Delaware |
0-29288 |
(State
or other jurisdiction of incorporation) |
(Commission
File Number) |
One
Rockefeller Plaza, New York, New York |
06-0868496 |
(Address
of principal executive offices) |
(IRS
Employer Identification No.) |
10020 | |
(Zip
Code) | |
Registrant's
telephone number, including area code |
(212)
218-7910 |
[
] |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
[
] |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
[
] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
[
] |
Pre-commencement
communications pursuant to Rule 13e-4© under the Exchange Act (17 CFR
240.13e-4(c)) |
GRIFFIN
LAND & NURSERIES, INC. | |
/s/
Anthony J. Galici | |
Anthony
J. Galici | |
Vice
President, Chief Financial Officer and Secretary | |
Dated:
April 12, 2005 |
NEWS
FROM: |
Exhibit
99.1 |
GRIFFIN
LAND & NURSERIES, INC. |
CONTACT: |
Anthony
Galici | |
Chief
Financial Officer | |
(860)
653-4541 |
Griffin
Land & Nurseries, Inc. |
|||||||||||||
Consolidated
Condensed Statements of Operations |
|||||||||||||
(amounts
in thousands, except per share data) |
|||||||||||||
(unaudited) |
|||||||||||||
First
Quarter Ended, |
|||||||||||||
Feb.
26, 2005 |
Feb.
28, 2004 |
||||||||||||
Revenue |
|||||||||||||
Landscape
nursery net sales |
$ |
464 |
$ |
422 |
|||||||||
Rental
revenue and property sales |
2,840
|
2,484
|
|||||||||||
Total
revenue |
3,304
|
2,906
|
|||||||||||
Operating
profit (loss): |
|||||||||||||
Landscape
nursery business |
(1,013 |
) |
(873 |
) |
|||||||||
Real
estate business |
(68 |
) |
(1)
(2) |
|
19
|
(1) |
| ||||||
General
corporate expense |
(783 |
) |
(543 |
) |
|||||||||
Total
operating loss |
(1,864 |
) |
(1,397 |
) |
|||||||||
Interest
expense, net of interest income and gains on short-term
investments |
(350 |
) |
(3) |
|
(701 |
) |
(3) |
| |||||
Loss
before taxes |
(2,214 |
) |
(2,098 |
) |
|||||||||
Income
tax benefit |
(760 |
) |
(783 |
) |
|||||||||
Loss
before equity investment |
(1,454 |
) |
(1,315 |
) |
|||||||||
Loss
from equity investment |
-
|
(89 |
) |
||||||||||
Net
loss |
$ |
(1,454 |
) |
$ |
(1,404 |
) |
|||||||
Basic
net loss per common share |
$ |
(0.29 |
) |
$ |
(0.29 |
) |
|||||||
Diluted
net loss per common share |
$ |
(0.29 |
) |
$ |
(0.29 |
) |
|||||||
Weighted
average common shares outstanding |
|||||||||||||
for
computation of basic per share results |
4,961
|
4,879
|
|||||||||||
Weighted
average common shares outstanding |
|||||||||||||
for
computation of diluted per share results |
4,961
|
4,879
|
|||||||||||
(1)
Includes depreciation and amortization expense, principally related to
real estate properties, of $0.7 million in each of the 2005 and 2004 first
quarters. |
|||||||||||||
(2)
Includes a charge of $0.2 million for a lease termination. |
|||||||||||||
(3)
Includes interest on nonrecourse mortgages of certain real estate
properties in the 2005 first quarter and 2004 first quarter of $0.6
million and $0.5 million, respectively. |
|||||||||||||