SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
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For the 13 Weeks Ended |
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Commission File No. |
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August 30, 2003 |
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0-29288 |
GRIFFIN LAND & NURSERIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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06-0868496 |
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(state or other jurisdiction of
incorporation |
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(IRS Employer |
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One Rockefeller Plaza, New York, New York, 10020 |
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(Address of principal executive offices) |
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Registrant’s Telephone Number including Area Code (212) 218-7910 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the Exchange Act).
Yes o No ý
Number of shares of Common Stock outstanding at October 10, 2003: 4,876,916
GRIFFIN LAND & NURSERIES, INC.
Form 10-Q
2
ITEM 1. FINANCIAL STATEMENTS
Griffin Land & Nurseries, Inc.
Consolidated Statement of Operations
(dollars in thousands, except per share data)
(unaudited)
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For the 13 Weeks Ended, |
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For the 39 Weeks Ended, |
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Aug. 30, |
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Aug. 31, |
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Aug. 30, |
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Aug. 31, |
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Net sales and other revenue |
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$ |
7,452 |
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$ |
5,973 |
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$ |
32,416 |
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$ |
28,475 |
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Cost of goods sold |
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6,628 |
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5,719 |
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26,702 |
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23,396 |
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Selling, general and administrative expenses |
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2,147 |
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2,048 |
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6,692 |
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6,208 |
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Operating loss |
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(1,323 |
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(1,794 |
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(978 |
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(1,129 |
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Interest expense |
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(648 |
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(405 |
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(1,959 |
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(1,189 |
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Interest income |
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6 |
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6 |
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23 |
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19 |
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Loss before income tax benefit |
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(1,965 |
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(2,193 |
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(2,914 |
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(2,299 |
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Income tax benefit |
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(702 |
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(795 |
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(1,043 |
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(828 |
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Loss before equity investment |
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(1,263 |
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(1,398 |
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(1,871 |
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(1,471 |
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Income (loss) from equity investment |
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77 |
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2,897 |
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(481 |
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3,134 |
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Net (loss) income |
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$ |
(1,186 |
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$ |
1,499 |
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$ |
(2,352 |
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$ |
1,663 |
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Basic net (loss) income per common share |
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$ |
(0.24 |
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$ |
0.31 |
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$ |
(0.48 |
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$ |
0.34 |
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Diluted net (loss) income per common share |
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$ |
(0.25 |
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$ |
0.26 |
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$ |
(0.48 |
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$ |
0.29 |
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See Notes to Consolidated Financial Statements.
3
Griffin Land & Nurseries, Inc.
(dollars in thousands, except per share data)
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Aug. 30, |
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Nov. 30, |
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(unaudited) |
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ASSETS |
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Current Assets |
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Cash |
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$ |
18 |
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$ |
24 |
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Accounts receivable, less allowance of $239 and $129 |
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4,374 |
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1,999 |
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Inventories |
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30,324 |
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31,164 |
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Deferred income taxes |
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2,356 |
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2,110 |
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Other current assets |
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3,368 |
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3,473 |
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Total current assets |
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40,440 |
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38,770 |
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Real estate held for sale or lease, net |
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63,700 |
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50,546 |
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Investment in Centaur Communications, Ltd. |
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19,880 |
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20,279 |
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Property and equipment, net |
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12,161 |
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12,514 |
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Other assets |
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7,524 |
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10,847 |
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Total assets |
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$ |
143,705 |
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$ |
132,956 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable and accrued liabilities |
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$ |
4,659 |
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$ |
3,939 |
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Long-term debt due within one year |
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713 |
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540 |
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Total current liabilities |
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5,372 |
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4,479 |
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Long-term debt |
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38,888 |
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26,007 |
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Deferred income taxes |
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863 |
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1,906 |
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Other noncurrent liabilities |
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1,362 |
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1,094 |
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Total liabilities |
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46,485 |
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33,486 |
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Commitments and contingencies |
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Common stock, par value $0.01 per share, 10,000,000 shares authorized, 4,876,916 and 4,864,916 shares issued and outstanding, respectively |
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49 |
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49 |
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Additional paid-in capital |
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93,608 |
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93,588 |
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Retained earnings |
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3,609 |
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5,961 |
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Accumulated other comprehensive loss |
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(46 |
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(128 |
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Total stockholders’ equity |
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97,220 |
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99,470 |
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Total liabilities and stockholders’ equity |
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$ |
143,705 |
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$ |
132,956 |
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