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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SIGNATURES
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GRIFFIN INDUSTRIAL REALTY, 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: February 12, 2016
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NEWS FROM:
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Exhibit 99.1
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GRIFFIN INDUSTRIAL REALTY, INC.
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CONTACT:
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Anthony Galici
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Chief Financial Officer
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(860) 286-1307
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Griffin Industrial Realty, Inc.
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Consolidated Statements of Operations
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(amounts in thousands, except per share data)
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(unaudited)
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Fourth Quarter Ended,
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Fiscal Year Ended,
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Nov. 30, 2015
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Nov. 30, 2014
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Nov. 30, 2015
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Nov. 30, 2014
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Rental revenue
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$ | 6,639 | $ | 5,327 | $ | 24,605 | $ | 20,552 | |||||
Revenue from property sales (2)
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836 | 2,393 | 3,483 | 3,667 | |||||||||
Total revenue
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7,475 | 7,720 | 28,088 | 24,219 | |||||||||
Operating expenses of rental properties
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2,005 | 1,803 | 8,415 | 7,801 | |||||||||
Depreciation and amortization expense
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2,041 | 1,739 | 7,668 | 6,729 | |||||||||
Costs related to property sales
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150 | 479 | 634 | 803 | |||||||||
General and administrative expenses
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1,866 | 1,555 | 7,057 | 7,077 | |||||||||
Total costs and expenses
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6,062 | 5,576 | 23,774 | 22,410 | |||||||||
Operating income
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1,413 | 2,144 | 4,314 | 1,809 | |||||||||
Interest expense (3)
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(1,025 | ) | (864 | ) | (3,670 | ) | (3,529 | ) | |||||
Investment income
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50 | 82 | 161 | 301 | |||||||||
Gain on sale of common stock in Centaur Media plc
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- | - | - | 318 | |||||||||
Loss on debt extinguishment
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- | - | - | (51 | ) | ||||||||
Income (loss) before income tax provision
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438 | 1,362 | 805 | (1,152 | ) | ||||||||
Income tax provision
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(274 | ) | (1,089 | ) | (380 | ) | (96 | ) | |||||
Income (loss) from continuing operations
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164 | 273 | 425 | (1,248 | ) | ||||||||
Discontinued operations, net of tax:
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Income from landscape nursery business, net of tax, including loss on sale of assets of $28, net of tax, in fiscal 2014
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- | - | - | 144 | |||||||||
Net income (loss)
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$ | 164 | $ | 273 | $ | 425 | $ | (1,104 | ) | ||||
Basic net income (loss) per common share:
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Income (loss) from continuing operations
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$ | 0.03 | $ | 0.05 | $ | 0.08 | $ | (0.24 | ) | ||||
Income from discontinued operations
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- | - | - | 0.03 | |||||||||
Basic net income (loss) per common share
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$ | 0.03 | $ | 0.05 | $ | 0.08 | $ | (0.21 | ) | ||||
Diluted net income (loss) per common share:
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Income (loss) from continuing operations
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$ | 0.03 | $ | 0.05 | $ | 0.08 | $ | (0.24 | ) | ||||
Income from discontinued operations
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- | - | - | 0.03 | |||||||||
Diluted net income (loss) per common share
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$ | 0.03 | $ | 0.05 | $ | 0.08 | $ | (0.21 | ) | ||||
Weighted average common shares outstanding
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for computation of basic per share results
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5,153 | 5,150 | 5,151 | 5,148 | |||||||||
Weighted average common shares outstanding
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for computation of diluted per share results
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5,155 | 5,153 | 5,168 | 5,148 | |||||||||
(1) Profit from leasing activities:
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Fourth Quarter Ended,
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Fiscal Year Ended,
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Nov. 30, 2015
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Nov. 30, 2014
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Nov. 30, 2015
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Nov. 30, 2014
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Rental revenue
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$ | 6,639 | $ | 5,327 | $ | 24,605 | $ | 20,552 | |||||
Operating expenses of rental properties
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2,005 | 1,803 | 8,415 | 7,801 | |||||||||
Profit from leasing activities
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$ | 4,634 | $ | 3,524 | $ | 16,190 | $ | 12,751 | |||||
(2) Property sales revenue in the 2015 fourth quarter and 2015 full year includes the recognition of approximately $236 and $2,483, respectively, of previously deferred revenue from the sale of approximately 90 acres of undeveloped land in Windsor, Connecticut (the "Windsor Land Sale") that closed in fiscal 2013 and is being accounted for under the percentage of completion method. Property sales revenue in the 2014 fourth quarter and 2014 full year includes the recognition of approximately $1,831 and $3,105, respectively, of previously deferred revenue from the Windsor Land Sale. Total revenue from the Windsor Land Sale was $8,968 and the estimated total pretax gain on sale is expected to be approximately $6,765 after all costs are incurred.
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(3) Interest expense is primarily for mortgages on Griffin's rental properties.
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