| X      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED May 29, 2010     |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                    |
|   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _____ |

| Delaware                                                       | 06-0868496                           |
|----------------------------------------------------------------|--------------------------------------|
| (state or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
|                                                           |                                 |
| One Rockefeller Plaza, New York, New York                      | 10020                                |
| (Address of principal executive offices)                       | (Zip Code)                           |
|                                                           |                                 |
| Registrant’s Telephone Number including Area Code        | (212) 218-7910                       |

|  Yes    x | No  ̈ |
|------------------------------------|-----------|

| Yes   ̈ | No  ̈ |
|-----------------------|-----------|

|          Large accelerated filer   ̈ |              Accelerated filer   x        |   |   |
|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                            |                                                                                                                      |   |   |
|          Non-accelerated filer   ̈   |              Smaller reporting company   ̈ |   |   |

| Yes      ̈ | No    x |
|-----------------------------------------|-----------------------------|

----

| PART I  -  |      | FINANCIAL INFORMATION                                                        |   |
|----------------------|-----------|------------------------------------------------------------------------------|--------|
|                 |      |                                                                         |   |
|                 | ITEM 1    | Financial Statements                                                         |   |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Operations (unaudited)                            |   |
|                 |      | 13 and 26 Weeks Ended May 29, 2010 and May 30, 2009                          | 3      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Balance Sheets (unaudited)                                      |   |
|                 |      | May 29, 2010 and November 28, 2009                                           | 4      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Changes in Stockholders’ Equity (unaudited) |   |
|                 |      | 26 Weeks Ended May 29, 2010 and May 30, 2009                                 | 5      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Cash Flows (unaudited)                            |   |
|                 |      | 26 Weeks Ended May 29, 2010 and May 30, 2009                                 | 6      |
|                 |      |                                                                         |   |
|                 |      | Notes to Consolidated Financial Statements (unaudited)                       | 7-21   |
|                 |      |                                                                         |   |
|                 | ITEM 2    | Management’s Discussion and Analysis of                                |   |
|                 |      | Financial Condition and Results of Operations                                | 22-33  |
|                 |      |                                                                         |   |
|                 | ITEM 3    | Quantitative and Qualitative Disclosures About Market Risk                   | 33     |
|                 |      |                                                                         |   |
|                 | ITEM 4    | Controls and Procedures                                                      | 34     |
|                 |      |                                                                         |   |
| PART II  - |      | OTHER INFORMATION                                                            |   |
|                 |      |                                                                         |   |
|                 | ITEM 1    | Not Applicable                                                               |   |
|                 |      |                                                                         |   |
|                 | ITEM 1A   | Risk Factors                                                                 | 35     |
|                 |      |                                                                         |   |
|                 | ITEMS 2-5 | Not Applicable                                                               |   |
|                 |      |                                                                         |   |
|                 | ITEM 6    | Exhibits                                                                     | 35-37  |
|                 |      |                                                                         |   |
|                 |      | SIGNATURES                                                                   | 38     |

----

| PART I  | FINANCIAL INFORMATION |
|---------|-----------------------|
|    |                  |
| ITEM 1. | FINANCIAL STATEMENTS  |

|                                                                             |   | For the 13 Weeks Ended, |   |   | For the 26 Weeks Ended, |   |
|----------------------------------------------------------------------------------|--------|-------------------------|--------|--------|-------------------------|--------|
|                                                                             |   | May 29, 2010            |   |   | May 30, 2009            |   |   | May 29, 2010 |   |   | May 30, 2009 |   |
| Landscape nursery net sales and other revenue                                    |   | $                       | 10,868 |   |                    | $      | 15,568 |   |   | $ | 11,147 |   |   | $ | 16,017 |   |
| Rental revenue and property sales                                                |   |                    | 4,623  |   |                    |   | 4,140 |   |   |   | 9,150 |   |   |   | 8,324 |   |
| Total revenue                                                                    |   |                    | 15,491 |   |                    |   | 19,708 |   |   |   | 20,297 |   |   |   | 24,341 |   |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Costs of landscape nursery sales and other revenue                               |   |                    | 9,620  |   |                    |   | 14,295 |   |   |   | 9,939 |   |   |   | 14,714 |   |
| Costs related to rental revenue and property sales                               |   |                    | 3,147  |   |                    |   | 2,851 |   |   |   | 6,664 |   |   |   | 6,329 |   |
| Total costs of goods sold and costs related to rental revenue and property sales |   |                    | 12,767 |   |                    |   | 17,146 |   |   |   | 16,603 |   |   |   | 21,043 |   |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                     |   |                    | 2,724  |   |                    |   | 2,562 |   |   |   | 3,694 |   |   |   | 3,298 |   |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses                                     |   |                    | 2,912  |   |                    |   | 3,329 |   |   |   | 5,886 |   |   |   | 6,129 |   |
| Operating loss                                                                   |   |                    | (188   | )      |                    |   | (767 | ) |   |   | (2,192 | ) |   |   | (2,831 | ) |
| Interest expense                                                                 |   |                    | (1,141 | )      |                    |   | (818 | ) |   |   | (2,182 | ) |   |   | (1,626 | ) |
| Investment income                                                                |   |                    | 70     |   |                    |   | 77 |   |   |   | 174 |   |   |   | 124 |   |
| Loss before income tax benefit                                                   |   |                    | (1,259 | )      |                    |   | (1,508 | ) |   |   | (4,200 | ) |   |   | (4,333 | ) |
| Income tax benefit                                                               |   |                    | 474    |   |                    |   | 535 |   |   |   | 1,571 |   |   |   | 1,538 |   |
| Net loss                                                                         |   | $                       | (785   | )      |                    | $      | (973 | ) |   | $ | (2,629 | ) |   | $ | (2,795 | ) |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Basic net loss per common share                                                  |   | $                       | (0.15  | )      |                    | $      | (0.19 | ) |   | $ | (0.52 | ) |   | $ | (0.55 | ) |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net loss per common share                                                |   | $                       | (0.15  | )      |                    | $      | (0.19 | ) |   | $ | (0.52 | ) |   | $ | (0.55 | ) |
|                                                                             |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                         |   | May 29, 2010 |    |   | November 28, 2009 |   |
|----------------------------------------------------------------------------------------------|--------|--------------|---------|--------|-------------------|--------|
| ASSETS                                                                                       |   |         |    |   |              |   |
| Current Assets:                                                                              |   |         |    |   |              |   |
|    Cash and cash equivalents                                                  |   | $            | 3,960   |   |              | $      | 9,149 |   |
|    Trading securities - short-term investments, net                           |   |         | -       |   |              |   | 454 |   |
|    Accounts receivable, less allowance of $302 and $187                       |   |         | 7,140   |   |              |   | 2,681 |   |
|    Income taxes receivable                                                    |   |         | 6,342   |   |              |   | 6,336 |   |
|    Inventories, net                                                           |   |         | 15,559  |   |              |   | 19,573 |   |
|    Deferred income taxes                                                      |   |         | 71      |   |              |   | 143 |   |
|    Other current assets                                                       |   |         | 2,173   |   |              |   | 3,645 |   |
| Total current assets                                                                         |   |         | 35,245  |   |              |   | 41,981 |   |
| Real estate held for sale or lease, net                                                      |   |         | 134,159 |   |              |   | 128,311 |   |
| Available for sale securities - Investment in Centaur Media plc                              |   |         | 3,623   |   |              |   | 4,615 |   |
| Property and equipment, net                                                                  |   |         | 2,542   |   |              |   | 2,730 |   |
| Deferred income taxes                                                                        |   |         | 951     |   |              |   | - |   |
| Other assets                                                                                 |   |         | 11,730  |   |              |   | 11,099 |   |
| Total assets                                                                                 |   | $            | 188,250 |   |              | $      | 188,736 |   |
|                                                                                         |   |         |    |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                         |   |         |    |   |              |   |   |   |
| Current Liabilities:                                                                         |   |         |    |   |              |   |   |   |
|    Current portion of long-term debt                                          |   | $            | 8,758   |   |              | $      | 1,532 |   |
|    Accounts payable and accrued liabilities                                   |   |         | 4,923   |   |              |   | 3,667 |   |
|    Deferred revenue                                                           |   |         | 783     |   |              |   | 1,249 |   |
| Total current liabilities                                                                    |   |         | 14,464  |   |              |   | 6,448 |   |
| Long-term debt                                                                               |   |         | 57,611  |   |              |   | 61,066 |   |
| Deferred income taxes                                                                        |   |         | -       |   |              |   | 1,050 |   |
| Other noncurrent liabilities                                                                 |   |         | 5,418   |   |              |   | 5,426 |   |
| Total liabilities                                                                            |   |         | 77,493  |   |              |   | 73,990 |   |
|                                                                                         |   |         |    |   |              |   |   |   |
| Commitments and contingencies (Note 11)                                                      |   |         |    |   |              |   |   |   |
|                                                                                         |   |         |    |   |              |   |   |   |
| Stockholders' Equity:                                                                        |   |         |    |   |              |   |   |   |
| Common stock, par value $0.01 per share, 10,000,000 shares                                   |   |         |    |   |              |   |   |   |
|    authorized, 5,491,402 and 5,479,402 shares issued,                         |   |         |    |   |              |   |   |   |
|    respectively, and 5,104,436 and 5,092,436 shares outstanding, respectively |   |         | 55      |   |              |   | 55 |   |
| Additional paid-in capital                                                                   |   |         | 105,171 |   |              |   | 104,849 |   |
| Retained earnings                                                                            |   |         | 18,692  |   |              |   | 22,342 |   |
| Accumulated other comprehensive income, net of tax                                           |   |         | 265     |   |              |   | 926 |   |
| Treasury stock, at cost, 386,966 shares                                                      |   |         | (13,426 | )      |              |   | (13,426 | ) |
| Total stockholders' equity                                                                   |   |         | 110,757 |   |              |   | 114,746 |   |
| Total liabilities and stockholders' equity                                                   |   | $            | 188,250 |   |              | $      | 188,736 |   |
|                                                                                         |   |         |    |   |              |   |   |   |

