Latest Griffin Land & Nurseries (GRIF) Headlines
Griffin Announces 2013 Fourth Quarter Results
GlobeNewswire - Thu Feb 13, 9:51AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") reported today that it had 2013 fourth quarter total revenue from continuing operations of $8,009,000, income from continuing operations of $1,110,000 and basic and diluted income from continuing operations per share of $0.22 as compared to total revenue from continuing operations of $5,108,000, a loss from continuing operations of ($619,000) and a basic and diluted loss from continuing operations per share of ($0.12) for the 2012 fourth quarter. Griffin's results from continuing operations reflect Griffin's real estate business, Griffin Land, LLC ("Griffin Land"). Griffin's landscape nursery business, Imperial Nurseries, Inc. ("Imperial"), is reported as a discontinued operation. Effective January 8, 2014, Griffin and Imperial entered into an agreement with Monrovia Nursery Company ("Monrovia"), a private company grower of landscape nursery products, under which Imperial sold its inventory and certain other assets to Monrovia (the "Imperial Sale") for an initial cash payment of approximately $840,000 received at closing (subject to certain adjustments) and a note receivable for $4,250,000 to be paid in two installments: June 1, 2014 and June 1, 2015. Concurrent with the Imperial Sale, Griffin and Imperial entered into a long-term lease with Monrovia (the "Imperial Lease" and combined with the Imperial Sale, the "Imperial Transaction") for most of the land, land improvements and other fixed assets (collectively the "Land and Improvements") that were used by Imperial in its Connecticut growing operations. Monrovia also has an option to purchase all or certain portions of the leased Land and Improvements during the lease term.
Griffin Announces Closing on Imperial Nurseries Transaction
GlobeNewswire - Thu Jan 09, 8:00AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it has completed the disposition of the landscape nursery growing operations of Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business. This transaction, with Monrovia Nursery Company ("Monrovia"), a private company grower of landscape nursery products, includes a sale of Imperial's inventory and certain other assets for an initial cash payment of approximately $840,000 received at closing (subject to certain adjustments) and a note receivable for $4,250,000 to be paid in two installments: June 1, 2014 and June 1, 2015. This transaction also includes a long-term lease to Monrovia of most of the land, land improvements and other fixed assets (collectively the "Land and Improvements") that were used by Imperial in its Connecticut growing operations. Monrovia also has an option to purchase all or portions of the leased Land and Improvements during the lease term. Substantially all of Imperial's operations and sales personnel are being employed by Monrovia. Griffin expects to record a significant charge from this transaction in its fiscal 2013 fourth quarter results due to the sale of Imperial's inventory and other assets at a discount to their book value. As a result of this transaction, Imperial will be reported as a discontinued operation in Griffin's consolidated financial statements.
Griffin Announces Closing on Land Sale
GlobeNewswire - Thu Nov 21, 2:35PM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today announced that a subsidiary of its real estate business, Griffin Land, LLC ("Griffin Land"), closed on the sale of approximately 90 acres of undeveloped land for approximately $9 million in cash, before transaction expenses. The land sold is in Windsor, Connecticut and is part of an approximately 268 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the sale, Griffin Land and the buyer will each construct roadways connecting the land parcel sold with existing town roads. The roads to be built will also provide access to the remaining acreage in Griffin Land's land parcel. At closing, the proceeds were placed in escrow for the potential purchase of a replacement property under a Section 1031 like-kind exchange although Griffin has not yet identified a replacement property. If a Section 1031 like-kind exchange transaction is not completed, the escrowed funds will be returned to Griffin. Griffin Land expects to recognize a material pretax gain on this transaction which will be recorded over the next few quarters using the percentage of completion method.
Griffin Announces Annual Dividend
GlobeNewswire - Wed Nov 20, 3:32PM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that its Board of Directors has declared an annual dividend of $0.20 per share on the Company's common stock. The dividend is payable on December 10, 2013 to stockholders of record at the close of business on December 3, 2013. The Board's decision to declare an annual dividend this year was based on Griffin's cash flow during the fiscal year ending November 30, 2013 including its sale of undeveloped land in Windsor, Connecticut for a distribution warehouse expected to close this week and Griffin's projections of its future cash flows over the next three fiscal years, including Griffin's expected capital spending during those periods. During the next three fiscal years, Griffin expects its real estate business to continue to have substantial capital spending for construction and leasing in the Lehigh Valley of Pennsylvania, as well as for continuing investments in tenant improvements, lease commissions and land improvements related to Griffin Land's Connecticut real estate holdings. Prospectively, Griffin expects to continue to consider the payment of an annual dividend late in the year based on that year's results and cash flows and its estimated future cash requirements.
