Press Release
Griffon Corporation Announces Fourth Quarter and Annual Results
Earlier today, Griffon announced it entered into a definitive agreement
to sell
On
Fourth quarter revenue from continuing operations of
Fourth quarter net loss totaled
Fourth quarter Segment adjusted EBITDA from continuing operations
totaled
For the full year 2017, revenue from continuing operations totaled
For the full year 2017, net income totaled
For the full year 2017, Segment adjusted EBITDA, inclusive of PPC,
totaled
Segment Operating Results
Home & Building Products
Revenue in the current quarter totaling
Fourth quarter Segment adjusted EBITDA was
Revenue in 2017 totaled
Segment adjusted EBITDA for 2017 was
On
On
On
Telephonics
Revenue in the current quarter totaled
Fourth quarter Segment adjusted EBITDA was
Revenue in 2017 totaled
Segment adjusted EBITDA for 2017 was
Contract backlog totaled
Plastic Products
Revenue in the current quarter totaled
Segment adjusted EBITDA was
Revenue in 2017 totaled
Segment adjusted EBITDA for 2017 was
Taxes
The Company reported pretax income from continuing operations for the
years ended
The tax provisions on all pre-tax income inclusive of discontinued
operations for the years ended
Balance Sheet and Capital Expenditures
At
Share Repurchases
In each of
Since
Conference Call Information
The Company will hold a conference call today, November 16, 2017, at
The call can be accessed by dialing 1-800-239-9838 (U.S. participants)
or 1-323-794-2551 (International participants). Callers should ask to be
connected to the
A replay of the call will be available starting on
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform
Act of 1995: All statements related to, among other things, income
(loss), earnings, cash flows, revenue, changes in operations, operating
improvements, industries in which Griffon operates and
About
Griffon currently conducts its operations through two reportable segments:
-
Home & Building Products consists of three companies,
The AMES Companies, Inc. ("AMES"),Clopay Building Products Company, Inc. ("CBP") andClosetMaid LLC ("ClosetMaid"): - AMES, founded in 1774, is the leading U.S. manufacturer and a global provider of long-handled tools and landscaping products for homeowners and professionals.
-
CBP, since 1964, is a leading manufacturer and marketer of residential
and commercial garage doors and sells to professional dealers and some
of the largest home center retail chains in
North America . - ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer of closet organization, home storage, and garage storage products and sells to some of the largest home center retail chains, mass merchandisers, and direct-to-guilder professional installers.
- Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
Classified as a discontinued operation,
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.
Griffon evaluates performance and allocates resources based on each segment's operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Segment adjusted EBITDA”, a non-GAAP measure). Griffon believes this information is useful to investors.
The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES OPERATING HIGHLIGHTS (in thousands) |
|||||||||||||||
(Unaudited) For the Three Months Ended September 30, |
For the Twelve Months Ended September 30, | ||||||||||||||
REVENUE | 2017 | 2016 | 2017 | 2016 | |||||||||||
Home & Building Products: | |||||||||||||||
AMES | $ | 125,506 | $ | 107,638 | $ | 545,269 | $ | 513,973 | |||||||
CBP | 161,564 | 137,713 | 568,001 | 527,370 | |||||||||||
Home & Building Products | 287,070 | 245,351 | 1,113,270 | 1,041,343 | |||||||||||
Telephonics | 143,729 | 129,014 | 411,727 | 435,692 | |||||||||||
Plastics | 118,928 | 126,340 | 460,914 | 480,126 | |||||||||||
Total | 549,727 | 500,705 | 1,985,911 | 1,957,161 | |||||||||||
Less: Plastics | (118,928 | ) | (126,340 | ) | (460,914 | ) | (480,126 | ) | |||||||
Total revenue | $ | 430,799 | $ | 374,365 | $ | 1,524,997 | $ | 1,477,035 | |||||||
Home & Building Products | $ | 34,260 | $ | 26,700 | $ | 126,766 | $ | 114,949 | |||||||