----

|                                                   |   | Shares of Common Stock Issued |      |   | Common Stock |   |   | Additional Paid-in Capital |   |   | Retained Earnings |   |   | Accumulated Other Comprehensive Income |   |   | Treasury Stock |   |   | Total  |   |   | Total Comprehensive Loss |   |
|--------------------------------------------------------|--------|------------------------------------|-----------|--------|--------------|--------|--------|--------------------------------------|--------|--------|-------------------|--------|--------|----------------------------------------|--------|--------|----------------|--------|--------|--------|--------|--------|-------------------------------|--------|
| Balance at November 29, 2008                           |   |                               | 5,455,382 |   |         | $      | 55     |                                 |   | $      | 103,997           |   |   | $                                      | 29,888 |   |           | $      | 646    |   |   | $      | (13,426                       | )      |   | $ | 121,160 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Exercise of stock options                              |   |                               | 10,047    |   |         |   | -      |                                 |   |   | 132               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 132 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Stock-based compensation                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
|    expense                                   |   |                               | -         |   |         |   | -      |                                 |   |   | 181               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 181 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Dividends declared, $0.20 per                          |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
|      share                    |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (1,016 | )      |           |   | -      |   |   |   | -                             |   |   |   | (1,016 | ) |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Net loss                                               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (2,795 | )      |           |   | -      |   |   |   | -                             |   |   |   | (2,795 | ) |   | $ | (2,795 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive income,                            |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from cash flow hedging   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      transaction, net of tax  |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | 37     |   |   |   | -                             |   |   |   | 37 |   |   |   | 37 |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive loss                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from Centaur Media plc,  |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      net of tax               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | (249   | )      |   |   | -                             |   |   |   | (249 | ) |   |   | (249 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at May 30, 2009                                |   |                               | 5,465,429 |   |         | $      | 55     |                                 |   | $      | 104,310           |   |   | $                                      | 26,077 |   |           | $      | 434    |   |   | $      | (13,426                       | )      |   | $ | 117,450 |   |   | $ | (3,007 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at November 28, 2009                           |   |                               | 5,479,402 |   |         | $      | 55     |                                 |   | $      | 104,849           |   |   | $                                      | 22,342 |   |           | $      | 926    |   |   | $      | (13,426                       | )      |   | $ | 114,746 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Exercise of stock options                              |   |                               | 12,000    |   |         |   | -      |                                 |   |   | 136               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 136 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Stock-based compensation                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|    expense                                   |   |                               | -         |   |         |   | -      |                                 |   |   | 186               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 186 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Dividend declared, $0.20  per                |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      share                    |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (1,021 | )      |           |   | -      |   |   |   | -                             |   |   |   | (1,021 | ) |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Net loss                                               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (2,629 | )      |           |   | -      |   |   |   | -                             |   |   |   | (2,629 | ) |   | $ | (2,629 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive loss                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from cash flow hedging   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      transactions, net of tax |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | (16    | )      |   |   | -                             |   |   |   | (16 | ) |   |   | (16 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive loss                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|     from Centaur Media plc,        |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|     net of tax                     |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | (645   | )      |   |   | -                             |   |   |   | (645 | ) |   |   | (645 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at May 29, 2010                                |   |                               | 5,491,402 |   |         | $      | 55     |                                 |   | $      | 105,171           |   |   | $                                      | 18,692 |   |           | $      | 265    |   |   | $      | (13,426                       | )      |   | $ | 110,757 |   |   | $ | (3,290 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|  See Notes to Consolidated Financial Statements.  |

