Griffin Announces 2013 First Quarter Results

Griffin Announces 2013 First Quarter Results

NEW YORK, April 11, 2013 (GLOBE NEWSWIRE) -- Griffin Land & Nurseries, Inc.
(Nasdaq:GRIF) ("Griffin") today reported a 2013 first quarter operating loss
of ($969,000) on total revenue of $5,710,000 as compared to a 2012 first
quarter operating loss of ($1,275,000) on total revenue of $4,613,000. Griffin
reported income from continuing operations and net income of $1,310,000 and
basic and diluted income from continuing operations and basic and diluted net
income per share of $0.25 for the 2013 first quarter. In the 2012 first
quarter, Griffin incurred a loss from continuing operations of ($1,125,000)
and a basic and diluted loss from continuing operations per share of ($0.22),
income from a discontinued operation (see below) of $1,647,000 and basic and
diluted income from discontinued operation per share of $0.32 and net income
of $522,000 and basic and diluted net income per share of $0.10.

The increase in Griffin's income from continuing operations in the 2013 first
quarter as compared to the 2012 first quarter reflects approximately
$3,900,000 of gain from the sales of investments in the 2013 first quarter and
approximately $700,000 of property sales gain (see below) recognized in the
2013 first quarter. The gain on property sales recognized in the 2013 first
quarter resulted in Griffin having a lower operating loss in the 2013 first
quarter as compared to the 2012 first quarter.In the 2013 first quarter, the
sale of Griffin's investment in Shemin Nurseries Holding Corp. ("SNHC") was
completed, with Griffin receiving cash proceeds of approximately
$3,400,000.As Griffin had a very low cost basis in this investment, Griffin's
gain on the sale of its investment in SNHC also was approximately
$3,400,000.Also in the 2013 first quarter, Griffin sold 1,324,688 shares of
its common stock of Centaur Media plc ("Centaur Media") for cash proceeds of
approximately $1,200,000, resulting in a gain on sale of approximately
$500,000.After its 2013 first quarter sales of Centaur Media common stock,
Griffin continues to own 3,952,462 shares of common stock in Centaur
Media.There were no sales of Centaur Media common stock in the 2012 first
quarter.In the 2012 first quarter, Griffin reported investment income of
approximately $400,000 from a cash distribution from SNHC.

Griffin's 2013 first quarter operating loss was lower than the operating loss
incurred in the 2012 first quarter due to higher operating profit at Griffin
Land, Griffin's real estate business, principally due to the aforementioned
gain on a land sale transaction reported in the 2013 first quarter.There were
no property sales reflected in continuing operations in the 2012 first
quarter.All of the revenue and gain on property sales in the 2013 first
quarter reflect the recognition of previously deferred revenue and gain of
approximately $900,000 and approximately $700,000, respectively, from the sale
of93 acres of undeveloped land to Dollar Tree Distribution, Inc. (the "Dollar
Tree Sale"),which closed in the 2012 third quarter. As Griffin Land is
required to construct a sewer line to service the property sold, the Dollar
Tree Sale is being accounted for under the percentage of completion method,
whereby the revenue and gain on sale are recorded as costs are incurred.
Griffin Land received all the cash proceeds of $7,000,000, before transaction
costs, at the time the Dollar Tree Sale closed.From the closing of the Dollar
Tree Sale through the end of the 2013 first quarter, Griffin Land has
recognized revenue of approximately $5,600,000 and gain of approximately
$4,700,000.At the end of the 2013 first quarter, the balance of the revenue
that is deferred (approximately $1,400,000) and gain on sale that has not yet
been recognized (approximately $1,200,000 based on the current estimate of
remaining costs to be incurred to complete the construction of the sewer line)
is expected to be reflected in the 2013 second quarter when the construction
of the sewer line is expected to be completed.

The increase in Griffin Land's operating profit as a result of a portion of
the gain on the Dollar Tree Sale being recognized in the 2013 first quarter
was partially offset by slightly lower profit from Griffin Land's leasing
operations in the 2013 first quarter as compared to the 2012 first quarter,
due to higher building operating expenses and higher depreciation and
amortization expense in the 2013 first quarter as compared to the 2012 first
quarter.The increase in building operating expenses was the result of higher
snow removal costs in the 2013 first quarter than the 2012 first quarter
because of the very mild winter weather in the 2012 first quarter.The
increase in depreciation and amortization expense includes depreciation
expense on Griffin Land's new 228,000 square foot warehouse in the Lehigh
Valley of Pennsylvania which was constructed in fiscal 2012 and placed in
service at the end of the 2012 third quarter.Although there have been
expressions of interest in that new building by prospective tenants, there are
no leases in place.The higher building operating expenses and higher
depreciation and amortization expense more than offset an increase in rental
revenue in the 2013 first quarter as compared to the 2012 first quarter.

Imperial Nurseries, Inc. ("Imperial"), Griffin's landscape nursery business
incurred an operating loss in the 2013 first quarter that was essentially
unchanged from the operating loss incurred in the 2012 first quarter.Imperial
historically incurs an operating loss in the first quarter because of the
seasonality of its business. Imperial has minimal sales in the winter months
(December through February) that comprise Griffin's first quarter.

