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.
Griffon Corporation Announces First Quarter Results
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