----

|                                                                      |   | For the 26 Weeks Ended, |   |
|---------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                      |   | May 29, 2010            |   |   | May 30, 2009 |   |
| Operating activities:                                                     |   |                    |   |   |   |   |
| Net loss                                                                  |   | $                       | (2,629 | ) |   | $ | (2,795 | ) |
| Adjustments to reconcile net loss to net cash                             |   |                    |   |   |   |   |   |   |
| provided by operating activities:                                         |   |                    |   |   |   |   |   |   |
|    Depreciation and amortization                           |   |                    | 3,546  |   |   |   | 3,233 |   |
|    Deferred income taxes                                   |   |                    | (1,571 | ) |   |   | (1,538 | ) |
|    Stock-based compensation expense                        |   |                    | 186    |   |   |   | 181 |   |
|    Amortization of debt issuance costs                     |   |                    | 138    |   |   |   | 84 |   |
|    Provision for bad debts                                 |   |                    | 2      |   |   |   | 48 |   |
|    Income from equity investment                           |   |                    | (2     | ) |   |   | (7 | ) |
|    Provision for inventory losses                          |   |                    | -      |   |   |   | 704 |   |
|    Change in unrealized gains on trading securities        |   |                    | -      |   |   |   | 78 |   |
| Changes in assets and liabilities:                                        |   |                    |   |   |   |   |   |   |
|    Short-term investments                                  |   |                    | 454    |   |   |   | 8,093 |   |
|    Accounts receivable                                     |   |                    | (4,461 | ) |   |   | (8,687 | ) |
|    Inventories                                             |   |                    | 4,014  |   |   |   | 3,334 |   |
|    Income tax receivable                                   |   |                    | (6     | ) |   |   | 16 |   |
|    Other current assets                                    |   |                    | 1,472  |   |   |   | 1,819 |   |
|    Accounts payable and accrued liabilities                |   |                    | 870    |   |   |   | 713 |   |
|    Deferred revenue                                        |   |                    | (668   | ) |   |   | (597 | ) |
|    Other noncurrent assets and noncurrent liabilities, net |   |                    | (1,051 | ) |   |   | (518 | ) |
| Net cash provided by operating activities                                 |   |                    | 294    |   |   |   | 4,161 |   |
|                                                                      |   |                    |   |   |   |   |   |   |
| Investing activities:                                                     |   |                    |   |   |   |   |   |   |
| Building acquisition                                                      |   |                    | (5,440 | ) |   |   | - |   |
| Additions to real estate held for sale or lease                           |   |                    | (2,735 | ) |   |   | (8,105 | ) |
| Additions to property and equipment                                       |   |                    | (96    | ) |   |   | (28 | ) |
| Net cash used in investing activities                                     |   |                    | (8,271 | ) |   |   | (8,133 | ) |
|                                                                      |   |                    |   |   |   |   |   |   |
| Financing activities:                                                     |   |                    |   |   |   |   |   |   |
| Proceeds from debt                                                        |   |                    | 4,524  |   |   |   | 11,785 |   |
| Dividends paid to stockholders                                            |   |                    | (1,019 | ) |   |   | (1,016 | ) |
| Payments of debt                                                          |   |                    | (753   | ) |   |   | (8,068 | ) |
| Exercise of stock options                                                 |   |                    | 136    |   |   |   | 132 |   |
| Debt issuance costs                                                       |   |                    | (100   | ) |   |   | (560 | ) |
| Net cash provided by financing activities                                 |   |                    | 2,788  |   |   |   | 2,273 |   |
| Net decrease in cash and cash equivalents                                 |   |                    | (5,189 | ) |   |   | (1,699 | ) |
| Cash and cash equivalents at beginning of period                          |   |                    | 9,149  |   |   |   | 4,773 |   |
| Cash and cash equivalents at end of period                                |   | $                       | 3,960  |   |   | $ | 3,074 |   |
|                                                                      |   |                    |   |   |   |   |   |   |

----

----

----

|   |                                               |   | For the 13 Weeks Ended, |   | For the 26 Weeks Ended, |   |
|--------|----------------------------------------------------|--------|-------------------------|--------|-------------------------|--------|
|   |                                               |   | May 29, 2010       |   | May 30, 2009       |   | May 29, 2010 |   | May 30, 2009 |   |
|   | Total net sales and other revenue:                 |   |                    |   |                    |   |   |   |   |   |
|   | Landscape nursery net sales and other revenue |   | $                       | 10,868 |                    | $      | 15,568 |   | $ | 11,147 |   | $ | 16,017 |   |
|   | Rental revenue and property sales                  |   |                    | 4,623  |                    |   | 4,140 |   |   | 9,150 |   |   | 8,324 |   |
|   |                                               |   | $                       | 15,491 |                    | $      | 19,708 |   | $ | 20,297 |   | $ | 24,341 |   |
|   | Operating (loss) profit:                           |   |                    |   |                    |   |   |   |   |   |   |   |   |   |
|   |    Landscape nursery                |   | $                       | 33     |                    | $      | (198 | ) | $ | (750 | ) | $ | (1,048 | ) |
|   |    Real estate                      |   |                    | 876    |                    |   | 572 |   |   | 836 |   |   | 578 |   |
|   |    Industry segment totals          |   |                    | 909    |                    |   | 374 |   |   | 86 |   |   | (470 | ) |
|   |    General corporate expense        |   |                    | (1,097 | )                       |   | (1,141 | ) |   | (2,278 | ) |   | (2,361 | ) |
|   | Operating loss                                     |   |                    | (188   | )                       |   | (767 | ) |   | (2,192 | ) |   | (2,831 | ) |
|   | Interest expense                                   |   |                    | (1,141 | )                       |   | (818 | ) |   | (2,182 | ) |   | (1,626 | ) |
|   | Investment income                                  |   |                    | 70     |                    |   | 77 |   |   | 174 |   |   | 124 |   |
|   | Loss before income tax benefit                     |   | $                       | (1,259 | )                       | $      | (1,508 | ) | $ | (4,200 | ) | $ | (4,333 | ) |
|   |                                               |   |                    |   |                    |   |   |   |   |   |   |   |   |   |

|   | Identifiable assets:    |   | May 29, 2010 |    | November 28, 2009 |   |
|--------|-------------------------|--------|--------------|---------|-------------------|--------|
|   | Landscape nursery       |   | $            | 29,525  |              | $      | 28,238 |   |
|   | Real estate             |   |         | 145,543 |              |   | 139,681 |   |
|   | Industry segment totals |   |         | 175,068 |              |   | 167,919 |   |
|   | General corporate       |   |         | 13,182  |              |   | 20,817 |   |
|   | Total assets            |   | $            | 188,250 |              | $      | 188,736 |   |
|   |                    |   |         |    |              |   |   |   |

----

----

|   |                           | May 29, 2010                                                   |   |
|--------|--------------------------------|----------------------------------------------------------------|--------|
|   |                           |                                                           |   |   |   |   |   |
|   |                           | Quoted Prices in Active Markets for Identical Assets (Level 1) |   | Significant Observable Inputs (Level 2) |   | Significant Unobservable Inputs (Level 3) |   |
|   |                           |                                                           |   |   |   |   |   |
|   | Available-for-sale securities  | $                                                              | 3,623  |   | $ | - |   | $ | - |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |
|   | Interest rate swap liabilities | $                                                              | -      |   | $ | (797 | ) | $ | - |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |

|   |                           | November 28, 2009                                              |   |
|--------|--------------------------------|----------------------------------------------------------------|--------|
|   |                           |                                                           |   |   |   |   |   |
|   |                           | Quoted Prices in Active Markets for Identical Assets (Level 1) |   | Significant Observable Inputs (Level 2) |   | Significant Unobservable Inputs (Level 3) |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |
|   | Trading securities             | $                                                              | 454    |   | $ | - |   | $ | - |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |
|   | Available-for-sale securities  | $                                                              | 4,615  |   | $ | - |   | $ | - |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |
|   | Interest rate swap liabilities | $                                                              | -      |   | $ | (770 | ) | $ | - |   |
|   |                           |                                                           |   |   |   |   |   |   |   |   |

|   |                                            |   | May 29, 2010 |   |   | November 28, 2009 |   |
|--------|-------------------------------------------------|--------|--------------|--------|--------|-------------------|--------|
|   |                                            |   | Carrying     |   |   | Estimated         |   |   | Carrying |   |   | Estimated |   |
|   |                                            |   | Value        |   |   | Fair Value        |   |   | Value |   |   | Fair Value |   |
|   | Financial assets:                               |   |         |   |   |              |   |   |   |   |   |   |   |
|   |    Cash and cash equivalents     |   | $            | 3,960  |   |              | $      | 3,960 |   |   | $ | 9,149 |   |   | $ | 9,149 |   |
|   |    Trading securities            |   |         | -      |   |              |   | - |   |   |   | 454 |   |   |   | 454 |   |
|   |    Available-for-sale securities |   |         | 3,623  |   |              |   | 3,623 |   |   |   | 4,615 |   |   |   | 4,615 |   |
|   |                                            |   |         |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|   | Financial liabilities:                          |   |         |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|   |    Revolving line of credit      |   | $            | 2,500  |   |              | $      | 2,500 |   |   | $ | 2,500 |   |   | $ | 2,500 |   |
|   |    Mortgage debt                 |   |         | 63,806 |   |              |   | 64,251 |   |   |   | 60,002 |   |   |   | 59,508 |   |
|   |    Interest rate swaps           |   |         | 797    |   |              |   | 797 |   |   |   | 770 |   |   |   | 770 |   |

