Griffin Industrial Realty Q2 total revenue $6,196,000
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Griffin reported total revenue for the 2015 six month period of $12,429,000 as compared to total revenue for the 2014 six month period of $10,400,000.
Loss from continuing operations was essentially unchanged.
Griffin reported net income, including the results of a discontinued operation, of $165,000 and basic and diluted net income per share of $0.03 for the 2014 second quarter
Griffin’s loss from continuing operations was essentially unchanged in the 2015 second quarter as compared to the 2014 second quarter as an increase in operating income, driven by the increase in profit from leasing activities discussed above, was offset by higher interest expense.
For the 2015 six month period, Griffin reported a loss from continuing operations and a net loss of $942,000 and a basic and diluted loss from continuing operations per share and a basic and diluted net loss per share of $0.18 as compared to a loss from continuing operations of $1,323,000 and a basic and diluted loss from continuing operations per share of $0.26 for the 2014 six month period. Griffin reported a net loss of $1,205,000 and a basic and diluted net loss per share of $0.23 for the 2014 six month period.
Griffin’s lower loss from continuing operations in the 2015 six month period as compared to the 2014 six month period principally reflects operating income in the 2015 six month period as compared to an operating loss in the 2014 six month period, partially offset by higher interest expense in the 2015 six month period and a gain in the 2014 six month period on the sale of a portion of Griffin’s investment in Centaur Media plc.
The improved operating results in the 2015 six month period as compared to the 2014 six month period principally reflect the increase in profit from leasing operations discussed above and an increase in the gain on property sales, partially offset by higher depreciation and amortization expense.
Property sales revenue and gain in the 2015 and 2014 six month periods include only the recognition of previously deferred revenue and gain from the sale of approximately 90 acres of undeveloped land in Windsor, Connecticut that closed in the fiscal year ended November 30, 2013.
Under the terms of the Windsor Land Sale, Griffin and the buyer are each constructing roadways connecting the parcel sold with existing town roads. The Windsor Land Sale is being accounted for using the percentage of completion method under which the total revenue of approximately $9,000,000 and the estimated total pretax gain of approximately $6,678,000 are being recognized as total costs related to the Windsor Land Sale are incurred.
From the closing of the Windsor Land Sale in fiscal 2013 through the end of the 2015 six month period, Griffin has recognized approximately $6,844,000 of revenue and approximately $5,097,000 of pretax gain on the Windsor Land Sale. The remaining revenue and pretax gain from the Windsor Land Sale are expected to be recognized in the second half of fiscal 2015.
Griffin reported income from discontinued operations of $390,000 and basic and diluted income from discontinued operations per share of $0.07 for the 2014 second quarter and income from discontinued operations of $118,000 and basic and diluted income from discontinued operations per share of $0.03 for the 2014 six month period.
Griffin’s income from discontinued operations in the 2014 second quarter and 2014 six month period reflected the results of the growing operations of its landscape nursery business, Imperial Nurseries, that were sold effective January 8, 2014 to Monrovia Nursery Company, a private company grower of landscape nursery products. ■