Telephonics | 19,253 | 20,472 | 45,931 | 53,385 | |||||||||||
Plastics | 13,108 | 12,925 | 52,760 | 50,079 | |||||||||||
Total Segment adjusted EBITDA | 66,621 | 60,097 | 225,457 | 218,413 | |||||||||||
Less: EBITDA from discontinued operations | 13,108 | 12,925 | 52,760 | 50,079 | |||||||||||
Total Segment adjusted EBITDA from continuing operations | 53,513 | 47,172 | 172,697 | 168,334 | |||||||||||
Net interest expense | (12,793 | ) | (13,339 | ) | (51,449 | ) | (49,877 | ) | |||||||
Segment depreciation and amortization | (11,396 | ) | (12,018 | ) | (47,398 | ) | (45,851 | ) | |||||||
Unallocated amounts | (11,019 | ) | (10,358 | ) | (42,398 | ) | (40,393 | ) | |||||||
Acquisition costs | (9,617 | ) | — | (9,617 | ) | — | |||||||||
Contract settlement charges | (5,137 | ) | — | (5,137 | ) | — | |||||||||
Income before taxes from continuing operations | $ | 3,551 | $ | 11,457 | $ | 16,698 | $ | 32,213 | |||||||
The following is a reconciliation of each segment's operating results to Segment adjusted EBITDA:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES BY REPORTABLE SEGMENT (in thousands) |
||||||||||||||
(Unaudited) For the Three Months Ended September 30, |
For the Twelve Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Home & Building Products | ||||||||||||||
Segment operating profit | $ | 24,834 | $ | 17,512 | $ | 89,495 | $ | 79,682 | ||||||
Depreciation and amortization | 8,702 | 9,188 | 36,547 | 35,267 | ||||||||||
Acquisition costs | 724 | — | 724 | — | ||||||||||
Segment adjusted EBITDA | 34,260 | 26,700 | 126,766 | 114,949 | ||||||||||
Telephonics | ||||||||||||||
Segment operating profit | 11,422 | 17,642 | 29,943 | 42,801 | ||||||||||
Depreciation and amortization | 2,694 | 2,830 | 10,851 | 10,584 | ||||||||||
Contract settlement charges | 5,137 | — | 5,137 | — | ||||||||||
Segment adjusted EBITDA | 19,253 | 20,472 | 45,931 | 53,385 | ||||||||||
Clopay Plastic Products | ||||||||||||||
Segment operating profit | 5,663 | 6,744 | 25,291 | 20,313 | ||||||||||
Depreciation and amortization | 7,445 | 6,181 | 27,469 | 23,866 | ||||||||||
Restructuring charges | — | — | — | 5,900 | ||||||||||
Segment adjusted EBITDA | 13,108 | 12,925 | 52,760 | 50,079 | ||||||||||
All segments including Clopay Plastic Products: | ||||||||||||||
Income from operations - as reported | 16,645 | 31,553 | 91,308 | 103,507 | ||||||||||
Unallocated amounts | 24,919 | 9,889 | 54,243 | 38,521 | ||||||||||
Other, net | 354 | 456 | (822 | ) | 768 | |||||||||
Segment operating profit | 41,918 | 41,898 | 144,729 | 142,796 | ||||||||||
Depreciation and amortization | 18,842 | 18,199 | 74,867 | 69,717 | ||||||||||
Acquisition costs | 724 | — | 724 | — | ||||||||||
Contract settlement charges | 5,137 | — | 5,137 | — | ||||||||||
Restructuring charges | — | — | — | 5,900 | ||||||||||
Segment adjusted EBITDA | $ | 66,621 | $ | 60,097 | $ | 225,457 | $ | 218,413 | ||||||
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES FROM CONTINUING OPERATIONS (in thousands) |
|||||||||||||||
(Unaudited) For the Three Months Ended September 30, |
For the Twelve Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
All segments excluding Clopay Plastic Products: | |||||||||||||||
Income from continuing operations - as reported | 16,803 | 24,372 | 69,027 | 82,340 | |||||||||||
Unallocated amounts | 11,019 | 10,358 | 42,398 | 40,393 | |||||||||||
Other, net | (459 | ) | 424 | (880 | ) | (250 | ) | ||||||||
Corporate acquisition costs | 8,893 | — | 8,893 | — | |||||||||||
Segment operating profit from continuing operations | 36,256 | 35,154 | 119,438 | 122,483 | |||||||||||
Depreciation and amortization | 11,396 | 12,018 | 47,398 | 45,851 | |||||||||||
Acquisition costs | 724 | 724 | |||||||||||||
Contract settlement charges | 5,137 | — | 5,137 | — | |||||||||||
Segment adjusted EBITDA from continuing operations | $ | 53,513 | $ | 47,172 | $ | 172,697 | $ | 168,334 | |||||||
Unallocated amounts typically include general corporate expenses not attributable to any reportable segment.