----

|   |                       | Quoted Prices in Active Markets for Identical Assets (Level 1) |   | Significant Observable Inputs (Level 2) |   | Significant Unobservable Inputs (Level 3) |   |
|--------|----------------------------|----------------------------------------------------------------|--------|-----------------------------------------|--------|-------------------------------------------|--------|
|   |                       |                                                           |   |                                    |   |                                      |   |   |   |   |
|   | Real estate held for lease | $                                                              | -      |                                    | $      | 5,381                                     |   | $ | - |   |
|   |                       |                                                           |   |                                    |   |                                      |   |   |   |   |
|   | Intangible assets          | $                                                              | -      |                                    | $      | -                                         |   | $ | 1,019 |   |
|   |                       |                                                           |   |                                    |   |                                      |   |   |   |   |

|   |                   |   | May 29, 2010 |   |   | November 28, 2009 |   |
|--------|------------------------|--------|--------------|--------|--------|-------------------|--------|
|   |                   |   |         |   |   |              |   |
|   | Nursery stock          |   | $            | 14,181 |   |              | $      | 17,999 |   |
|   | Materials and supplies |   |         | 1,378  |   |              |   | 1,574 |   |
|   |                   |   | $            | 15,559 |   |              | $      | 19,573 |   |
|   |                   |   |         |   |   |              |   |   |   |

----

|   |                       |                                             |   | May 29, 2010  |   |
|--------|----------------------------|--------------------------------------------------|--------|---------------|--------|
|   |                       | Estimated Useful Lives                      |   | Held for Sale |   |   | Held for Lease |   |   | Total |   |
|   | Land                       |                                             |   | $             | 1,634  |   |   | $ | 10,952 |   |   | $ | 12,586 |   |
|   | Land improvements          | 10 to 30 years                                   |   |          | 691    |   |   |   | 13,302 |   |   |   | 13,993 |   |
|   | Buildings and improvements | 10 to 40 years                                   |   |          | -      |   |   |   | 127,832 |   |   |   | 127,832 |   |
|   | Tenant improvements        | Shorter of useful life or terms of related lease |   |          | -      |   |   |   | 13,668 |   |   |   | 13,668 |   |
|   | Development costs          |                                             |   |          | 6,868  |   |   |   | 4,821 |   |   |   | 11,689 |   |
|   |                       |                                             |   |          | 9,193  |   |   |   | 170,575 |   |   |   | 179,768 |   |
|   | Accumulated depreciation   |                                             |   |          | -      |   |   |   | (45,609 | ) |   |   | (45,609 | ) |
|   |                       |                                             |   | $             | 9,193  |   |   | $ | 124,966 |   |   | $ | 134,159 |   |
|   |                       |                                             |   |          |   |   |   |   |   |   |   |   |   |   |

|   |                       |                                             |   | November 28, 2009 |   |
|--------|----------------------------|--------------------------------------------------|--------|-------------------|--------|
|   |                       | Estimated Useful Lives                      |   | Held for Sale     |   |   | Held for Lease |   |   | Total |   |
|   | Land                       |                                             |   | $                 | 1,634  |   |   | $ | 8,048 |   |   | $ | 9,682 |   |
|   | Land improvements          | 10 to 30 years                                   |   |              | 691    |   |   |   | 12,952 |   |   |   | 13,643 |   |
|   | Buildings and improvements | 10 to 40 years                                   |   |              | -      |   |   |   | 124,603 |   |   |   | 124,603 |   |
|   | Tenant improvements        | Shorter of useful life or terms of related lease |   |              | -      |   |   |   | 12,538 |   |   |   | 12,538 |   |
|   | Development costs          |                                             |   |              | 6,720  |   |   |   | 4,270 |   |   |   | 10,990 |   |
|   |                       |                                             |   |              | 9,045  |   |   |   | 162,411 |   |   |   | 171,456 |   |
|   | Accumulated depreciation   |                                             |   |              | -      |   |   |   | (43,145 | ) |   |   | (43,145 | ) |
|   |                       |                                             |   | $                 | 9,045  |   |   | $ | 119,266 |   |   | $ | 128,311 |   |
|   |                       |                                             |   |              |   |   |   |   |   |   |   |   |   |   |

----

|   |                     |   | Cost   |   |   | Fair Value |   |
|--------|--------------------------|--------|--------|--------|--------|------------|--------|
|   | U.S. Treasury securities |   | $      | 453    |   |       | $      | 454 |   |
|   |                     |   |   |   |   |       |   |   |   |

|   |                                                      |   | For the 13 Weeks Ended, |   |   | For the 26 Weeks Ended, |   |
|--------|-----------------------------------------------------------|--------|-------------------------|--------|--------|-------------------------|--------|
|   |                                                      |   | May 29, 2010            |   |   | May 30, 2009            |   |   | May 29, 2010 |   |   | May 30, 2009 |   |
|   |                                                      |   |                    |   |   |                    |   |   |   |   |   |   |   |
|   | Interest and dividend income                              |   | $                       | 68     |   |                    | $      | 64 |   |   | $ | 172 |   |   | $ | 87 |   |
|   | Net realized gains on the sales of short-term investments |   |                    | -      |   |                    |   | 22 |   |   |   | - |   |   |   | 108 |   |
|   | Change in unrealized gains on short-term investments      |   |                    | -      |   |                    |   | (16 | ) |   |   | - |   |   |   | (78 | ) |
|   | Other investment income                                   |   |                    | 2      |   |                    |   | 7 |   |   |   | 2 |   |   |   | 7 |   |
|   |                                                      |   | $                       | 70     |   |                    | $      | 77 |   |   | $ | 174 |   |   | $ | 124 |   |
|   |                                                      |   |                    |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |

