The Griffin Corporation
TSX VENTURE : GRN

The Griffin Corporation

September 01, 2005 15:13 ET

The Griffin Corporation Releases Fiscal 2005 Second Quarter Results

KITCHENER, ONTARIO--(CCNMatthews - Sept. 1, 2005) - The Griffin Corporation (TSX VENTURE:GRN), a commercial real estate company with properties throughout Ontario, today announced its results for the second quarter of the 2005 fiscal year.

Revenue from the quarter ended June 30, 2005, from rental operations through the company's portfolio of commercial real estate was $553,968, compared with $550,876 for the first quarter in fiscal 2005. Company management attributes the modest increase to additional rental revenue generated as a result of properties acquired in London, Ontario and Timmins, Ontario.

An additional $150,000 was derived from an abandoned deposit by a party that had come forward to purchase one of the company's properties but did not ultimately finalize that transaction.

The company posted a net profit for the quarter of $85,905, compared with a loss for the second quarter of fiscal 2004 of $143,603. The Griffin Corporation also invested $77,681 in repairs and new installations of fixtures, appliances and utilities in its properties.

"We're pleased with the results of this quarter and will continue to execute our corporate strategy of acquiring and upgrading distressed commercial properties, which we either sell at a profit or manage for cash flow," said Irwin Pasternak, Chairman of the Griffin Corporation. "Long term lease contracts with solid tenants have recently been signed, which we expect will have a positive impact on future revenues."

The Griffin Corporation had a deficiency of approximately $2.50 million at the end of the second quarter of fiscal 2005, as the company's net income of $85,905 was offset by a carried forward deficit of $2.58 million at the beginning of the period. The Company also had $59,478 in cash and cash equivalents on hand at the end of the quarter.

ABOUT THE GRIFFIN CORPORATION

Founded in 1998, The Griffin Corporation (TSX Venture Exchange: GRN) is a Canadian based real estate investment company that presently owns income producing commercial real estate in Hamilton, Kitchener, London and Timmins, Ontario including a 100% interest in "The Sir William Osler Medical Center" at 565 Sanatorium Road in Hamilton; a 100% interest in 1251 Huron Street, "Huron Market Place" in London; a 100% interest in 73 King Street, Kitchener; and a 50% interest in "The 101 Mall" at 38 Pine Street in Timmins.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No Securities Commission or other regulatory authority having jurisdiction over Icefloe has approved or disapproved of the information contained herein.

For more information about the Griffin Corporation, please visit the company's website at www.griffincorporation.com.

For further information, please contact Irwin Pasternak, Chairman, 73 King Street, 2nd Floor, Kitchener, ON Telephone: 519.744.4400, Facsimile: 519.744.5500.

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with the Griffin Corporation's growth, the development of the commercial real estate market, regulatory risks, and other factors. Unless otherwise required by applicable securities laws, the Griffin Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect the Griffin Corporation's financial and business results is included in public documents Icefloe files from time to time with Canadian securities regulatory authorities.

Contact Information

  • Executive Office
    The Griffin Corporation
    73 King Street, 2nd Floor, Kitchener, ON
    (519) 744-4400
    (519) 744-5500 (FAX)
    or
    Investor Relations
    Fleishman-Hillard
    Aaron Boles
    (416) 214-0701
    boles@fleishman.com