Quarterly Results of Operations (Unaudited)

12 Months Ended

Nov. 30, 2013

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

15. Quarterly Results of Operations (Unaudited)

        Summarized quarterly financial data are presented below:

2013 Quarters	1st			2nd			3rd			4th			Total
Total revenue	$	5,625		$	6,388		$	5,504		$	8,009		$	25,526
Operating income (loss)		(380	)		581			269			1,966			2,436
Income (loss) from continuing operations		1,684			(394	)		(490	)		1,110			1,910
(Loss) income from discontinued operation, net of tax		(374	)		282			(439	)		(7,200	)		(7,731	)
Net (loss) income		1,310			(112	)		(929	)		(6,090	)		(5,821	)
Per share results:
Basic:
Income (loss) from continuing operations		0.33			(0.08	)		(0.10	)		0.22			0.37
(Loss) income from discontinued operation, net of tax		(0.08	)		0.06			(0.08	)		(1.40	)		(1.50	)
Basic net (loss) income per common share		0.25			(0.02	)		(0.18	)		(1.18	)		(1.13	)
Diluted:
Income (loss) from continuing operations		0.33			(0.08	)		(0.10	)		0.22			0.37
(Loss) income from discontinued operation, net of tax		(0.08	)		0.06			(0.08	)		(1.40	)		(1.50	)
Diluted net (loss) income per common share		0.25			(0.02	)		(0.18	)		(1.18	)		(1.13	)

2012 Quarters	1st			2nd			3rd			4th			Total
Total revenue	$	4,531		$	4,593		$	9,983		$	5,108		$	24,215
Operating income (loss)		(687	)		(282	)		4,375			(20	)		3,386
Income (loss) from continuing operations		(741	)		(617	)		2,173			(619	)		196
Income (loss) from discontinued operations, net of tax		1,263			205			(291	)		(407	)		770
Net income (loss)		522			(412	)		1,882			(1,026	)		966
Per share results:
Basic:
Income (loss) from continuing operations		(0.14	)		(0.12	)		0.42			(0.12	)		0.04
Income (loss) from discontinued operations, net of tax		0.24			0.04			(0.05	)		(0.08	)		0.15
Basic net income (loss) per common share		0.10			(0.08	)		0.37			(0.20	)		0.19
Diluted:
Income (loss) from continuing operations		(0.14	)		(0.12	)		0.42			(0.12	)		0.04
Income (loss) from discontinued operations, net of tax		0.24			0.04			(0.05	)		(0.08	)		0.15
Diluted net income (loss) per common share		0.10			(0.08	)		0.37			(0.20	)		0.19

        In the fiscal 2013 fourth quarter, based on the terms of the Imperial Sale, Griffin recorded an inventory charge of $10,400 which is reflected in the loss from discontinued operations. Also, property sales revenue in Griffin's fiscal 2013 fourth quarter consolidated statement of operations reflects $2,668 from the Windsor Land Sale.

        In the 2012 fourth quarter, as a result of an increase in the estimated costs to complete the required improvements related to the Dollar Tree Sale, Griffin recorded a reduction in revenue of $657 for the Dollar Tree Sale. The increase in estimated costs was due to changes to the location of the sewer line to be constructed that was required by the governmental authority responsible for such matters. As a result, the estimated costs to complete the sewer construction increased from the estimate made at the end of the fiscal 2012 third quarter, thus the estimated percentage of completion was lower at the end of fiscal 2012 than what was estimated at the end of the fiscal 2012 third quarter.

        The sum of the four quarters earnings per share data may not equal the annual earnings per share data due to the requirement that each period be calculated separately.