Griffin Land & Nurseries Inc., with nursery and real estate development operations in Connecticut, narrowed its fourth quarter loss compared with a year earlier as it increased rental and leasing revenue but felt a drag from its nursery business.
The company reported a loss of $1.3 million, or 25 cents per share, for the quarter that ended in December. That compares with a loss of $5 million, or 99 cents per share, in the same quarter last year.
Revenue fell more than 36 percent to $7.1 million.
The New York-based company said its Bloomfield land and real estate business suffered due to an absence of property sales during the year but the company said it increased its rental and leasing revenue from properties in East Granby and Windsor. Griffin is Connecticut’s largest private landowner.
In the company’s landscape nursery business, Imperial Nurseries Inc., revenue fell due to the closure its Florida farm during the year. Griffin also owns Shemin Nurseries, a wholesale distributor in Danbury.
The company also was hurt by lower pricing due to the weak economy as the soft housing market led to an oversupply of its landscaping products.
For the full year, Griffin reported a net loss of $5.5 million, or $1.09 per share, compared with a loss of $8.3 million, or $1.64 per share for the prior year. (AP)