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share data) |
|||||||||||||||||
(Unaudited) Three Months Ended September 30, |
Years Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Revenue | $ | 430,799 | $ | 374,365 | $ | 1,524,997 | $ | 1,477,035 | |||||||||
Cost of goods and services | 316,279 | 270,054 | 1,116,881 | 1,076,342 | |||||||||||||
Gross profit | 114,520 | 104,311 | 408,116 | 400,693 | |||||||||||||
Selling, general and administrative expenses | 97,717 | 79,938 | 339,089 | 318,353 | |||||||||||||
Income from continuing operations | 16,803 | 24,373 | 69,027 | 82,340 | |||||||||||||
Other income (expense) | |||||||||||||||||
Interest expense | (12,819 | ) | (13,348 | ) | (51,513 | ) | (49,943 | ) | |||||||||
Interest income | 26 | 8 | 64 | 66 | |||||||||||||
Other, net | (459 | ) | 424 | (880 | ) | (250 | ) | ||||||||||
Total other income (expense) | (13,252 | ) | (12,916 | ) | (52,329 | ) | (50,127 | ) | |||||||||
Income before taxes from continuing operations | 3,551 | 11,457 | 16,698 | 32,213 | |||||||||||||
Provision (benefit) for income taxes | (786 | ) | 7,359 | (1,085 | ) | 12,432 | |||||||||||
Income from continuing operations | $ | 4,337 | $ | 4,098 | $ | 17,783 | $ | 19,781 | |||||||||
Discontinued operations: | |||||||||||||||||
Income from operations of discontinued businesses | 637 | 6,761 | 22,276 | 20,952 | |||||||||||||
Provision from income taxes | 16,924 | 5,328 | 25,147 | 10,723 | |||||||||||||
Income (loss) from discontinued operations | (16,287 | ) | 1,433 | (2,871 | ) | 10,229 | |||||||||||
Net income (loss) | $ | (11,950 | ) | $ | 5,531 | $ | 14,912 | $ | 30,010 | ||||||||
Income from continuing operations | $ | 0.10 | $ | 0.10 | $ | 0.43 | $ | 0.48 | |||||||||
Income from discontinued operations | (0.39 | ) | 0.04 | (0.07 | ) | 0.25 | |||||||||||
Basic earnings per common share | $ | (0.29 | ) | $ | 0.14 | $ | 0.36 | $ | 0.73 | ||||||||
Weighted-average shares outstanding | 41,726 | 40,343 | 41,005 | 41,074 | |||||||||||||
Income from continuing operations | $ | 0.10 | $ | 0.10 | $ | 0.41 | $ | 0.45 | |||||||||
Income from discontinued operations | (0.39 | ) | 0.03 | (0.07 | ) | 0.23 | |||||||||||
Diluted earnings per common share | $ | (0.29 | ) | $ | 0.13 | $ | 0.35 | $ | 0.68 | ||||||||
Weighted-average shares outstanding | 41,726 | 42,784 | 43,011 | 44,109 | |||||||||||||
Net income (loss) | $ | (11,950 | ) | $ | 5,531 | $ | 14,912 | $ | 30,010 | ||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||
Foreign currency translation adjustments | 9,323 | 6,154 | 10,667 | 17,284 | |||||||||||||
Pension and other post-retirement plans | 7,941 | (6,809 | ) | 9,573 | (5,651 | ) | |||||||||||
Gain (loss) on cash flow hedge | 89 | (309 | ) | 890 | (1,686 | ) | |||||||||||
Total other comprehensive income (loss), net of taxes | 17,353 | (964 | ) | 21,130 | 9,947 | ||||||||||||
Comprehensive income (loss), net | $ | 5,403 | $ | 4,567 | $ | 36,042 | $ | 39,957 | |||||||||
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||||
At September 30, 2017 | At September 30, 2016 | ||||||||
CURRENT ASSETS | |||||||||
Cash and equivalents | $ | 47,681 | $ | 72,553 | |||||
Accounts receivable, net of allowances of $5,966 and $4,692 | 208,229 | 184,339 | |||||||
