Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 03, 2011

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

17. Quarterly Results of Operations (Unaudited)

        Summarized quarterly financial data are presented below:

2011 Quarters	1st			2nd			3rd			4th		Total
Total revenue	$	4,589		$	13,700		$	8,013		$	10,891	$	37,193
Gross profit		69			2,776			2,093			4,549		9,487
(Loss) income from continuing operations		(2,266	)		(766	)		(568	)		603		(2,997	)
Income from discontinued operation, net of tax		137			137			140			109		523
Net (loss) income		(2,129	)		(629	)		(428	)		712		(2,474	)
Per share results:
Basic:
(Loss) income from continuing operations		(0.44	)		(0.15	)		(0.11	)		0.12		(0.58	)
Income from discontinued operation, net of tax		0.02			0.03			0.03			0.02		0.10
Basic net (loss) income per common share		(0.42	)		(0.12	)		(0.08	)		0.14		(0.48	)
Diluted:
(Loss) income from continuing operations,		(0.44	)		(0.15	)		(0.11	)		0.12		(0.58	)
Income from discontinued operation, net of tax		0.02			0.03			0.03			0.02		0.10
Diluted net (loss) income per common share		(0.42	)		(0.12	)		(0.08	)		0.14		(0.48	)

2010 Quarters	1st			2nd			3rd			4th			Total
Total revenue	$	4,401		$	15,086		$	7,125		$	7,375		$	33,987
Gross profit		743			2,518			812			2,171			6,244
Loss from continuing operations		(1,982	)		(909	)		(1,442	)		(682	)		(5,015	)
Income from discontinued operation, net of tax		138			124			129			137			528
Net loss		(1,844	)		(785	)		(1,313	)		(545	)		(4,487	)
Per share results:
Basic:
Loss from continuing operations		(0.39	)		(0.18	)		(0.28	)		(0.13	)		(0.98	)
Income from discontinued operation, net of tax		0.03			0.03			0.02			0.02			0.10
Basic net loss per common share		(0.36	)		(0.15	)		(0.26	)		(0.11	)		(0.88	)
Diluted:
Loss from continuing operations		(0.39	)		(0.18	)		(0.28	)		(0.13	)		(0.98	)
Income from discontinued operation, net of tax		0.03			0.03			0.02			0.02			0.10
Diluted net loss per common share		(0.36	)		(0.15	)		(0.26	)		(0.11	)		(0.88	)

        In the 2011 fourth quarter, costs of landscape nursery sales in Griffin's consolidated statement of operations includes $0.5 million, principally for plants lost due to disease issues in the landscape nursery business. Also in the 2011 fourth quarter, Griffin's consolidated statement of operations includes an insurance gain of $371 for the settlements of the claims from hoop houses that collapsed, due to snow load, earlier in the year and plants lost due to an unusually early season snowstorm (see Note 5).

        Property sales revenue in Griffin's 2011 fourth quarter consolidated statement of operations reflects $3.6 million from two property sales that closed in that quarter.

        The sum of the four quarters earnings per share data may not equal the annual earnings per share data due to the requirement that each period be calculated separately.

        Imperial's landscape nursery business is highly seasonal, with net sales peaking in the spring, which is included in Griffin's second quarter.