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12/23/13 - $34.40
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griffin land & nurseries (GRIF) Details

Griffin Land & Nurseries, Inc., through its subsidiary, Griffin Land, LLC, operates in the real estate business in the United States. The company develops, manages, and leases commercial and industrial properties. It is also involved in the acquisition and development of land; and purchase of buildings. As of November 30, 2013, the company owned 30 buildings comprising 17 industrial/warehouse buildings, 12 office/flex buildings, and a restaurant building. It also owns approximately 3,015 acres in Connecticut, as well as owns 416 acres of land in Massachusetts, 117 acres of land in Pennsylvania, and 1,066 acres in northern Florida. The company was founded in 1970 and is based in New York, New York.

99 Employees
Last Reported Date: 02/13/14
Founded in 1970

griffin land & nurseries (GRIF) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $529.7K
President and Chief Operating Officer
Total Annual Compensation: $356.7K
Chief Financial Officer, Chief Accounting Off...
Total Annual Compensation: $295.1K
Senior Vice President of Griffin Land, LLC
Total Annual Compensation: $291.2K
Compensation as of Fiscal Year 2013.

griffin land & nurseries (GRIF) Key Developments

Griffin Land & Nurseries Inc. Adopts Amended and Restated By-Laws

On September 23, 2014, the Board of Directors of Griffin Land & Nurseries Inc. adopted the Amended and Restated By-laws of the company (the By-laws"). The By-laws became effective immediately upon adoption by the Board. Material changes in the By-laws include: Procedures for Stockholders to Propose Business to be Considered at an Annual Meeting. In Section 2.4, the By-laws establish an advance notice provision for business other than the nomination of directors. For business to be properly brought before an annual meeting by a stockholder, the stockholder must provide timely notice in writing to Griffin's Secretary. To be timely, a stockholder's notice must be delivered to, or mailed and received at, Griffin's principal executive offices not less than ninety (90) days nor more than one hundred twenty (120) days prior to the first anniversary of the preceding year's annual meeting; provided, however, that if the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, not earlier than the one hundred twentieth (120th) day prior to such annual meeting and not later than the ninetieth (90th) day prior to such annual meeting or, if later, the tenth (10th) day following the day on which public disclosure of the date of such annual meeting was first made. In addition, the By-laws provide that, if there has been any material change in the information provided or required to be provided in the stockholder's notice, such notice must be updated and supplemented as of the record date for the annual meeting and ten (10) business days before the annual meeting, or any adjournment or postponement of the annual meeting.

Griffin Land & Nurseries Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended May 31, 2014

Griffin Land & Nurseries Inc. reported unaudited consolidated earnings results for the second quarter and six months ended May 31, 2014. For the quarter, total revenue was $5,341,000 against $6,388,000 a year ago. Operating income was $190,000 against $581,000 a year ago. Loss before income tax benefit was $443,000 against $619,000 a year ago. Loss from continuing operations was $225,000 or $0.04 per basic and diluted share against $394,000 or $0.08 per basic and diluted share a year ago. Net income was $165,000 or $0.03 per basic and diluted share against net loss of $112,000 or $0.02 per basic and diluted share a year ago. Griffin's results from continuing operations reflect its real estate business, Griffin Land, LLC. The lower operating income reflects a lower gain on property sales in the 2014 second quarter as compared to the 2013 second quarter. For the six months, total revenue was $10,400,000 against $12,013,000 a year ago. Operating loss was $1,051,000 against operating income of $201,000 a year ago. Loss before income tax benefit was $2,223,000 against income before income tax benefit of $1,924,000 a year ago. Loss from continuing operations was $1,323,000 or $0.26 per basic and diluted share against income from continuing operations of $1,290,000 or $0.25 per basic and diluted share a year ago. Net loss was $1,205,000 or $0.23 per basic and diluted share against net income of $1,198,000 or $0.23 per basic and diluted share a year ago. Income from continuing operations principally reflects: the inclusion in the 2013 six month period of a pretax gain of $3,397,000 from the sale of Griffin's investment in Shemin Nurseries Holding Corp. and an operating loss of ($1,051,000) incurred in the 2014 six month period as compared to operating income of $201,000 in the 2013 six month period. The lower operating results principally reflect lower revenue and gain from property sales in the 2014 six month period.

Griffin Land & Nurseries Inc.(NasdaqGM:GRIF) dropped from Russell 2000 Index

Griffin Land & Nurseries Inc. will be removed from the Russell 2000 Index.


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