Quarterly Results of Operations (Unaudited)

12 Months Ended

Nov. 30, 2014

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

14. Quarterly Results of Operations (Unaudited)

        Summarized quarterly financial data are presented below:

2014 Quarters	1st			2nd			3rd			4th		Total
Total revenue	$	5,059		$	5,341		$	6,099		$	7,720	$	24,219
Operating income (loss)		(1,241	)		190			716			2,144		1,809
(Loss) income from continuing operations		(1,098	)		(225	)		(198	)		273		(1,248	)
Income (loss) from discontinued operation		(272	)		390			26			—		144
Net (loss) income		(1,370	)		165			(172	)		273		(1,104	)
Per share results:
Basic:
(Loss) income from continuing operations		(0.21	)		(0.04	)		(0.04	)		0.05		(0.24	)
Income (loss) from discontinued operation		(0.06	)		0.07			0.01			—		0.03
Basic net (loss) income per common share		(0.27	)		0.03			(0.03	)		0.05		(0.21	)
Diluted:
(Loss) income from continuing operations		(0.21	)		(0.04	)		(0.04	)		0.05		(0.24	)
Income (loss) from discontinued operation		(0.06	)		0.07			0.01			—		0.03
Diluted net (loss) income per common share		(0.27	)		0.03			(0.03	)		0.05		(0.21	)

2013 Quarters	1st			2nd			3rd			4th			Total
Total revenue	$	5,625		$	6,388		$	5,504		$	8,009		$	25,526
Operating income (loss)		(380	)		581			269			1,966			2,436
Income (loss) from continuing operations		1,684			(394	)		(490	)		1,110			1,910
(Loss) income from discontinued operation		(374	)		282			(439	)		(7,200	)		(7,731	)
Net (loss) income		1,310			(112	)		(929	)		(6,090	)		(5,821	)
Per share results:
Basic:
Income (loss) from continuing operations		0.33			(0.08	)		(0.10	)		0.22			0.37
(Loss) income from discontinued operation		(0.08	)		0.06			(0.08	)		(1.40	)		(1.50	)
Basic net (loss) income per common share		0.25			(0.02	)		(0.18	)		(1.18	)		(1.13	)
Diluted:
Income (loss) from continuing operations		0.33			(0.08	)		(0.10	)		0.22			0.37
(Loss) income from discontinued operation		(0.08	)		0.06			(0.08	)		(1.40	)		(1.50	)
Diluted net (loss) income per common share		0.25			(0.02	)		(0.18	)		(1.18	)		(1.13	)

        Property sales revenue in Griffin's 2014 fourth quarter consolidated statement of operations includes $1,831 for the amount of revenue recognized on the Windsor Land Sale.

        In the fiscal 2013 fourth quarter, based on the terms of the Imperial Sale, Griffin recorded an inventory charge of $10,400 which is reflected in the loss from discontinued operation. Also, property sales revenue in Griffin's fiscal 2013 fourth quarter consolidated statement of operations reflects $2,668 from the Windsor Land Sale.

        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.