----

|   |                       | Estimated Useful Lives    |   | May 29, 2010 |    |   | November 28, 2009 |   |
|--------|----------------------------|---------------------------|--------|--------------|---------|--------|-------------------|--------|
|   | 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 |   |         | 11,920  |   |              |   | 11,824 |   |
|   |                       |                      |   |         | 15,760  |   |              |   | 15,664 |   |
|   | Accumulated depreciation   |                      |   |         | (13,218 | )      |              |   | (12,934 | ) |
|   |                       |                      |   | $            | 2,542   |   |              | $      | 2,730 |   |
|   |                       |                      |   |         |    |   |              |   |   |   |

|   |                                                                                               |   | May 29, 2010 |   |   | November 28, 2009 |   |
|--------|----------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|-------------------|--------|
|   | Nonrecourse mortgages:                                                                             |   |         |   |   |              |   |
|   |     6.08%, due January 1, 2013                                                 |   | $            | 7,305  |   |              | $      | 7,419 |   |
|   |     6.30%, due May 1, 2014                                                     |   |         | 715    |   |              |   | 792 |   |
|   |     5.73%, due July 1, 2015                                                    |   |         | 19,930 |   |              |   | 20,097 |   |
|   |     8.13%, due April 1, 2016                                                   |   |         | 4,683  |   |              |   | 4,814 |   |
|   |     7.0%, due October 1, 2017                                                  |   |         | 6,542  |   |              |   | 6,636 |   |
|   |     Variable rate mortgage, due February 1, 2019*                              |   |         | 11,949 |   |              |   | 11,776 |   |
|   |     Variable rate mortgage, due July 1, 2019*                                  |   |         | 8,401  |   |              |   | 8,468 |   |
|   |     6.5%, due January 27, 2020                                                 |   |         | 4,281  |   |              |   | - |   |
|   | Total nonrecourse mortgages                                                                        |   |         | 63,806 |   |              |   | 60,002 |   |
|   | Revolving line of credit                                                                           |   |         | 2,500  |   |              |   | 2,500 |   |
|   | Capital leases                                                                                     |   |         | 63     |   |              |   | 96 |   |
|   | Total                                                                                              |   |         | 66,369 |   |              |   | 62,598 |   |
|   | Less: current portion                                                                              |   |         | (8,758 | )      |              |   | (1,532 | ) |
|   | Total long-term debt                                                                               |   | $            | 57,611 |   |              | $      | 61,066 |   |
|   |                                                                                               |   |         |   |   |              |   |   |   |
|   |                                                                                               |   |         |   |   |              |   |   |   |
|   | * Griffin entered into interest rate swap agreements to effectively fix the interest rates on |   |
|   |     these loans (see below).                                                   |   |         |   |   |              |   |   |   |

----

----

|   |                                                       | For the 13 Weeks Ended, |      | For the 26 Weeks Ended, |   |              |
|--------|------------------------------------------------------------|-------------------------|-----------|-------------------------|--------|-------------------|
|   |                                                       | May 29, 2010       |      | May 30, 2009       |   | May 29, 2010 |   | May 30, 2009 |   |   |
|   |                                                       |                    |      |                    |   |              |   |   |   |   |
|   | Net loss as reported for computation                       |                    |      |                    |   |              |   |   |   |   |
|   |    of basic and diluted per share results        | $                       | (785      | )                       | $      | (973              | ) | $ | (2,629 | ) | $ | (2,795 | ) |   |
|   |                                                       |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   | Weighted average shares outstanding for                    |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   |    computation of basic per share results   |                    | 5,103,000 |                    |   | 5,077,000         |   |   | 5,101,000 |   |   | 5,075,000 |   |   |
|   |                                                       |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   | Incremental shares from assumed exercise                   |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   |    of Griffin stock options (a)             |                    | -         |                    |   | -                 |   |   | - |   |   | - |   |   |
|   |                                                       |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   | Weighted average shares outstanding for                    |                    |      |                    |   |              |   |   |   |   |   |   |   |   |
|   |    computation of diluted per share results |                    | 5,103,000 |                    |   | 5,077,000         |   |   | 5,101,000 |   |   | 5,075,000 |   |   |
|   |                                                       |                    |      |                    |   |              |   |   |   |   |   |   |   |   |

|   | (a) | Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive.  The incremental shares from the assumed exercise of stock options in the thirteen and twenty-six weeks ended May 29, 2010 would have been 19,000 and 20,000, respectively.  The incremental shares from the assumed exercise of stock options in the thirteen and twenty-six weeks ended May 30, 2009 would have been 34,000 and 37,000, respectively. |   |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

|   |                    | For the 26 Weeks Ended, |   |
|--------|-------------------------|-------------------------|--------|
|   |                    | May 29, 2010            |   | May 30, 2009 |   |
|   | Expected volatility     | 42.3%                   |   | 37.7% to 43.5% |   |
|   | Risk free interest rate | 3.0%                    |   | 1.6% to 2.7% |   |
|   | Expected option term    |  8.5 years         |   |  5 to 8.5 years |   |
|   | Annual dividend yield   | $0.40                   |   | $0.40 |   |

|   |                               |   | For the 26 Weeks Ended, |    |
|--------|------------------------------------|--------|-------------------------|---------|
|   |                               |   | May 29, 2010            |    |   | May 30, 2009 |   |
|   | Vested Options                     |   | Number of Shares        |    |   | Weighted Avg. Exercise Price |   |   | Number of Shares |   |   | Weighted Avg. Exercise Price |   |
|   | Outstanding at beginning of period |   |                    | 71,133  |   |   | $ | 17.61 |   |   |   | 89,368 |   |   | $ | 15.56 |   |
|   | Exercised                          |   |                    | (12,000 | ) |   | $ | 11.35 |   |   |   | (10,047 | ) |   | $ | 13.20 |   |
|   | Vested                             |   |                    | 3,528   |   |   | $ | 34.00 |   |   |   | 3,156 |   |   | $ | 38.00 |   |
|   | Granted and vested                 |   |                    | -       |   |   | $ | - |   |   |   | 1,749 |   |   | $ | 34.30 |   |
|   | Outstanding at end of period       |   |                    | 62,661  |   |   | $ | 19.73 |   |   |   | 84,226 |   |   | $ | 17.07 |   |
|   |                               |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | Range of Exercise Prices for Vested Options |         | Outstanding at May 29, 2010 |   | Weighted Avg. Exercise Price |   | Weighted Avg. Remaining Contractual Life (in years) |   | Total Intrinsic Value |   | Total Grant Date Fair Value |   |
|--------|---------------------------------------------|--------------|----------------------------------|--------|------------------------------|--------|-----------------------------------------------------|--------|-----------------------|--------|--------------------------------------------|--------|
|   | $                                           | 11.00-$14.00 |                             |   | 26,544                       |   | $                                                   | 12.50  |                  |   | 1.1                                        |   | $ | 390 |   | $ | 124 |   |
|   | $                                           | 15.00-$18.00 |                             |   | 15,322                       |   | $                                                   | 16.80  |                  |   | 1.3                                        |   |   | 159 |   |   | 98 |   |
|   | $                                           | 24.00-$39.00 |                             |   | 20,795                       |   | $                                                   | 31.11  |                  |   | 6.3                                        |   |   | 13 |   |   | 328 |   |
|   |                                        |         |                             |   | 62,661                       |   | $                                                   | 19.73  |                  |   | 2.9                                        |   | $ | 562 |   | $ | 550 |   |
|   |                                        |         |                             |   |                         |   |                                                |   |                  |   |                                       |   |   |   |   |   |   |   |