The discontinued operation in Griffin's 2012 first quarter results reflects
the gain on the sale of Griffin Land's 308,000 square foot warehouse in
Manchester, Connecticut and the operating results of that facility during the
2012 first quarter prior to the time it was sold.The sale of the Manchester
warehouse closed on January 31, 2012.Griffin received cash proceeds of
$16,000,000, before transaction expenses, and had a pretax gain on sale of
approximately $2,900,000 from that transaction.

Griffin operates its real estate business, Griffin Land, and Imperial, its
landscape nursery business. Griffin also has an investment in Centaur Media
plc, a public company based in the United Kingdom and listed on the London
Stock Exchange.

Forward-Looking Statements:

This Press Release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act.
Although Griffin believes that its plans, intentions and expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such plans, intentions or expectations will be achieved
particularly with respect to completion of the sewer line currently under
construction and recognition of the remaining revenue and gain on the Dollar
Tree Sale that have been deferred and other statements that are not historical
facts. The projected information disclosed herein is based on assumptions and
estimates that, while considered reasonable by Griffin as of the date hereof,
are inherently subject to significant business, economic, competitive and
regulatory uncertainties and contingencies, many of which are beyond the
control of Griffin and which could cause actual results and events to differ
materially from those expressed or implied in the forward-looking statements.
Important factors that could affect the outcome of the events set forth in
these statements are described in Griffin's Securities and Exchange Commission
filings, including the "Business," "Risk Factors" and "Forward-Looking
Information" sections in Griffin's Annual Report on Form 10-K for the fiscal
year ended December 1, 2012. Griffin disclaims any obligation to update any
forward-looking statements as a result of developments occurring after the
date of this press release except as required by law.

Griffin Land & Nurseries, Inc.
Consolidated Condensed Statements of Operations
(amounts in thousands, except per share data)
(unaudited)

                                First Quarter Ended,                    
                                Mar. 2, 2013            Mar. 3, 2012   
Revenue:                                                              
Rental revenue and property      $5,508         (1)     $4,413       (1)
sales
Landscape nursery net sales and  202                    200           
other revenue
Total revenue                    5,710                   4,613          
                                                                     
Operating profit (loss):                                              
Real estate business             1,066           (1)     728           (1)
Landscape nursery business       (623)                  (643)         
General corporate expense        (1,412)                (1,360)       
Total operating loss             (969)                  (1,275)       
                                                                     
Interest expense                 (978)           (2)     (875)         (2)
Gain on sale of investment in    3,397                  --            
Shemin Nurseries Holding Corp.
Gain on sale of common stock in  504                    --            
Centaur Media plc
Investment income                --                     387           
Income (loss) before taxes       1,954                  (1,763)       
Income tax (provision) benefit   (644)                  638           
                                                                     
Income (loss) from continuing    1,310                  (1,125)       
operations
                                                                     
Discontinued operation, net of                                        
tax: (3)
Income from operations, net of   --                     117           
tax
Gain on sale of warehouse, net   --                     1,530         
of tax
Total discontinued operation,    --                     1,647          
net of tax
                                                                     
Net income                       $1,310                $522         
                                                                     
Basic net income (loss) per                                           
common share:
Income (loss) from continuing    $0.25                 $(0.22)      
operations
Income from discontinued         --                    0.32          
operation (3)
Basic net income per common      $0.25                 $0.10        
share
                                                                     
Diluted net income (loss) per                                         
common share:
Income (loss) from continuing    $0.25                 $(0.22)      
operations
Income from discontinued         --                    0.32          
operation (3)
Diluted net income per common    $0.25                 $0.10        
share
                                                                     
Weighted average common shares
outstandingfor computation of   5,140                   5,134          
basic per share results
                                                                     
Weighted average common shares
outstandingfor computation of   5,144                   5,134          
diluted per share results
                                                                     
                                                                     
(1) Revenue and operating profit at Griffin Land were as follows:
                                First Quarter Ended,                    
                                Mar. 2, 2013            Mar. 3, 2012   
                                                                     
Revenue from leasing operations  $4,624                $4,413       
Revenue from property sales      884                    --            
Total revenue at Griffin Land    $5,508                $4,413       
                                                                     
Operating profit from leasing    $325                  $728         
operations
Operating profit from property   741                    --            
sales
Total operating profit at        $1,066                $728         
Griffin Land
                                                                     
Operating profit from leasing operations includes depreciation and
amortization expense, principally related to real estate properties, of
approximately $1.5 million and approximately $1.4 million in the 2013 and 2012
first quarters, respectively.
                                                                     
(2) Interest expense is primarily for mortgages on Griffin Land's rental
properties.
                                                                     
(3) The discontinued operation reflects the results, net of tax, of Griffin
Land's 308,000 square foot warehouse in Manchester, Connecticut that was sold
to the tenant in that facility on January 31, 2012.

CONTACT: Anthony Galici
         Chief Financial Officer
         (860) 653-4541
 
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