Industry Segment Information

6 Months Ended

Jun. 01, 2013

Industry Segment Information

Industry Segment Information

3.     Industry Segment Information

Griffin defines its reportable segments by their products and services, which are comprised of the real estate and landscape nursery segments.  Management operates and receives reporting based upon these segments.  Griffin has no operations outside the United States.  Griffin’s export sales and transactions between segments are not material.

	For the 13 Weeks Ended,						For the 26 Weeks Ended,
	June 1, 2013			June 2, 2012			June 1, 2013			June 2, 2012
Total net sales and other revenue:
Rental revenue and property sales	$	6,271		$	4,476		$	11,779		$	8,889
Landscape nursery net sales and other revenue	8,972			8,258			9,174			8,458
	$	15,243		$	12,734		$	20,953		$	17,347
Operating profit (loss):
Real estate	$	2,145		$	912		$	3,211		$	1,640
Landscape nursery	214			36			(409		)	(607		)
Industry segment totals	2,359			948			2,802			1,033
General corporate expense	(1,394		)	(1,003		)	(2,806		)	(2,363		)
Operating profit (loss)	965			(55		)	(4		)	(1,330		)
Gain on sale of investment in Shemin Nurseries Holding Corporation	—			—			3,397			—
Gain on sale of common stock in Centaur Media plc	—			—			504			—
Interest expense	(965		)	(830		)	(1,943		)	(1,705		)
Loss on debt extinguishment	(286		)	—			(286		)	—
Investment income	51			82			51			469
Income (loss) before income tax (provision) benefit	$	(235	)	$	(803	)	$	1,719		$	(2,566	)

The above table reflects the net sales and other revenue and operating profit/loss included in continuing operations on Griffin’s consolidated statements of operations.  Operating results of the Manchester, Connecticut warehouse and the gain on the sale of that building are included in the results of the discontinued operation on Griffin’s 2012 six month consolidated statement of operations (see Note 2).

Continuing operations of the real estate segment include property sales revenue of $1,590 and $2,474 in the 2013 second quarter and 2013 six month period, respectively, due primarily to the recognition of previously deferred revenue on a land sale that was completed in the 2012 third quarter (see Note 11).  Included in property sales revenue in the 2013 second quarter and six month period is $177 from an amended agreement related to that 2012 land sale.  There was no revenue from property sales in Griffin’s continuing operations in either the 2012 second quarter or 2012 six month period.

In fiscal 2009, Imperial shut down operations on its Florida farm and entered into a lease with another grower for that property.  Other revenue of the landscape nursery segment includes revenue from the rental of Imperial’s Florida farm as follows:

	For the 13 Weeks Ended,				For the 26 Weeks Ended,
	June 1, 2013		June 2, 2012		June 1, 2013		June 2, 2012
Rental revenue from Imperial’s Florida farm	$	117	$	117	$	234	$	235

Identifiable assets:	June 1, 2013		December 1, 2012
Real estate	$	142,022	$	142,440
Landscape nursery	25,948		20,693
Industry segment totals	167,970		163,133
General corporate	8,406		16,981
Total assets	$	176,376	$	180,114