Connecticut landowner Griffin Land & Nurseries turned a profit in its fourth quarter, improving from a year ago, when it took a loss on the sale of its Connecticut nursery business.
Griffin netted $273,000, or 5 cents per diluted share, during the quarter ended Nov. 30. That was up from a loss of $6.1 million, or $1.18, in the fourth quarter a year ago, when it recorded a $7.2 million loss on the sale of its landscape nursery business, Imperial Nurseries. Most of that loss was due to a writedown of Imperial’s inventory to fair value.
Griffin also trimmed costs and expenses in the fourth quarter by 7 percent, or $467,000, helping to overcome a dip in overall revenue of $300,000.
For the full year, the company trimmed its loss to $1.1 million, or 21 cents per share, down from $5.8 million, or $1.13.
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