New York developer-landlord Griffin Land & Nurseries said its second-quarter profits turned positive, partly thanks to a gain on the January sale of its Imperial Nurseries business in Connecticut.
For the quarter ended May 31, Griffin’s net income was $165,000 or 3 cents per diluted share, reversing a loss of $112,000 or 2 cents per share in the prior-year quarter.
Part of that increase was a $390,000 revenue gain from discontinued operations related to the $5.1 million sale of Imperial.
Griffin’s profit increase came despite a drop in revenue, which fell from $6.4 million to $5.3 million on lower property sales revenue.
Though it expects to net $6.7 million from a late 2013 sale of 90 acres of land in Windsor to a development entity affiliated with web retail giant Amazon, Griffin only recognized $277,000 from the sale in the recent quarter.
More sales revenue will be recorded as Griffin and Amazon complete roadways at the site, the company said.
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