Griffin Announces First Quarter Results

Apr 10, 2001, 01:00 ET from Griffin Land & Nurseries, Inc.

    NEW YORK, April 10 /PRNewswire/ -- Griffin Land & Nurseries, Inc.
 ("Griffin") (Nasdaq: GRIF) today reported 2001 first quarter income from its
 operations, before equity investment, of $4,213,000 on net sales of $3,947,000
 as compared to a loss from its operations of ($1,540,000) on net sales of
 $5,550,000 in the 2000 first quarter.  The 2001 first quarter included a
 pretax gain of approximately $9.5 million from the sale to Shemin Nurseries,
 Inc. ("Shemin") of the wholesale sales and service centers (the "SSCs") of
 Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape
 nursery business.  Excluding the gain on the sale of Imperial's SSCs,
 Griffin's results from operations in the 2001 first quarter, before equity
 investment, were substantially unchanged from the 2000 first quarter.  Griffin
 normally incurs a first quarter loss from its operations because of the highly
 seasonal nature of its landscape nursery business.
     The sale of the SSCs generated net cash proceeds, after expenses, of
 approximately $18.4 million along with Imperial obtaining an approximately
 13.8% ownership interest in Shemin's parent company.  Imperial will continue
 in the landscape nursery business with its container growing operations in
 Connecticut and northern Florida.  Imperial is currently expanding its growing
 operations at both of these farms.  The lower net sales reflected the effect
 of the sale of the SSCs to Shemin on January 26, 2001.
     Griffin reported net income of $4,366,000 and basic and diluted net income
 per share of $0.90 and $0.88, respectively, for the 2001 first quarter
 compared to a net loss of ($1,704,000) and a basic and diluted net loss of
 ($0.35) in the 2000 first quarter.
     Results from Griffin's equity investment in Centaur Communications, Ltd.
 ("Centaur") reflected equity income of $153,000 in the 2001 first quarter as
 compared to an equity loss of ($164,000) in the 2000 first quarter.  The
 higher equity results from Centaur principally reflect increased revenue and
 improved operating results at Centaur.
     Griffin operates landscape nursery and real estate businesses and has a
 35% equity investment in Centaur, a magazine publishing business based in the
 United Kingdom.  Griffin's common stock is traded under the symbol GRIF on the
 Nasdaq National Market.
 
     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.  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.
 
                         Griffin Land & Nurseries, Inc.
                 Consolidated Condensed Statement of Operations
                 (amounts in thousands, except per share data)
 
                                                       First Quarter Ended,
                                                   Mar. 3, 2001  Feb. 26, 2000
 
     Net sales and other revenue                       $3,947        $5,550(1)
 
     Operating loss                                   (2,421)        (2,375)
 
     Gain on sale of Sales and Service Centers          9,469              -
 
     Interest expense, net                                 85            191
 
     Income (loss) before taxes                         6,963        (2,566)
 
     Income tax provision (benefit)                     2,750        (1,026)
 
     Income (loss) before equity investment             4,213        (1,540)
 
     Income (loss) from equity investment (2)             153          (164)
 
     Net income (loss)                                 $4,366       ($1,704)
 
     Basic net income (loss) per common share           $0.90        ($0.35)
 
     Diluted net income (loss) per common share (3)     $0.88        ($0.35)
 
     Weighted average common shares outstanding
     for computation of basic per share results         4,863          4,863
 
     Weighted average common shares outstanding
     for computation of diluted per share results       4,935          4,863
 
 
 
     (1) In 2000, the Financial Accounting Standards Board's Emerging Issues
         Task Force ("EITF") issued EITF 00-10, "Accounting for Shipping and
         Handling Fees and Costs", which stated that all amounts billed to
         customers in a sale transaction relating to shipping and handling
         should be classified as revenue. Accordingly, Griffin adopted EITF 00-
         10 retroactively and has reclassified such items in the prior years to
         conform to the current presentation. The adoption of EITF 00-10 had no
         effect on Griffin's operating results.
 
     (2) As a result of the change, made during last year, to record equity
         income from Centaur on a two month time lag, the equity income from
         Centaur for the 2001 first quarter reflects Centaur's results for the
         three months ended December 2000. Equity results for Centaur for the
         2000 first quarter reflected Centaur's results for the three months
         ended February 2000.
 
     (3) Diluted per share results reflect adjustments to net income for the
         effect of stock options outstanding at Griffin's equity investee,
         Centaur.
 
