Griffin Land & Nurseries Inc., Connecticut’s largest landowner with operations in Bloomfield, said today its slumping landscape nurseries business widened its losses in the third quarter.
The New York-based company lost $1.4 million, or 28 cents a share, in the three months ended Sept. 30, up from a net loss of $1.3 million, or 25 cents a share, the same period last year.
Revenues were flat in the quarter at $7.8 million vs. $7.9 million a year ago.
Sales volume was lower at its retail Imperial Nurseries operation and its Danbury nursery-distributor, Shemin Nurseries.
During the quarter, Griffin closed its Florida growing operation, leasing the site to a competitor.
The company said it plans for now to continue operating its Imperial Nursery site in Granby.
On the bright side, Griffin said its real estate development and leasing operations improved in the quarter.
Its biggest boost came from the opening of a 304,000-square-foot distribution center leased to online retailer Tire Rack. The facility is in Griffin’s New England Tradeport industrial park that straddles Windsor and East Granby.
In July, Griffin mortgaged four tradeport buildings on a $10.5 million line of credit from People’s United Bank to fund corporate operations.