Contract costs and recognized income not yet billed, net of progress payments of $4,407 and $8,001 | 131,662 | 126,961 | |||||||
Inventories, net | 299,437 | 261,317 | |||||||
Prepaid and other current assets | 40,067 | 23,429 | |||||||
Assets of discontinued operations held for sale | 370,724 | 112,139 | |||||||
Assets of discontinued operations not held for sale | 329 | 219 | |||||||
Total Current Assets | 1,098,129 | 780,957 | |||||||
PROPERTY, PLANT AND EQUIPMENT, net | 232,135 | 236,905 | |||||||
GOODWILL | 319,139 | 306,163 | |||||||
INTANGIBLE ASSETS, net | 205,127 | 197,949 | |||||||
OTHER ASSETS | 16,051 | 7,569 | |||||||
ASSETS OF DISCONTINUED OPERATIONS HELD FOR SALE | — | 250,585 | |||||||
ASSETS OF DISCONTINUED OPERATIONS NOT HELD FOR SALE | 2,960 | 1,968 | |||||||
Total Assets | $ | 1,873,541 | $ | 1,782,096 | |||||
CURRENT LIABILITIES | |||||||||
Notes payable and current portion of long-term debt | $ | 11,078 | $ | 13,932 | |||||
Accounts payable | 183,951 | 148,130 | |||||||
Accrued liabilities | 83,258 | 84,059 | |||||||
Liabilities of discontinued operations held for sale | 84,450 | 70,458 | |||||||
Liabilities of discontinued operations not held for sale | 8,342 | 1,684 | |||||||
Total Current Liabilities | 371,079 | 318,263 | |||||||
LONG-TERM DEBT, net | 968,080 | 896,946 | |||||||
OTHER LIABILITIES | 132,537 | 123,163 | |||||||
LIABILITIES OF DISCONTINUED OPERATIONS HELD FOR SALE | — | 31,071 | |||||||
LIABILITIES OF DISCONTINUED OPERATIONS NOT HELD FOR SALE | 3,037 | 1,706 | |||||||
Total Liabilities | 1,474,733 | 1,371,149 | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
SHAREHOLDERS’ EQUITY | |||||||||
Preferred stock, par value $0.25 per share, authorized 3,000 shares, no shares issued | — | — | |||||||
Common stock, par value $0.25 per share, authorized 85,000 shares, issued 80,663 shares and 79,966 shares | 20,166 | 19,992 | |||||||
Capital in excess of par value | 487,077 | 529,980 | |||||||
Retained earnings | 480,347 | 475,760 | |||||||
Treasury shares, at cost, 33,557 common shares and 34,797 common shares | (489,225 | ) | (501,866 | ) | |||||
Accumulated other comprehensive loss | (60,481 | ) | (81,241 | ) | |||||
Deferred compensation | (39,076 | ) | (31,678 | ) | |||||
Total Shareholders’ Equity | 398,808 | 410,947 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 1,873,541 | $ | 1,782,096 | |||||
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||||||||
Years Ended September 30, | |||||||||||||
2017 | 2016 | 2015 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: | |||||||||||||
Net income | $ | 14,912 | $ | 30,010 | $ | 34,289 | |||||||
Net (income) from discontinued operations | 2,871 | (10,229 | ) | (21,995 | ) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | |||||||||||||
Depreciation and amortization | 47,878 | 46,342 | 45,834 | ||||||||||
Stock-based compensation | 8,090 | 10,136 | 11,110 | ||||||||||
Provision for losses on accounts receivable | 271 | 351 | 60 | ||||||||||
Amortization of deferred financing costs and debt discounts | 4,511 | 7,321 | 6,982 | ||||||||||
Deferred income tax | 2,341 | 6,044 | 3,674 | ||||||||||
Gain on sale/disposal of assets and investments | (126 | ) | (319 | ) | (338 | ) | |||||||
Change in assets and liabilities, net of assets and liabilities acquired: | |||||||||||||
