Griffon Corporation Announces Fourth Quarter And Annual Results

Griffon Corporation ("Griffon" or the "Company") (NYSE:GFF) today reported results for the fourth quarter and fiscal year ended September 30, 2016.

Fourth quarter revenue of $501 million was consistent with the prior year quarter. Telephonics Corporation ("Telephonics") revenue increased 2% over the prior year quarter, Home & Building Products ("HBP") revenue was consistent with the prior year quarter and Clopay Plastic Products Company, Inc. ("PPC") revenue decreased 4% compared with the prior year quarter.

For the current quarter, Segment adjusted EBITDA totaled $60.1 million, increasing 8% from the prior year quarter of $55.4 million. Segment adjusted EBITDA is defined as net income excluding interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead) and restructuring charges, as applicable ("Segment adjusted EBITDA", a non-GAAP measure).

Fourth quarter net income totaled $7.7 million, or $0.18 per share, compared to $10.8 million, or $0.24 per share, in the prior year quarter. Current quarter results included discrete and certain other tax provisions of $3.8 million or $0.09 per share. The prior year quarter included discrete tax benefits of $0.3 million, or $0.01 per share. Excluding these tax items from both periods, current quarter adjusted net income was $11.5 million, or $0.27 per share, compared to $10.5 million, or $0.23 per share, in the prior year quarter.

Ronald J. Kramer, Chief Executive Officer, commented "We finished fiscal 2016 strongly with adjusted earnings per share growth of 15%. Our relentless focus on operating efficiency continues to improve our profitability. For 2017 and beyond we are positioned to benefit from our strategic growth investments including the Clopay Door facility expansion and the roll out of Sof-flex® plastic products. We continue to believe that future growth in U.S. infrastructure and defense spending will be very beneficial to our business. Additionally, a stronger U.S. economy will drive increased consumer spending and a more robust housing market. We are optimistic about our future."

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