Griffin Announces 2013 Third Quarter Results
GlobeNewswire - Thu Oct 10, 9:35AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 third quarter operating loss of ($358,000) on total revenue of $8,231,000, as compared to a 2012 third quarter operating profit of $4,012,000 on total revenue of $12,547,000. Griffin reported a loss from continuing operations and a net loss of ($929,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.18) for the 2013 third quarter. In the 2012 third quarter, Griffin had income from continuing operations and net income of $1,882,000 and basic and diluted income from continuing operations per share and basic and diluted net income per share of $0.37.
Griffin Announces Agreement for Land Sale
GlobeNewswire - Mon Sep 09, 8:15AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today announced that a subsidiary of its real estate business, Griffin Land, LLC ("Griffin Land"), entered into a Real Estate Sales Contract (the "Sales Contract") for the sale of approximately 90 acres of undeveloped land for approximately $9 million in cash, before transaction expenses. The land to be sold is in Windsor, Connecticut and is part of an approximately 268 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the Sales Contract, Griffin Land and the buyer will construct roadways connecting the land parcel to be sold with existing town roads. The roads to be built will also provide access to the remaining acreage in Griffin Land's land parcel. The completion of this transaction is contingent on a number of factors, including the buyer obtaining all necessary final permits from governmental authorities for its development plans for the site it would acquire and the buyer receiving municipal and state economic development incentives it deems adequate. If completed under its current terms, Griffin Land expects to record a material pretax gain on this transaction. There is no guarantee that this transaction will be completed under its current terms, or at all.
Griffin Announces Closing on Mortgage Loan
GlobeNewswire - Thu Aug 29, 8:42AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced that a subsidiary of its real estate business, Griffin Land, LLC, closed on a $9.1 million nonrecourse mortgage loan on its 228,000 square foot industrial building in Lower Nazareth, Pennsylvania with First Niagara Bank. The mortgage loan has a variable interest rate, but Griffin Land entered into an interest rate swap agreement with First Niagara Bank to fix the rate at 4.79% over the ten-year term of the loan. Payments on the loan are based on a twenty-five year amortization period. The building that was mortgaged was completed in August 2012, and a five-year full building lease of this facility was signed earlier this year. This building is the first of two to be built in Lehigh Valley Tradeport, a 51 acre industrial park located in a major industrial area of the Lehigh Valley of Pennsylvania. The proceeds from this mortgage loan are expected to be used for the construction of the second Lehigh Valley Tradeport building, which is planned to be approximately 303,000 square feet. It is expected that construction will begin on this building in the fourth quarter of this year.
Griffin Announces Letter of Intent for Imperial Nurseries Transaction
GlobeNewswire - Mon Aug 26, 8:00AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it had entered into a letter of intent for the disposition of the landscape nursery growing operations of Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business. The intended transaction, with a private company grower of landscape nursery products, would include a sale of Imperial's inventory with payments to be received over a series of years, and a long-term lease, with the option to purchase, of the land, land improvements and other operating assets that are used by Imperial in its Connecticut growing operations. It is expected that substantially all of Imperial's operations and sales personnel would be employed by the buyer. The transaction is subject to the negotiation of a definitive agreement, completion of due diligence, financing and other conditions. This transaction is expected to be completed in the fall of 2013. Griffin expects to record a significant charge based on the terms under which Imperial's inventory would be sold. There is no guarantee that this transaction will be completed under its current terms, or at all.
Griffin Announces 2013 Second Quarter Results
GlobeNewswire - Thu Jul 11, 10:12AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 second quarter operating profit of $965,000 on total revenue of $15,243,000, as compared to a 2012 second quarter operating loss of ($55,000) on total revenue of $12,734,000. Griffin reported a loss from continuing operations and a net loss of ($112,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.02) for the 2013 second quarter. In the 2012 second quarter, Griffin incurred a loss from continuing operations and a net loss of ($412,000) and had a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.08).
Griffin Announces Lease Signing
GlobeNewswire - Mon May 20, 8:15AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that its real estate business, Griffin Land, signed a five-year full building lease for its 228,000 square foot warehouse facility in the Lehigh Valley of Pennsylvania that was completed in the latter part of fiscal 2012. Griffin Land will seek a mortgage loan on that building and, if such mortgage is obtained, intends to use the mortgage proceeds to fund the development of a second building on the same Lehigh Valley land parcel. The building to be constructed is expected to be approximately 300,000 square feet.
