Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.

Griffon Corporation Announces Fourth Quarter and Annual Results

Q4 Revenue Increases 39% to $485 million; 2011 Revenue Increases 41% to $1.8 billion

Initiates Quarterly Dividend of $0.02 per Share




Griffon Corporation (NYSE: GFF) reported financial results for the fourth quarter and year ended September 30, 2011.

Fourth quarter 2011 revenue totaled $485 million, increasing 39% compared to the 2010 quarter, driven mainly by the Home and Building Products Segment (“HBP”); HBP grew 89% due to the inclusion of Ames True Temper (“ATT”) operating results. ATT, acquired on September 30, 2010, is a global provider of non-powered lawn and garden tools, wheelbarrows and other outdoor products to the retail and professional markets. HBP results also reflect a 10% increase in Clopay Building Products (“CBP”) revenue; CBP is the largest manufacturer and marketer of residential garage doors and a leading manufacturer of commercial sectional doors in the United States. Clopay Plastics (“Plastics”) and Telephonics fourth quarter 2011 revenue grew 15% and 23%, respectively, in comparison to the prior year quarter.

Fourth quarter 2011 income from continuing operations totaled $3.4 million, or $0.06 per share, compared to a loss of $1.7 million or $0.03 per share, in the prior year quarter. Adjusted income from continuing operations for the current quarter was $4.2 million, or $0.07 per share, compared to $6.6 million, or $0.11 per share, in the prior year quarter.

Full year 2011 revenue totaled $1.8 billion, increasing 41% compared to 2010, driven by HBP, where revenue grew 116%, mainly due to the inclusion of ATT; 2011 CBP revenue increased 4% over the prior year while Plastics and Telephonics revenue grew 14% and 5%, respectively.

For the year ended September 30, 2011, loss from continuing operations was $7.4 million, or $0.13 per share, compared to income of $9.5 million, or $0.16 per share, in the prior year. Adjusted income from continuing operations for 2011 was $19.9 million, or $0.34 per share, compared to $18.3 million, or $0.31 per share, in 2010.

More about GFF at www.griffoncorp.com.



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