UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
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QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File No. 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 |
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10020 |
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(Address of principal executive offices) |
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(Zip Code) |
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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.
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Yes |
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No |
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Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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Yes |
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No |
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Number of shares of Common Stock outstanding at October 4, 2004: 4,948,829
GRIFFIN LAND & NURSERIES, INC.
Form 10-Q
2
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GRIFFIN LAND & NURSERIES, INC.
Consolidated Statements 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. 28, |
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Aug. 30, |
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Aug. 28, |
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Aug. 30, |
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Net sales and other revenue |
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$ |
11,081 |
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$ |
7,452 |
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$ |
36,441 |
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$ |
32,416 |
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Cost of goods sold |
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10,488 |
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6,628 |
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31,824 |
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26,702 |
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Selling, general and administrative expenses |
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2,403 |
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2,147 |
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7,521 |
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6,692 |
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Operating loss |
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(1,810 |
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(1,323 |
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(2,904 |
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(978 |
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Gain on sale of Centaur Communications, Ltd. |
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— |
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— |
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51,107 |
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— |
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Foreign currency exchange gain |
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— |
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— |
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1,070 |
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— |
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Interest expense |
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(597 |
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(648 |
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(1,928 |
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(1,959 |
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Interest income, dividend income and gains on short-term investments |
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133 |
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6 |
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238 |
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23 |
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(Loss) income before income tax (benefit) provision and equity investment |
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(2,274 |
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(1,965 |
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47,583 |
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(2,914 |
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Income tax (benefit) provision |
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(1,053 |
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(702 |
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15,729 |
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(1,043 |
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(Loss) income before equity investment |
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(1,221 |
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(1,263 |
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31,854 |
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(1,871 |
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Income (loss) from equity investment |
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— |
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77 |
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328 |
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(481 |
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Net (loss) income |
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$ |
(1,221 |
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$ |
(1,186 |
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$ |
32,182 |
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$ |
(2,352 |
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Basic net (loss) income per common share |
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$ |
(0.25 |
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$ |
(0.24 |
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$ |
6.57 |
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$ |
(0.48 |
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Diluted net (loss) income per common share |
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$ |
(0.25 |
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$ |
(0.25 |
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$ |
6.31 |
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$ |
(0.48 |
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See Notes to Consolidated Financial Statements.
3
GRIFFIN LAND & NURSERIES, INC
Consolidated Balance Sheets
(dollars in thousands, except per share data)
(unaudited)
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August 28, |
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November
29, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
12,610 |
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$ |
18 |
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Short-term investments, net |
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30,055 |
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— |
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Accounts receivable, less allowance of $399 and $149 |
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4,794 |
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1,948 |
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Inventories |
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30,376 |
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32,396 |
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Deferred income taxes |
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3,125 |
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1,812 |
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Other current assets |
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3,752 |
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3,161 |
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Total current assets |
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84,712 |
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39,335 |
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Real estate held for sale or lease, net |
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63,581 |
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64,653 |
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Property and equipment, net |
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11,498 |
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11,919 |
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Investment in Centaur Holdings, PLC |
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9,449 |
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— |
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Investment in Centaur Communications, Ltd. |
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— |
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20,895 |
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Other assets |
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8,747 |
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8,919 |
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Total assets |
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$ |
177,987 |
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$ |
145,721 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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