Griffin's 2013 Annual Meeting of Stockholders
GlobeNewswire - Tue May 14, 8:00AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") will hold its 2013 Annual Meeting of Stockholders today. Frederick M. Danziger, Griffin's Chairman and Chief Executive Officer, will update stockholders at the Annual Meeting on Griffin's current activities.
Griffin Announces Closing on New Revolving Credit Agreement
GlobeNewswire - Thu Apr 25, 10:39AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it has closed on a $12.5 million revolving line of credit (the "2013 Credit Line") with Webster Bank. The 2013 Credit Line replaces an expiring revolving line of credit of the same amount with Doral Bank. The 2013 Credit Line has a term of two years, with an option for Griffin to extend it for a third year. The 2013 Credit Line has an interest rate of one month LIBOR plus 2.75% and is collateralized by Griffin Land's office/flex buildings in Griffin Center South and Griffin Land's single story office building in Griffin Center, the same properties that collateralized the expiring line of credit. Griffin did not have any amounts outstanding under its expiring revolving line of credit and did not draw down under the 2013 Credit Line at closing. Griffin expects to use future borrowings under the 2013 Credit Line for general corporate purposes.
Griffin Announces 2013 First Quarter Results
GlobeNewswire - Thu Apr 11, 9:00AM CDT
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.
Griffin Announces Closing on Acquisition of Undeveloped Land in Pennsylvania
GlobeNewswire - Mon Dec 31, 11:31AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced that its real estate division, Griffin Land, closed on the previously announced acquisition of an approximate 49 acre parcel of undeveloped land for approximately $7.2 million, before closing costs. The land acquired, located in Hanover Township in the Lehigh Valley of Pennsylvania, is expected to support the development of two industrial buildings totaling at least 500,000 square feet. As the approvals for such development are not yet in place, the seller agreed to provide Griffin Land with recission rights if the required approvals are not obtained or the seller does not complete certain post-closing obligations. The funds used to acquire this land were principally the cash proceeds from Griffin Land's July 7, 2012 sale of undeveloped land to Dollar Tree, Inc. which were held in escrow since that date in order to qualify for a section 1031 like-kind exchange for income tax purposes.
Griffin Announces 2013 Fourth Quarter Results
GlobeNewswire - Thu Feb 13, 9:51AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") reported today that it had 2013 fourth quarter total revenue from continuing operations of $8,009,000, income from continuing operations of $1,110,000 and basic and diluted income from continuing operations per share of $0.22 as compared to total revenue from continuing operations of $5,108,000, a loss from continuing operations of ($619,000) and a basic and diluted loss from continuing operations per share of ($0.12) for the 2012 fourth quarter. Griffin's results from continuing operations reflect Griffin's real estate business, Griffin Land, LLC ("Griffin Land"). Griffin's landscape nursery business, Imperial Nurseries, Inc. ("Imperial"), is reported as a discontinued operation. Effective January 8, 2014, Griffin and Imperial entered into an agreement with Monrovia Nursery Company ("Monrovia"), a private company grower of landscape nursery products, under which Imperial sold its inventory and certain other assets to Monrovia (the "Imperial Sale") for an initial cash payment of approximately $840,000 received at closing (subject to certain adjustments) and a note receivable for $4,250,000 to be paid in two installments: June 1, 2014 and June 1, 2015. Concurrent with the Imperial Sale, Griffin and Imperial entered into a long-term lease with Monrovia (the "Imperial Lease" and combined with the Imperial Sale, the "Imperial Transaction") for most of the land, land improvements and other fixed assets (collectively the "Land and Improvements") that were used by Imperial in its Connecticut growing operations. Monrovia also has an option to purchase all or certain portions of the leased Land and Improvements during the lease term.
Griffin Announces Closing on Imperial Nurseries Transaction
GlobeNewswire - Thu Jan 09, 8:00AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it has completed the disposition of the landscape nursery growing operations of Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business. This transaction, with Monrovia Nursery Company ("Monrovia"), a private company grower of landscape nursery products, includes a sale of Imperial's inventory and certain other assets for an initial cash payment of approximately $840,000 received at closing (subject to certain adjustments) and a note receivable for $4,250,000 to be paid in two installments: June 1, 2014 and June 1, 2015. This transaction also includes a long-term lease to Monrovia of most of the land, land improvements and other fixed assets (collectively the "Land and Improvements") that were used by Imperial in its Connecticut growing operations. Monrovia also has an option to purchase all or portions of the leased Land and Improvements during the lease term. Substantially all of Imperial's operations and sales personnel are being employed by Monrovia. Griffin expects to record a significant charge from this transaction in its fiscal 2013 fourth quarter results due to the sale of Imperial's inventory and other assets at a discount to their book value. As a result of this transaction, Imperial will be reported as a discontinued operation in Griffin's consolidated financial statements.
