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Griffon Corporation Announces First Quarter Results

Stocks in this article: GFF

First quarter segment adjusted EBITDA was $16.4 million, increasing 4% from the prior year quarter, mainly driven by improved gross profit from favorable program mix and manufacturing efficiencies. Telephonics profitability also benefited from cost reductions previously implemented. In 2012 and 2011, Telephonics recognized $3.8 and $3.0, respectively, of restructuring charges in connection with two discrete voluntary early retirement plans and other costs related to changes in organizational structure and facilities; such charges were primarily personnel-related, reducing headcount by 185 employees over the two-year period. In the prior year first quarter, Telephonics recognized $1.5 million of restructuring and other related charges, primarily for one-time termination benefits and other personnel costs.

Contract backlog totaled a record $467 million at December 31, 2012 compared to $451 million at September 30, 2012, and $380 at December 31, 2011, with approximately 70% expected to be filled within the next twelve months.

Plastic Products

First quarter revenue totaled $137.5 million, increasing 1% compared to the prior year quarter; a volume increase of 7% was partially offset by a 4% unfavorable impact of translation of European and Brazilian local currency revenue into a stronger U.S. dollar, and a 2% unfavorable mix impact. The current quarter revenue impact from fluctuations in resin costs was not material; Plastics adjusts selling prices, based on underlying resin costs, on a delayed basis.

First quarter segment adjusted EBITDA was $9.3 million, increasing 14% from the prior year quarter, mainly driven by improved volume and continued efficiency improvements made on past capital initiatives, partially offset by a $4.8 million unfavorable impact of higher resin costs.

Home & Building Products

First quarter revenue totaled $190.2 million, decreasing 10% compared to the prior year quarter. ATT revenue decreased 22% due to lack of snow and resultant reduced sales of snow tools. Retail customers continue to hold high levels of snow tool inventory carried over from last year, further affecting snow tool sales. CBP revenue increased 1%, mainly due to favorable mix.

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