(Increase) decrease in accounts receivable and contract costs and recognized income not yet billed | (19,131 | ) | (35,933 | ) | 22,375 | ||||||||
(Increase) decrease in inventories | (29,299 | ) | 16,103 | (41,604 | ) | ||||||||
(Increase) decrease in prepaid and other assets | (4,781 | ) | 1,462 | (2,019 | ) | ||||||||
Increase (decrease) in accounts payable, accrued liabilities and income taxes payable | 17,541 | 4,829 | (27,071 | ) | |||||||||
Other changes, net | 4,073 | 4,001 | 559 | ||||||||||
Net cash provided by operating activities - continuing operations | 49,151 | 80,118 | 31,856 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS: | |||||||||||||
Acquisition of property, plant and equipment | (34,937 | ) | (59,276 | ) | (46,308 | ) | |||||||
Acquired business, net of cash acquired | (34,719 | ) | (4,470 | ) | (2,225 | ) | |||||||
Investment sales (purchases) | (1,824 | ) | 715 | 8,891 | |||||||||
Proceeds from sale of property, plant and equipment | 143 | 770 | 203 | ||||||||||
Net cash used in investing activities - continuing operations | (71,337 | ) | (62,261 | ) | (39,439 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS: | |||||||||||||
Proceeds from issuance of common stock | — | — | 371 | ||||||||||
Dividends paid | (10,325 | ) | (8,798 | ) | (7,654 | ) | |||||||
Purchase of shares for treasury | (15,841 | ) | (65,307 | ) | (82,343 | ) | |||||||
Proceeds from long-term debt | 233,443 | 302,362 | 203,216 | ||||||||||
Payments of long-term debt | (170,454 | ) | (208,514 | ) | (187,735 | ) | |||||||
Share premium payment on settled debt | (24,997 | ) | — | — | |||||||||
Financing costs | (1,548 | ) | (4,384 | ) | (888 | ) | |||||||
Purchase of ESOP shares | (10,908 | ) | — | — | |||||||||
Tax effect from exercise/vesting of equity awards, net | — | — | 345 | ||||||||||
Other, net | (70 | ) | 55 | 347 | |||||||||
Net cash provided by (used) in financing activities - continuing operations | (700 | ) | 15,414 | (74,341 | ) | ||||||||
Years Ended September 30, | |||||||||||||
2017 | 2016 | 2015 | |||||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||||
Net cash provided by operating activities | 47,193 | 24,264 | 43,362 | ||||||||||
Net cash used in investing activities | (45,075 | ) | (31,343 | ) | (27,180 | ) | |||||||
Net cash provided by (used in) financing activities | (4,268 | ) | (6,526 | ) | 29,490 | ||||||||
Net cash provided by (used in) discontinued operations | (2,150 | ) | (13,605 | ) | 45,672 | ||||||||
Effect of exchange rate changes on cash and equivalents | 164 | 886 | (4,152 | ) | |||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (24,872 | ) | 20,552 | (40,404 | ) | ||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 72,553 | 52,001 | 92,405 | ||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | 47,681 | $ | 72,553 | $ | 52,001 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||||
Cash paid for interest | $ | 48,137 | $ | 43,208 | $ | 41,269 | |||||||
Cash paid for taxes | 20,998 | 3,431 | 16,446 | ||||||||||
