Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 01, 2012

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

17. Quarterly Results of Operations (Unaudited)

        Summarized quarterly financial data are presented below:

2012 Quarters	1st			2nd			3rd		4th			Total
Total revenue	$	4,613		$	12,734		$	12,547	$	6,697		$	36,591
Gross profit		1,447			2,643			6,366		1,608			12,064
(Loss) income from continuing operations		(1,125	)		(412	)		1,882		(1,026	)		(681	)
Income from discontinued operation, net of tax		1,647			—			—		—			1,647
Net income (loss)		522			(412	)		1,882		(1,026	)		966
Per share results:
Basic:
(Loss) income from continuing operations		(0.22	)		(0.08	)		0.37		(0.20	)		(0.13	)
Income from discontinued operation, net of tax		0.32			—			—		—			0.32
Basic net income (loss) per common share		0.10			(0.08	)		0.37		(0.20	)		0.19
Diluted:
(Loss) income from continuing operations		(0.22	)		(0.08	)		0.37		(0.20	)		(0.13	)
Income from discontinued operation, net of tax		0.32			—			—		—			0.32
Diluted net income (loss) per common share		0.10			(0.08	)		0.37		(0.20	)		0.19

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	)

        In the 2012 fourth quarter, as a result of an increase in the estimated costs to complete the required improvements related to the Dollar Tree Sale, Griffin recorded a reduction in revenue of $657 for the Dollar Tree Sale. The increase in estimated costs was due to changes to the location of the sewer line to be constructed that was required by the governmental authority responsible for such matters. As a result, the estimated costs to complete the sewer construction increased from the estimate made at the end of the 2012 third quarter, thus the estimated percentage of completion was lower at the end of fiscal 2012 than what was estimated at the end of the 2012 third quarter.

        In the 2011 fourth quarter, costs of landscape nursery sales in Griffin's consolidated statement of operations included $487, 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 included 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 $3,600 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.