CT landlord Griffin Land reaps tiny 4Q profit

2/16/2012

From Hartford Business –

Connecticut landowner Griffin Land & Nurseries Inc. posted a meager profit in the fiscal fourth quarter, relying on property sales to offset losses from its landscape nursery operation bitten by rising costs and a plant fungus.

For three months ended Dec. 3, New York-based Griffin netted $712,000, or 14 cents a share, vs. a net loss of $545,000, or 11 cents a share, the comparable period a year earlier.

Three-month revenues were $10.9 million vs. $7.4 million a year ago.

For fiscal 2011, Griffin lost $2.5 million, or 48 cents a share, greater than its net loss of $4.5 million, or 88 cents a share, in fiscal 2010.

Full-year revenues were $37.2 million in 2011 vs. $34 million in 2010.

Griffin's pretax net of $2.6 million pretax from its sale of 165 undeveloped acres in Suffield in Granby that was counted in fourth-quarter results.

On Jan. 31, Griffin closed the $16 million sale of a 308,000-square-foot Manchester warehouse to furniture retailer Raymour & Flanigan. However, the estimated $3 million net financial impact won't show up until fiscal first-quarter results are posted.

Meantime, Griffin said its Imperial Nurseries landscape plant and supplies unit continues to be a drag on operating results. Imperial had a $500,000 operating loss in the quarter primarily due to its higher cost of goods sold.

Also, the parent said a fungus invaded Imperial's entire field-crop of young boxwood plants, as well as its harvested inventory of the garden ornamentals, leading to about $400,000 in insurance recoveries.

Griffin's Connecticut realty holdings include the Griffin Center office-industrial complex in Windsor, as well as the New England Tradeport straddling Windsor and East Granby.

It also has land holdings in Florida and Lower Nazareth Township, Pa., where it is building the 531,000-square-foot Lehigh Valley Tradeport.


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