Griffon evaluates performance based on Earnings per share and Net income excluding restructuring charges, loss on debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable. Griffon believes this information is useful to investors. The following tables provides a reconciliation of Income from continuing operations to Adjusted income from continuing operations and Earnings per common share from continuing operations to Adjusted earnings per common share from continuing operations, as well as, Net income to Adjusted net income and Earnings per common share to Adjusted earnings per common share:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS (in thousands, except per share data) |
|||||||||||||||||
For the Three Months Ended September 30, | For the Years Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Income from continuing operations | $ | 4,337 | $ | 4,098 | $ | 17,783 | $ | 19,781 | |||||||||
Adjusting items, net of tax: | |||||||||||||||||
Acquisition costs | 6,145 | — | 6,145 | — | |||||||||||||
Contract settlement charges | 3,300 | — | 3,300 | — | |||||||||||||
Discrete tax provisions (benefits) | (1,769 | ) | 2,294 | (8,274 | ) | (857 | ) | ||||||||||
Adjusted income from continuing operations | $ | 12,013 | $ | 6,392 | $ | 18,954 | $ | 18,924 | |||||||||
Earnings per common share from continuing operations | $ | 0.10 | $ | 0.10 | $ | 0.41 | $ | 0.45 | |||||||||
Adjusting items, net of tax: | |||||||||||||||||
Acquisition costs | 0.14 | — | 0.14 | — | |||||||||||||
Contract settlement charges | 0.08 | — | 0.08 | — | |||||||||||||
Discrete tax provisions (benefits) | (0.04 | ) | 0.05 | (0.19 | ) | (0.02 | ) | ||||||||||
Adjusted earnings per share from continuing operations | $ | 0.28 | $ | 0.15 | $ | 0.44 | $ | 0.43 | |||||||||
Weighted-average shares outstanding (in thousands) | 43,237 | 42,784 | 43,011 | 44,109 | |||||||||||||
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (in thousands, except per share data) |
||||||||||||||||
For the Three Months Ended September 30, | For the Years Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (11,950 | ) | $ | 5,531 | $ | 14,912 | $ | 30,010 | |||||||
Adjusting items, net of tax: | ||||||||||||||||
Acquisition costs | 6,145 | — | 6,145 | — | ||||||||||||
Contract settlement charges | 3,300 | — | 3,300 | — | ||||||||||||
Environmental and warranty reserves | 3,703 | 3,703 | ||||||||||||||
Restructuring | — | — | — | 4,247 | ||||||||||||
Discrete tax provisions | 14,509 | 5,982 | 9,385 | 2,658 | ||||||||||||
Adjusted net income | $ | 15,707 | $ | 11,513 | $ | 37,445 | $ | 36,915 | ||||||||
Earnings (loss) per common share (1) |
$ | (0.29 | ) | $ | 0.13 | $ | 0.35 | $ | 0.68 | |||||||
Adjusting items, net of tax: | ||||||||||||||||
Acquisition costs |
0.14 |
— | 0.14 | — | ||||||||||||
Contract settlement charges | 0.08 | — | 0.08 | — | ||||||||||||
Environmental and warranty reserves | 0.09 | 0.09 | ||||||||||||||
Restructuring | — | — | — | 0.10 | ||||||||||||
Discrete tax provisions |
0.34 |
0.14 | 0.22 | 0.06 | ||||||||||||
Adjusted earnings per share | $ |
0.36 |
$ | 0.27 | $ | 0.87 | $ | 0.84 | ||||||||
Weighted-average shares outstanding (in thousands) |
43,237 |
42,784 | 43,011 | 44,109 | ||||||||||||
(1) On basic weighted average shares outstanding of 41,726.
Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171116005798/en/
Source:
Company:
Griffon Corporation
Brian
G. Harris, 212-957-5000
SVP & Chief Financial Officer
or
Investor
Relations:
ICR Inc.
Michael
Callahan, 203-682-8311
Senior Vice President