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February 14, 2014

CT nursery sale pushes Griffin into the red

New York’s Griffin Land lost $6.1 million in its fourth quarter from costs and charges related to the sale of its Connecticut nursery operation, it reported.

Griffin inked an agreement last month to sell its landscape nursery inventory and assets to Monrovia Nursery Co., with the majority of the $5.1 million purchase price to be paid later this year and in 2015.

As part of the deal, Griffin took a $10.4 million pre-tax charge to reduce the carrying value of its Connecticut inventory.

The loss, equivalent to $1.18 per diluted share, compares to a profit of $1 million in the same quarter a year prior. And it came despite a 57 percent increase in revenue, from $5.1 million to $8 million.

For the year, Griffin lost $5.8 million, or $1.13 per share, compared to a profit of $966,000, or 19 cents, in 2012.

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