----

|   |                             |   | For the 26 Weeks Ended, |    |
|--------|----------------------------------|--------|-------------------------|---------|
|   |                             |   | May 29, 2010            |    |   | May 30, 2009 |   |
|   | Nonvested Options                |   | Number of Shares        |    | Weighted Avg. Exercise Price |   | Number of Shares |   | Weighted Avg. Exercise Price |   |
|   | Nonvested at beginning of period |   |                    | 101,377 |   |   | $ | 32.84 |   |   |   | 40,684 |   |   | $ | 33.66 |   |
|   | Granted                          |   |                    | 8,202   |   |   | $ | 29.25 |   |   |   | 68,514 |   |   | $ | 32.46 |   |
|   | Vested                           |   |                    | (3,528  | ) |   | $ | 34.00 |   |   |   | (3,156 | ) |   | $ | 38.00 |   |
|   | Nonvested at end of period       |   |                    | 106,051 |   |   | $ | 32.52 |   |   |   | 106,042 |   |   | $ | 32.76 |   |
|   |                             |   |                    |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | Range of Exercise Prices for Nonvested Options |         | Outstanding at May 29, 2010 |   | Weighted Avg. Exercise Price |   | Weighted Avg. Remaining Contractual Life (in years) |   | Total Intrinsic Value |   | Total Grant Date Fair Value |   |
|--------|------------------------------------------------|--------------|----------------------------------|--------|------------------------------|--------|-----------------------------------------------------|--------|---------------------------------|--------|--------------------------------------------|--------|
|   | $                                              | 28.00-$31.00 |                             |   | 21,051                       |   | $                                                   | 29.17  |                            |   | 8.8                                        |   | $ | - |   | $ | 291 |   |
|   | $                                              | 33.00-$35.00 |                             |   | 85,000                       |   | $                                                   | 33.36  |                            |   | 8.4                                        |   |   | - |   |   | 1,187 |   |
|   |                                           |         |                             |   | 106,051                      |   | $                                                   | 32.52  |                            |   | 8.4                                        |   | $ | - |   | $ | 1,478 |   |
|   |                                           |         |                             |   |                         |   |                                                |   |                            |   |                                       |   |   |   |   |   |   |   |

|   | Number of option holders at May 29, 2010 |             21 |   |
|--------|------------------------------------------|----------------------------------------------------------------------------|--------|
|   |                                     |                                                                       |   |

|   | Balance of Fiscal 2010 | $ 196          |   |
|--------|------------------------|----------------|--------|
|   | Fiscal 2011            | $ 318          |   |
|   | Fiscal 2012            | $ 164          |   |
|   | Fiscal 2013            | $ 56           |   |
|   | Fiscal 2014            | $  7 |   |

----

|   |                                                                             | For the 26 Weeks Ended, |   |
|--------|----------------------------------------------------------------------------------|-------------------------|--------|
|   |                                                                             | May 29, 2010            |   | May 30, 2009 |   |
|   |                                                                             |                    |   |   |   |
|   | Balance at beginning of period                                                   | $                       | 926    |   | $ | 646 |   |
|   | (Decrease) increase in fair value of Centaur Media, due to exchange (loss) gain, |                    |   |   |   |   |   |
|   |    net of taxes of ($180) and $50, respectively                   |                    | (334   | ) |   | 94 |   |
|   | Decrease in fair value of Centaur Media, net of taxes of ($167)                  |                    |   |   |   |   |   |
|   |    and ($185), respectively                                       |                    | (311   | ) |   | (343 | ) |
|   | (Increase) decrease in value of cash flow hedges, net of taxes of $11            |                    |   |   |   |   |   |
|   |    and ($20), respectively                                        |                    | (16    | ) |   | 37 |   |
|   | Balance at end of period                                                         | $                       | 265    |   | $ | 434 |   |
|   |                                                                             |                    |   |   |   |   |   |
|   |                                                                             |                    |   |   |   |   |   |
|   | Accumulated other comprehensive income is comprised of the following:            |                    |   |   |   |   |   |
|   |                                                                             |                    |   |   |   |   |   |
|   |                                                                             | May 29, 2010            |   | November 28, 2009 |   |
|   | Unrealized gain on investment in Centaur Media plc                               | $                       | 636    |   | $ | 1,281 |   |
|   | Unrealized loss on cash flow hedges                                              |                    | (502   | ) |   | (486 | ) |
|   | Actuarial gain on postretirement benefit plan                                    |                    | 131    |   |   | 131 |   |
|   |                                                                             | $                       | 265    |   | $ | 926 |   |
|   |                                                                             |                    |   |   |   |   |   |

----

----

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

----

----

|   |                    | TotalSquareFootage |   | SquareFootageLeased |   |  PercentageLeased |   |
|--------|-------------------------|--------------------|--------|---------------------|--------|------------------------|--------|
|   |                    |               |   |                |   |                   |   |
|   | As of May 29, 2010      | 2,540,000          |   | 2,067,000           |   |  81%              |   |
|   | As of November 28, 2009 | 2,420,000          |   | 1,893,000           |   | 78%                    |   |
|   | As of May 30, 2009      | 2,116,000          |   | 1,636,000           |   | 77%                    |   |

----

|   |                                                                         |   | 2010                   |   |   | 2009        |   |
|--------|------------------------------------------------------------------------------|--------|------------------------|--------|--------|-------------|--------|
|   |                                                                         |   | Second Qtr.            |   |   | Second Qtr. |   |
|   |                                                                         |   | (amounts in thousands) |   |
|   | Rental revenue                                                               |   | $                      | 4,623  |   |        | $      | 4,140 |   |
|   | Costs related to rental revenue excluding                                    |   |                   |   |   |        |   |   |   |
|   |    depreciation and amortization expense (a)                  |   |                   | (1,560 | )      |        |   | (1,484 | ) |
|   | Profit from leasing activities before general and                            |   |                   |   |   |        |   |   |   |
|   |    administrative expenses and before depreciation            |   |                   |   |   |        |   |   |   |
|   |    and amortization expense (a)                               |   |                   | 3,063  |   |        |   | 2,656 |   |
|   | Revenue from property sales                                                  |   |                   | -      |   |        |   | - |   |
|   | Costs related to property sales                                              |   |                   | -      |   |        |   | - |   |
|   | Gain from property sales                                                     |   |                   | -      |   |        |   | - |   |
|   | Profit from leasing activities and gain from property sales                  |   |                   |   |   |        |   |   |   |
|   |    before general and administrative expenses and before      |   |                   |   |   |        |   |   |   |
|   |    depreciation and amortization expense (a)                  |   |                   | 3,063  |   |        |   | 2,656 |   |
|   | General and administrative expenses excluding depreciation                   |   |                   |   |   |        |   |   |   |
|   |    and amortization expense and excluding acquisition expenses (a) |   |                   | (593   | )      |        |   | (709 | ) |
|   | Acquisition expenses                                                         |   |                   | -      |   |        |   | - |   |
|   | Total general and administrative expenses excluding depreciation             |   |                   |   |   |        |   |   |   |
|   |    and amortization expense (a)                               |   |                   | (593   | )      |        |   | (709 | ) |
|   | Profit before depreciation and amortization expense (a)                      |   |                   | 2,470  |   |        |   | 1,947 |   |
|   | Depreciation and amortization expense related to costs of                    |   |                   |   |   |        |   |   |   |
|   |    rental revenue                                                  |   |                   | (1,587 | )      |        |   | (1,367 | ) |
|   | Depreciation and amortization expense - other                                |   |                   | (7     | )      |        |   | (8 | ) |
|   | Operating profit                                                             |   | $                      | 876    |   |        | $      | 572 |   |
|   |                                                                         |   |                   |   |   |        |   |   |   |

