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Griffon Corporation (“Griffon” or the “Company”) (NYSE: GFF) today reported results for the fiscal first quarter ended December 31, 2012.
Ron Kramer, Chief Executive Officer, commented, “Our first quarter results reflect the continued improvement in our operations as the global economy slowly recovers. Telephonics’ strong performance benefited from manufacturing efficiencies and favorable product mix. Clopay Plastics (“Plastics”) continued its ongoing improvement from initiatives undertaken to address manufacturing inefficiencies arising from our capacity expansions in Germany and Brazil. Home and Building Products (“HBP”) benefited from enhanced profitability from Clopay Building Products (“CBP”), while Ames True Temper (“ATT”) suffered from a lack of snow and resultant lower snow tool revenue.”
First quarter revenue totaled $424 million, decreasing 6% compared to the prior year quarter. Plastics revenue increased 1%, while HBP and Telephonics revenue decreased 10% and 8%, respectively, compared to the prior year quarter.
Segment adjusted EBITDA totaled $42.9 million, increasing 3% compared to $41.6 million in the prior year quarter. Segment adjusted EBITDA is defined as net income, excluding interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, acquisition-related expenses, and gains (losses) from pension settlement and debt extinguishment, as applicable.
Net income totaled $0.6 million, or $0.01 per share, compared to $2.5 million, or $0.04 per share, in the prior year quarter. Current quarter results included restructuring of $1.1 million ($0.7 million, net of tax, or $0.01 per share) and a loss on pension settlement of $2.1 million ($1.4 million, net of tax, or $0.02 per share). The prior year quarter results included restructuring and acquisition costs of $2.0 million ($1.3 million, net of tax, or $0.02 per share). Current quarter adjusted net income was $2.6 million, or $0.05 per share, compared to $3.8 million, or $0.07 per share, in the prior year quarter.