Griffin Announces Closing on Land Sale
GlobeNewswire - Thu Nov 21, 2:35PM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today announced that a subsidiary of its real estate business, Griffin Land, LLC ("Griffin Land"), closed on the sale of approximately 90 acres of undeveloped land for approximately $9 million in cash, before transaction expenses. The land sold is in Windsor, Connecticut and is part of an approximately 268 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the sale, Griffin Land and the buyer will each construct roadways connecting the land parcel sold with existing town roads. The roads to be built will also provide access to the remaining acreage in Griffin Land's land parcel. At closing, the proceeds were placed in escrow for the potential purchase of a replacement property under a Section 1031 like-kind exchange although Griffin has not yet identified a replacement property. If a Section 1031 like-kind exchange transaction is not completed, the escrowed funds will be returned to Griffin. Griffin Land expects to recognize a material pretax gain on this transaction which will be recorded over the next few quarters using the percentage of completion method.
Griffin Announces Annual Dividend
GlobeNewswire - Wed Nov 20, 3:32PM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that its Board of Directors has declared an annual dividend of $0.20 per share on the Company's common stock. The dividend is payable on December 10, 2013 to stockholders of record at the close of business on December 3, 2013. The Board's decision to declare an annual dividend this year was based on Griffin's cash flow during the fiscal year ending November 30, 2013 including its sale of undeveloped land in Windsor, Connecticut for a distribution warehouse expected to close this week and Griffin's projections of its future cash flows over the next three fiscal years, including Griffin's expected capital spending during those periods. During the next three fiscal years, Griffin expects its real estate business to continue to have substantial capital spending for construction and leasing in the Lehigh Valley of Pennsylvania, as well as for continuing investments in tenant improvements, lease commissions and land improvements related to Griffin Land's Connecticut real estate holdings. Prospectively, Griffin expects to continue to consider the payment of an annual dividend late in the year based on that year's results and cash flows and its estimated future cash requirements.
Griffin Announces 2013 Third Quarter Results
GlobeNewswire - Thu Oct 10, 9:35AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 third quarter operating loss of ($358,000) on total revenue of $8,231,000, as compared to a 2012 third quarter operating profit of $4,012,000 on total revenue of $12,547,000. Griffin reported a loss from continuing operations and a net loss of ($929,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.18) for the 2013 third quarter. In the 2012 third quarter, Griffin had income from continuing operations and net income of $1,882,000 and basic and diluted income from continuing operations per share and basic and diluted net income per share of $0.37.
Griffin Announces Agreement for Land Sale
GlobeNewswire - Mon Sep 09, 8:15AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today announced that a subsidiary of its real estate business, Griffin Land, LLC ("Griffin Land"), entered into a Real Estate Sales Contract (the "Sales Contract") for the sale of approximately 90 acres of undeveloped land for approximately $9 million in cash, before transaction expenses. The land to be sold is in Windsor, Connecticut and is part of an approximately 268 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the Sales Contract, Griffin Land and the buyer will construct roadways connecting the land parcel to be sold with existing town roads. The roads to be built will also provide access to the remaining acreage in Griffin Land's land parcel. The completion of this transaction is contingent on a number of factors, including the buyer obtaining all necessary final permits from governmental authorities for its development plans for the site it would acquire and the buyer receiving municipal and state economic development incentives it deems adequate. If completed under its current terms, Griffin Land expects to record a material pretax gain on this transaction. There is no guarantee that this transaction will be completed under its current terms, or at all.
Griffin Announces Closing on Mortgage Loan
GlobeNewswire - Thu Aug 29, 8:42AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced that a subsidiary of its real estate business, Griffin Land, LLC, closed on a $9.1 million nonrecourse mortgage loan on its 228,000 square foot industrial building in Lower Nazareth, Pennsylvania with First Niagara Bank. The mortgage loan has a variable interest rate, but Griffin Land entered into an interest rate swap agreement with First Niagara Bank to fix the rate at 4.79% over the ten-year term of the loan. Payments on the loan are based on a twenty-five year amortization period. The building that was mortgaged was completed in August 2012, and a five-year full building lease of this facility was signed earlier this year. This building is the first of two to be built in Lehigh Valley Tradeport, a 51 acre industrial park located in a major industrial area of the Lehigh Valley of Pennsylvania. The proceeds from this mortgage loan are expected to be used for the construction of the second Lehigh Valley Tradeport building, which is planned to be approximately 303,000 square feet. It is expected that construction will begin on this building in the fourth quarter of this year.