|   |    (a) | The costs related to rental revenue excluding depreciation and amortization expense, profit from leasing activities before general and administrative expenses and before depreciation and amortization expense, general and administrative expenses excluding depreciation and amortization expense and excluding acquisition expenses, general and administrative expenses excluding depreciation and amortization expense and profit before depreciation and amortization expense are disclosures not in conformity with accounting principles generally accepted in the United State of America.  They are presented because Griffin believes they are useful financial indicators for measuring the results in its real estate business segment.  However, they should not be considered as an alternative to operating profit as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.  The aggregate of: (i) costs related to rental revenue excluding depreciation and amortization expense; (ii) costs related to property sales; and (iii) depreciation and amortization expense related to costs of rental revenue, equals the costs related to rental revenue and property sales as reported on Griffin’s consolidated statement of operations. |   |
|--------|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

|   |                                         |   | 2010                   |   |   | 2009        |   |
|--------|----------------------------------------------|--------|------------------------|--------|--------|-------------|--------|
|   |                                         |   | Second Qtr.            |   |   | Second Qtr. |   |
|   |                                         |   | (amounts in thousands) |   |
|   | Net sales and other revenue                  |   | $                      | 10,868 |   |        | $      | 15,568 |   |
|   | Cost of goods sold                           |   |                   | 9,620  |   |        |   | 14,295 |   |
|   | Gross profit                                 |   |                   | 1,248  |   |        |   | 1,273 |   |
|   | Selling, general and administrative expenses |   |                   | (1,215 | )      |        |   | (1,471 | ) |
|   | Operating profit (loss)                      |   | $                      | 33     |   |        | $      | (198 | ) |
|   |                                         |   |                   |   |   |        |   |   |   |

----

----

|   |                                                                         |   | 2010                   |   |   | 2009      |   |
|--------|------------------------------------------------------------------------------|--------|------------------------|--------|--------|-----------|--------|
|   |                                                                         |   | Six Month              |   |   | Six Month |   |
|   |                                                                         |   | Period                 |   |   | Period    |   |
|   |                                                                         |   | (amounts in thousands) |   |
|   | Rental revenue                                                               |   | $                      | 9,150  |   |      | $      | 8,324 |   |
|   | Costs related to rental revenue excluding                                    |   |                   |   |   |      |   |   |   |
|   |    depreciation and amortization expense (a)                  |   |                   | (3,555 | )      |      |   | (3,601 | ) |
|   | Profit from leasing activities before general and                            |   |                   |   |   |      |   |   |   |
|   |    administrative expenses and before depreciation            |   |                   |   |   |      |   |   |   |
|   |    and amortization expense (a)                               |   |                   | 5,595  |   |      |   | 4,723 |   |
|   | Revenue from property sales                                                  |   |                   | -      |   |      |   | - |   |
|   | Costs related to property sales                                              |   |                   | -      |   |      |   | - |   |
|   | Gain from property sales                                                     |   |                   | -      |   |      |   | - |   |
|   | Profit from leasing activities and gain from property sales                  |   |                   |   |   |      |   |   |   |
|   |    before general and administrative expenses and before      |   |                   |   |   |      |   |   |   |
|   |    depreciation and amortization expense (a)                  |   |                   | 5,595  |   |      |   | 4,723 |   |
|   | General and administrative expenses excluding depreciation                   |   |                   |   |   |      |   |   |   |
|   |    and amortization expense and excluding acquisition expenses (a) |   |                   | (1,336 | )      |      |   | (1,401 | ) |
|   | Acquisition expenses                                                         |   |                   | (301   | )      |      |   | - |   |
|   | Total general and administrative expenses excluding depreciation             |   |                   |   |   |      |   |   |   |
|   |    and amortization expense (a)                               |   |                   | (1,637 | )      |      |   | (1,401 | ) |
|   | Profit before depreciation and amortization expense (a)                      |   |                   | 3,958  |   |      |   | 3,322 |   |
|   | Depreciation and amortization expense related to costs of                    |   |                   |   |   |      |   |   |   |
|   |    rental revenue                                                  |   |                   | (3,109 | )      |      |   | (2,728 | ) |
|   | Depreciation and amortization expense - other                                |   |                   | (13    | )      |      |   | (16 | ) |
|   | Operating profit                                                             |   | $                      | 836    |   |      | $      | 578 |   |
|   |                                                                         |   |                   |   |   |      |   |   |   |

----

|   | (a) | The costs related to rental revenue excluding depreciation and amortization expense, profit from leasing activities before general and administrative expenses and before depreciation and amortization expense, general and administrative expenses excluding depreciation and amortization expense and excluding acquisition expenses, general and administrative expenses excluding depreciation and amortization expense and profit before depreciation and amortization expense are disclosures not in conformity with accounting principles generally accepted in the United States of America.  They are presented because Griffin believes they are useful financial indicators for measuring the results of its real estate business segment.  However, they should not be considered as an alternative to operating profit as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.  The aggregate of: (i) costs related to rental revenue excluding depreciation and amortization expense; (ii) costs related to property sales; and (iii) depreciation and amortization expense related to costs of rental revenue, equals the costs related to rental revenue and property sales as reported on Griffin’s consolidated statement of operations. |   |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

|   |                                         |   | 2010                   |   |   | 2009             |   |
|--------|----------------------------------------------|--------|------------------------|--------|--------|------------------|--------|
|   |                                         |   | Six Month Period       |   |   | Six Month Period |   |
|   |                                         |   | (amounts in thousands) |   |
|   | Net sales and other revenue                  |   | $                      | 11,147 |   |             | $      | 16,017 |   |
|   | Cost of goods sold                           |   |                   | 9,939  |   |             |   | 14,714 |   |
|   | Gross profit                                 |   |                   | 1,208  |   |             |   | 1,303 |   |
|   | Selling, general and administrative expenses |   |                   | (1,958 | )      |             |   | (2,351 | ) |
|   | Operating loss                               |   | $                      | (750   | )      |             | $      | (1,048 | ) |
|   |                                         |   |                   |   |   |             |   |   |   |

----

----

|   |                        |   | Total         |   | Due Within One Year |   | Due From 1-3 Years |   | Due From 3-5 Years |   | Due in More Than 5 Years |   |
|--------|-----------------------------|--------|---------------|--------|---------------------|--------|--------------------|--------|--------------------|--------|--------------------------|--------|
|   |                        |   | (in millions) |   |
|   | Mortgages                   |   | $             | 88.6   |                | $      | 5.7                |   | $                  | 17.8   |                     | $      | 9.8 |   | $ | 55.3 |   |
|   | Revolving Line of Credit    |   |          | 2.5    |                |   | -                  |   |               | 2.5    |                     |   | - |   |   | - |   |
|   | Capital Lease Obligations   |   |          | 0.1    |                |   | 0.1                |   |               | -      |                     |   | - |   |   | - |   |
|   | Operating Lease Obligations |   |          | 0.8    |                |   | 0.2                |   |               | 0.5    |                     |   | 0.1 |   |   | - |   |
|   | Purchase Obligations (1)    |   |          | 1.0    |                |   | 1.0                |   |               | -      |                     |   | - |   |   | - |   |
|   | Other (2)                   |   |          | 2.3    |                |   | -                  |   |               | -      |                     |   | - |   |   | 2.3 |   |
|   |                        |   | $             | 95.3   |                | $      | 7.0                |   | $                  | 20.8   |                     | $      | 9.9 |   | $ | 57.6 |   |
|   |                        |   |          |   |                |   |               |   |               |   |                     |   |   |   |   |   |   |

|   | (1) | Includes obligations for the purchase of plants and raw materials by Imperial and construction of tenant improvements related to recently signed leases. |   |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | (2) | Includes Griffin’s deferred compensation plan and other postretirement benefit liabilities. |   |
|--------|-----|---------------------------------------------------------------------------------------------------|--------|