 

SOURCE Griffin Land & Nurseries, Inc.
    NEW YORK, April 10 /PRNewswire/ -- Griffin Land & Nurseries, Inc.
 ("Griffin") (Nasdaq: GRIF) today reported 2001 first quarter income from its
 operations, before equity investment, of $4,213,000 on net sales of $3,947,000
 as compared to a loss from its operations of ($1,540,000) on net sales of
 $5,550,000 in the 2000 first quarter.  The 2001 first quarter included a
 pretax gain of approximately $9.5 million from the sale to Shemin Nurseries,
 Inc. ("Shemin") of the wholesale sales and service centers (the "SSCs") of
 Imperial Nurseries, Inc. ("Imperial"), Griffin's subsidiary in the landscape
 nursery business.  Excluding the gain on the sale of Imperial's SSCs,
 Griffin's results from operations in the 2001 first quarter, before equity
 investment, were substantially unchanged from the 2000 first quarter.  Griffin
 normally incurs a first quarter loss from its operations because of the highly
 seasonal nature of its landscape nursery business.
     The sale of the SSCs generated net cash proceeds, after expenses, of
 approximately $18.4 million along with Imperial obtaining an approximately
 13.8% ownership interest in Shemin's parent company.  Imperial will continue
 in the landscape nursery business with its container growing operations in
 Connecticut and northern Florida.  Imperial is currently expanding its growing
 operations at both of these farms.  The lower net sales reflected the effect
 of the sale of the SSCs to Shemin on January 26, 2001.
     Griffin reported net income of $4,366,000 and basic and diluted net income
 per share of $0.90 and $0.88, respectively, for the 2001 first quarter
 compared to a net loss of ($1,704,000) and a basic and diluted net loss of
 ($0.35) in the 2000 first quarter.
     Results from Griffin's equity investment in Centaur Communications, Ltd.
 ("Centaur") reflected equity income of $153,000 in the 2001 first quarter as
 compared to an equity loss of ($164,000) in the 2000 first quarter.  The
 higher equity results from Centaur principally reflect increased revenue and
 improved operating results at Centaur.
     Griffin operates landscape nursery and real estate businesses and has a
 35% equity investment in Centaur, a magazine publishing business based in the
 United Kingdom.  Griffin's common stock is traded under the symbol GRIF on the
 Nasdaq National Market.
 
     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.  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.
 
                         Griffin Land & Nurseries, Inc.
                 Consolidated Condensed Statement of Operations
                 (amounts in thousands, except per share data)
 
                                                       First Quarter Ended,
                                                   Mar. 3, 2001  Feb. 26, 2000
 
     Net sales and other revenue                       $3,947        $5,550(1)
 
     Operating loss                                   (2,421)        (2,375)
 
     Gain on sale of Sales and Service Centers          9,469              -
 
     Interest expense, net                                 85            191
 
     Income (loss) before taxes                         6,963        (2,566)
 
     Income tax provision (benefit)                     2,750        (1,026)
 
     Income (loss) before equity investment             4,213        (1,540)
 
     Income (loss) from equity investment (2)             153          (164)
 
     Net income (loss)                                 $4,366       ($1,704)
 
     Basic net income (loss) per common share           $0.90        ($0.35)
 
     Diluted net income (loss) per common share (3)     $0.88        ($0.35)
 
     Weighted average common shares outstanding
     for computation of basic per share results         4,863          4,863
 
     Weighted average common shares outstanding
     for computation of diluted per share results       4,935          4,863
 
 
 
     (1) In 2000, the Financial Accounting Standards Board's Emerging Issues
         Task Force ("EITF") issued EITF 00-10, "Accounting for Shipping and
         Handling Fees and Costs", which stated that all amounts billed to
         customers in a sale transaction relating to shipping and handling
         should be classified as revenue. Accordingly, Griffin adopted EITF 00-
         10 retroactively and has reclassified such items in the prior years to
         conform to the current presentation. The adoption of EITF 00-10 had no
         effect on Griffin's operating results.
 
     (2) As a result of the change, made during last year, to record equity
         income from Centaur on a two month time lag, the equity income from
         Centaur for the 2001 first quarter reflects Centaur's results for the
         three months ended December 2000. Equity results for Centaur for the
         2000 first quarter reflected Centaur's results for the three months
         ended February 2000.
 
     (3) Diluted per share results reflect adjustments to net income for the
         effect of stock options outstanding at Griffin's equity investee,
         Centaur.
 
 SOURCE  Griffin Land & Nurseries, Inc.