Investments

3 Months Ended

Mar. 02, 2013

Investments

Investments

7.     Investments

Centaur Media plc

Griffin’s investment in the common stock of Centaur Media plc (“Centaur Media”) is accounted for as an available-for-sale security under FASB ASC 320-10, “Investments — Debt and Equity Securities.”  Accordingly, changes in the fair value of Centaur Media, net of income taxes, along with the effect of changes in the foreign currency exchange rate, net of income taxes, are included in accumulated other comprehensive income (see Notes 10 and 11).

As of December 1, 2012, Griffin held 5,277,150 shares of Centaur Media common stock.  In the 2013 first quarter, Griffin sold 1,324,688 shares of its Centaur Media common stock for total cash proceeds of $1,160, after transaction costs, including $291 that was received subsequent to the end of the 2013 first quarter.  The sale of Centaur Media common stock resulted in a pretax gain of $504 in the 2013 first quarter.  Griffin held 3,952,462 shares of Centaur Media common stock as of March 2, 2013.

The cost, unrealized gain and fair value of Griffin’s investment in Centaur Media are as follows:

	March 2, 2013		December 1, 2012
Fair value	$	3,002	$	4,226
Cost	1,957		2,613
Unrealized gain	$	1,045	$	1,613

Shemin Nurseries Holding Corp.

As of December 1, 2012, Griffin held an approximate 14% equity interest in Shemin Nurseries Holding Corp. (“SNHC”), which operated a landscape nursery distribution business through its subsidiary.  Griffin accounted for its investment in SNHC under the cost method of accounting for investments.  In the 2012 first quarter, Griffin received a cash distribution from SNHC which was treated as investment income and return of investment.  Accordingly, Griffin did not have any remaining book value in its investment in SNHC as of December 1, 2012.

On January 18, 2013, Griffin completed the sale of its investment in SNHC for total cash proceeds of $3,418, resulting in a pretax gain of $3,397.  Cash proceeds of $3,226 were received at closing and additional cash proceeds of $192 were received subsequent to the end of the 2013 first quarter from certain post-closing purchase price adjustments.