Property and Equipment

9 Months Ended

Aug. 27, 2011

Property and Equipment

Property and Equipment

7. Property and Equipment

Property and equipment consist of:

	Estimated Useful Lives	August 27, 2011			November 27, 2010
Land		$	437		$	437
Land improvements	10 to 20 years	1,561			1,561
Buildings and improvements	10 to 40 years	1,842			1,842
Machinery and equipment	3 to 20 years	12,102			11,849
		15,942			15,689
Accumulated depreciation		(13,654		)	(13,326		)
		$	2,288		$	2,363

In the 2011 first quarter, as a result of winter storms, some of Imperial’s hoop houses collapsed and a portion of the plants stored in the damaged hoop houses became unsaleable.  There was no charge to earnings for the damaged hoop houses because they were fully depreciated prior to the start of fiscal 2011.  A gain on insurance recovery of $200 related to insurance proceeds received for the damaged hoop houses is included in Griffin’s 2011 nine month consolidated statement of operations.  Imperial continues to work with its insurance carrier to obtain additional recoveries for the losses incurred, and while Imperial believes that additional recoveries are likely to be received, they are not assured at this time.  Additional gain from insurance recoveries would be recorded when it becomes probable that such additional proceeds will be received (see Note 10).

Griffin incurred capital lease obligations of $38 in the 2011 nine month period.  Griffin did not incur any new capital lease obligations in the 2010 nine month period.