of some of the hoop houses in which the plants were stored because the actual number of plants that became unsaleable was lower than previously estimated; partially offset by (b) a charge of approximately $0.1 million for certain starter plants that were lost due to a disease issue.
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(4) Includes a charge of approximately $0.4 million for plants that became unsalable, reflecting: (a) approximately $0.3 million for plants that became unsaleable due to the collapse this past winter, due to snow load, of some of Imperial's hoop houses in which the plants were stored; and (b) approximately $0.1 million for certain starter plants that were lost due to a disease issue. There were no charges recorded for the damaged hoop houses because they were fully depreciated prior to fiscal 2011. The 2011 six month results for Imperial also includes a $0.2 million gain from insurance recovery, reflecting the initial insurance proceeds received for the damaged hoop houses. Imperial continues to work with its insurance carrier to obtain additional recoveries for the losses incurred, and while Imperial believes that additional recoveries are likely to be received, they are not assured at this time. Additional gain from insurance recoveries would be recorded when it becomes probable that such additional insurance proceeds will be received.
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