Griffin Land & Nurseries Inc. restored its fiscal third-quarter net profit to black, buoyed by the leading Connecticut commercial landlord’s $7 million cash sale last summer of an undeveloped tract in the New England Tradeport, near Bradley International Airport.
For three months ended Sept. 1, Griffin netted $1.9 million, or 37 cents a diluted share, vs. a net loss of $428,000, or 8 cents a share, the comparable quarter a year ago.
Third-quarter revenues were $12.6 million vs. $8 million last year.
New York City-based Grifffin said its July sale of the 93-acre tract in the tradeport straddling Windsor and East Granby town lines was key to its improved quarterly financial performance. The company said it booked a gain of about $4.6 million from the sale.
To offset the potential tax liability from that deal, Griffin announced previously a contract to pay $7.2 million cash for some 49 acres in Pennsylvania’s Lehigh Valley. The property is in the shadow of Griffin’s other massive warehouse facility, akin to the New England Tradeport, under construction there.
Griffin Land also owns the Griffin Center commercial-office park in Windsor.