Griffin Announces Letter of Intent for Imperial Nurseries Transaction
GlobeNewswire - Mon Aug 26, 8:00AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it had entered into a letter of intent for the disposition of the landscape nursery growing operations of Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape nursery business. The intended transaction, with a private company grower of landscape nursery products, would include a sale of Imperial's inventory with payments to be received over a series of years, and a long-term lease, with the option to purchase, of the land, land improvements and other operating assets that are used by Imperial in its Connecticut growing operations. It is expected that substantially all of Imperial's operations and sales personnel would be employed by the buyer. The transaction is subject to the negotiation of a definitive agreement, completion of due diligence, financing and other conditions. This transaction is expected to be completed in the fall of 2013. Griffin expects to record a significant charge based on the terms under which Imperial's inventory would be sold. There is no guarantee that this transaction will be completed under its current terms, or at all.
Griffin Announces 2013 Second Quarter Results
GlobeNewswire - Thu Jul 11, 10:12AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") today reported a 2013 second quarter operating profit of $965,000 on total revenue of $15,243,000, as compared to a 2012 second quarter operating loss of ($55,000) on total revenue of $12,734,000. Griffin reported a loss from continuing operations and a net loss of ($112,000) and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.02) for the 2013 second quarter. In the 2012 second quarter, Griffin incurred a loss from continuing operations and a net loss of ($412,000) and had a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of ($0.08).
Griffin Announces Lease Signing
GlobeNewswire - Mon May 20, 8:15AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that its real estate business, Griffin Land, signed a five-year full building lease for its 228,000 square foot warehouse facility in the Lehigh Valley of Pennsylvania that was completed in the latter part of fiscal 2012. Griffin Land will seek a mortgage loan on that building and, if such mortgage is obtained, intends to use the mortgage proceeds to fund the development of a second building on the same Lehigh Valley land parcel. The building to be constructed is expected to be approximately 300,000 square feet.
Griffin's 2013 Annual Meeting of Stockholders
GlobeNewswire - Tue May 14, 8:00AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") will hold its 2013 Annual Meeting of Stockholders today. Frederick M. Danziger, Griffin's Chairman and Chief Executive Officer, will update stockholders at the Annual Meeting on Griffin's current activities.
Griffin Announces Closing on New Revolving Credit Agreement
GlobeNewswire - Thu Apr 25, 10:39AM CDT
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced today that it has closed on a $12.5 million revolving line of credit (the "2013 Credit Line") with Webster Bank. The 2013 Credit Line replaces an expiring revolving line of credit of the same amount with Doral Bank. The 2013 Credit Line has a term of two years, with an option for Griffin to extend it for a third year. The 2013 Credit Line has an interest rate of one month LIBOR plus 2.75% and is collateralized by Griffin Land's office/flex buildings in Griffin Center South and Griffin Land's single story office building in Griffin Center, the same properties that collateralized the expiring line of credit. Griffin did not have any amounts outstanding under its expiring revolving line of credit and did not draw down under the 2013 Credit Line at closing. Griffin expects to use future borrowings under the 2013 Credit Line for general corporate purposes.
Griffin Announces 2013 First Quarter Results
GlobeNewswire - Thu Apr 11, 9:00AM CDT
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.
Griffin Announces Closing on Acquisition of Undeveloped Land in Pennsylvania
GlobeNewswire - Mon Dec 31, 11:31AM CST
Griffin Land & Nurseries, Inc. (Nasdaq:GRIF) ("Griffin") announced that its real estate division, Griffin Land, closed on the previously announced acquisition of an approximate 49 acre parcel of undeveloped land for approximately $7.2 million, before closing costs. The land acquired, located in Hanover Township in the Lehigh Valley of Pennsylvania, is expected to support the development of two industrial buildings totaling at least 500,000 square feet. As the approvals for such development are not yet in place, the seller agreed to provide Griffin Land with recission rights if the required approvals are not obtained or the seller does not complete certain post-closing obligations. The funds used to acquire this land were principally the cash proceeds from Griffin Land's July 7, 2012 sale of undeveloped land to Dollar Tree, Inc. which were held in escrow since that date in order to qualify for a section 1031 like-kind exchange for income tax purposes.