----

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

----

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

----

| PART II | OTHER INFORMATION |
|---------|-------------------|

| ITEM 1A. | RISK FACTORS |   |
|----------|--------------|--------|

| ITEM 6. | EXHIBITS    |                                                                                                                                                                                                                                                                                                               |
|---------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | Exhibit No. | Description                                                                                                                                                                                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 3.1         | Form of Amended and Restated Certificate of Incorporation of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                  |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 3.2         | Form of Bylaws of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.4        | Form of Agricultural Lease between Griffin Land & Nurseries, Inc. and General Cigar Holdings, Inc. (incorporated by reference to the Registration Statement on Form S-1 of General Cigar Holdings, Inc., filed December 24, 1996, as amended)                                                                  |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.6        | Form of 1997 Stock Option Plan of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                                             |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.7        | Form of 401(k) Plan of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.17       | Loan Agreement dated June 24, 1999 (incorporated by reference to Form 10-Q dated August 28, 1999, filed October 8, 1999)                                                                                                                                                                                           |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.21       | Mortgage Deed, Security Agreement, Financing Statement and Fixture Filing with Absolute Assignment of Rents and Leases dated September 17, 2002 between Tradeport Development I, LLC and Farm Bureau Life Insurance Company (incorporated by reference to Form 10-Q dated August 31, 2002, filed October 11, 2002) |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.22       | Letter of Agreement between Griffin Land & Nurseries, Inc. and USAA Real Estate Company (incorporated by reference to Form 10-Q dated August 31, 2002, filed October 11, 2002)                                                                                                                                 |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.23       | Agreement of Purchase and Sale of Partnership Interest between Griffin Land & Nurseries, Inc. and USAA Real Estate Company dated December 3, 2002 (incorporated by reference to Form 10-K dated November 30, 2002, filed February 28, 2003)                                                                    |

----

|   |    |                                                                                                                                                                                                                                                                                                                                |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.24   | Mortgage Deed and Security Agreement dated December 17, 2002 between Griffin Center Development IV, LLC and Webster Bank (incorporated by reference to Form 10-K dated November 30, 2002, filed February 28, 2003)                                                                                                                  |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.28   | Secured Installment Note and First Amendment of Mortgage and Loan Documents dated April 16, 2004 among Tradeport Development I, LLC, and Griffin Land & Nurseries, Inc. and Farm Bureau Life Insurance Company (incorporated by reference to Form 10-Q dated May 29, 2004, filed July 13, 2004)                                 |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.29   | Mortgage Deed Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents dated July 6, 2005 by Tradeport Development II, LLC in favor of First Sunamerica Life Insurance Company (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)                             |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.30   | Promissory Note dated July 6, 2005 (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)                                                                                                                                                                                                           |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.31   | Guaranty Agreement as of July 6, 2005 by Griffin Land & Nurseries, Inc. in favor of Sunamerica Life Insurance Company (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)                                                                                                                    |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.32   | Amended and Restated Mortgage Deed Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents dated November 16, 2006 by Tradeport Development II, LLC in favor of First Sunamerica Life Insurance Company (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007) |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.33   | Amended and Restated Promissory Note dated November 16, 2006 (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007)                                                                                                                                                                               |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.34   | Guaranty Agreement as of November 16, 2006 by Griffin Land & Nurseries, Inc. in favor of Sunamerica Life Insurance Company (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007)                                                                                                             |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.35   | Employment Agreement by and between Imperial Nurseries, Inc. and Gregory Schaan dated January 1, 2001, as amended April 9, 2008 (incorporated by reference to Form 10-Q dated March 1, 2008, filed April 10, 2008)                                                                                                                  |
|   |    |                                                                                                                                                                                                                                                                                                                                |
|   | 10.36 * | Construction Loan and Security Agreement dated February 6, 2009 by and between Tradeport Development III, LLC, Griffin Land & Nurseries, Inc., and Berkshire Bank                                                                                                                                                               |

----

|   |    |                                                                                                                                                                                                                 |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.37   | $12,000,000 Construction Note dated February 6, 2009 (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                                           |
|   |    |                                                                                                                                                                                                                 |
|   | 10.38   | Revolving Line of Credit Loan Agreement dated February 27, 2009 between Griffin Land & Nurseries, Inc. and Doral Bank, FSB (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009) |
|   |    |                                                                                                                                                                                                                 |
|   | 10.39   | $10,000,000 Promissory Note (Revolving Line of Credit) dated February 27, 2009 (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                 |
|   |    |                                                                                                                                                                                                                 |
|   | 10.40 * | Loan and Security Agreement dated July 9, 2009 between Griffin Land & Nurseries, Inc. and People’s United Bank                                                                                             |
|   |    |                                                                                                                                                                                                                 |
|   | 10.41   | $10,500,000 Promissory Note dated July 9, 2009 (incorporated by reference to Form 10-Q dated August 29, 2009, filed October 8, 2009)                                                                                 |
|   |    |                                                                                                                                                                                                                 |
|   | 10.42   | Mortgage and Security Agreement dated January 27, 2010 between Riverbend Crossings III Holdings, LLC and NewAlliance Bank (incorporated by reference to Form 10-Q dated February 27, 2010, filed, April 8, 2010)     |
|   |    |                                                                                                                                                                                                                 |
|   | 10.43   | $4,300,000 Promissory Note dated January 27, 2010 (incorporated by reference to Form 10-Q dated February 27, 2010, filed, April 8, 2010)                                                                             |
|   |    |                                                                                                                                                                                                                 |
|   | 31.1 *  | Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                           |
|   |    |                                                                                                                                                                                                                 |
|   | 31.2 *  | Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes Oxley Act of 2002                                                                           |
|   |    |                                                                                                                                                                                                                 |
|   | 32.1 *  | Certifications of Chief Executive Officer Pursuant to 18 U.S.C.                                                                                                                                                      |
|   |    | Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                   |
|   |    |                                                                                                                                                                                                                 |
|   | 32.2 *  | Certifications of Chief Financial Officer Pursuant to 18 U.S.C.                                                                                                                                                      |
|   |    | Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                   |

----

|                               |   | GRIFFIN LAND & NURSERIES, INC.                                                                                                                                                                                                                            |
|------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |   |                                                                                                                                                                                                                                                               |
|                               |   |        BY:      /s/ FREDERICK M. DANZIGER                                                                                                                                                         |
| Date:  July 7, 2010 |   | Frederick M. Danziger                                                                                                                                                                                                                                              |
|                               |   | President and Chief Executive Officer                                                                                                                                                                                                                              |
|                               |   |                                                                                                                                                                                                                                                               |
|                               |   |                                                                                                                                                                                                                                                               |
|                               |   |                        BY:                /s/ ANTHONY J. GALICI |
| Date:  July 7, 2010 |   | Anthony J. Galici                                                                                                                                                                                                                                                  |
|                               |   | Vice President, Chief Financial Officer and Secretary,                                                                                                                                                                                                             |
|                               |   |    Chief Accounting Officer                                                                                                                                                                                                                         |

----