This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Griffon Corporation Announces First Quarter Results

Griffon Corporation (NYSE: GFF) today reported results for the first quarter ended December 31, 2011.

First quarter 2012 revenue totaled $451 million, increasing 9% compared to the 2011 quarter, with growth in all operating segments. Compared to the prior year quarter, Home and Building Products (“HBP”) and Telephonics revenue both grew 6% while Clopay Plastics (“Plastics”) revenue increased 16%.

First quarter 2012 net income totaled $2.5 million, or $0.04 per share, compared to a loss of $1.7 million or $0.03 per share, in the prior year quarter. Current quarter adjusted net income was $3.8 million, or $0.07 per share, compared to $6.3 million, or $0.11 per share, in the prior year quarter.

Ron Kramer, Chief Executive Officer, commented, “Our financial performance improved in the first quarter and is a good start to the year. We expect to continue growing organically in each of our businesses as the economy recovers. Telephonics has remained a strong and steady leader in its markets. We have successfully restructured and augmented our Home and Building Products business. Finally, while our capacity expansion project in Plastics has temporarily impacted margins, we have achieved significant top-line growth and continue to expect a return to normalized operating margins in the second half of fiscal 2012.”

Mr. Kramer continued, “We are excited about our new leadership at Plastics and the new, streamlined, more flexible organizational structure recently implemented at Telephonics. These changes will facilitate our strategy to deliver growth and value to our customers and our shareholders.”

First quarter 2012 results included:

  • $1,795 ($1,167, net of tax, or $0.02 per share) of restructuring and related charges; and
  • $178 ($116, net of tax, or $0.00 per share) of acquisition costs.

First quarter 2011 results included:

  • $11,364 ($7,387, net of tax, or $0.12 per share) of cost of goods related to the sale of inventory recorded at fair value in connection with acquisition accounting for Ames True Temper (“ATT”);
  • Restructuring charges of $1,393 ($905, net of tax, or $0.02 per share); and
  • Discrete tax benefits of $320, or $0.01 per share.

Excluding these items from the respective quarters, adjusted income from continuing operations for the 2012 quarter would have been $3.8 million, or $0.07 per share, compared to $6.3 million, or $0.11 per share, in the 2011 quarter.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs