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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to
 
Commission File Number: 1-06620
 
GRIFFON CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware
 
 
11-1893410
(State or other jurisdiction of
 
 
(I.R.S. Employer
incorporation or organization)
 
 
Identification No.)
 
 
 
 
712 Fifth Ave, 18th Floor
New York
New York
10019
(Address of principal executive offices)
(Zip Code)
 
(212) 957-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.25 par value
 
GFF
 
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

The number of shares of common stock outstanding at July 31, 2019 was 46,800,571.




Griffon Corporation and Subsidiaries
 
Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

Part I – Financial Information
Item 1 – Financial Statements
 
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


(Unaudited)


 
June 30,
2019

September 30,
2018
CURRENT ASSETS
 

 
Cash and equivalents
$
58,112


$
69,758

Accounts receivable, net of allowances of $7,841 and $6,408
322,310


280,509

Contract costs and recognized income not yet billed, net of progress payments of $7,895 and $3,172
90,825


121,803

Inventories
436,885


398,359

Prepaid and other current assets
52,898


42,121

Assets of discontinued operations
323


324

Total Current Assets
961,353


912,874

PROPERTY, PLANT AND EQUIPMENT, net
331,345


342,492

GOODWILL
438,417


439,395

INTANGIBLE ASSETS, net
361,249


370,858

OTHER ASSETS
16,200


16,355

ASSETS OF DISCONTINUED OPERATIONS
2,895


2,916

Total Assets
$
2,111,459


$
2,084,890







CURRENT LIABILITIES
 


 

Notes payable and current portion of long-term debt
$
10,884


$
13,011

Accounts payable
205,570


233,658

Accrued liabilities
148,123


139,192

Liabilities of discontinued operations
2,653


7,210

Total Current Liabilities
367,230


393,071

LONG-TERM DEBT, net
1,159,621


1,108,071

OTHER LIABILITIES
94,148


106,710

LIABILITIES OF DISCONTINUED OPERATIONS
2,295


2,647

Total Liabilities
1,623,294


1,610,499

COMMITMENTS AND CONTINGENCIES - See Note 19





SHAREHOLDERS’ EQUITY
 


 

Total Shareholders’ Equity
488,165


474,391

Total Liabilities and Shareholders’ Equity
$
2,111,459


$
2,084,890


The accompanying notes to condensed consolidated financial statements are an integral part of these statements.


1

Table of Contents

GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Nine Months Ended June 30, 2019 and 2018
(Unaudited) 
 
COMMON STOCK
 
CAPITAL IN
EXCESS OF
PAR VALUE
 
RETAINED
EARNINGS
 
TREASURY SHARES
 
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
 
DEFERRED
COMPENSATION
 
 
(in thousands)
SHARES
 
PAR VALUE
 
 
 
SHARES
 
COST
 
 
 
TOTAL
Balance at September 30, 2018
81,520

 
$
20,380

 
$
503,396

 
$
550,523

 
35,846

 
$
(534,830
)
 
$
(34,112
)
 
$
(30,966
)
 
$
474,391

Net income

 

 

 
8,753

 

 

 

 

 
8,753

Cumulative catch-up adjustment related to adoption of ASC 606(1)

 

 

 
(5,673
)
 

 

 

 

 
(5,673
)
Dividend

 

 

 
(3,143
)
 

 

 

 

 
(3,143
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
83

 
(1,058
)
 

 

 
(1,058
)
Amortization of deferred compensation

 

 

 

 

 

 

 
856

 
856

Common stock acquired

 

 

 

 
29

 
(290
)
 

 

 
(290
)
Equity awards granted, net
1,201

 
300

 
(300
)
 

 

 

 

 

 

ESOP allocation of common stock

 

 
(8
)
 

 

 

 

 

 
(8
)
Stock-based compensation

 

 
2,933

 

 

 

 

 

 
2,933

Stock-based consideration

 

 
250

 

 

 

 

 

 
250

Other comprehensive income, net of tax

 

 

 

 

 

 
(5,450
)
 

 
(5,450
)
Balance at December 31, 2018
82,721

 
$
20,680

 
$
506,271

 
$
550,460

 
35,958

 
$
(536,178
)
 
$
(39,562
)
 
$
(30,110
)
 
$
471,561

Net income (loss)

 

 

 
(1,156
)
 

 

 

 

 
(1,156
)
Dividend

 

 

 
(3,704
)
 

 

 

 

 
(3,704
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
3

 
(48
)
 

 

 
(48
)
Amortization of deferred compensation

 

 

 

 

 

 

 
507

 
507

Common stock acquired

 

 

 

 
8

 
(82
)
 

 

 
(82
)
Equity awards granted, net
48

 
12

 
(12
)
 









 

ESOP allocation of common stock

 

 
601

 

 

 

 

 

 
601

Stock-based compensation

 

 
3,422

 

 

 

 

 

 
3,422

Stock-based consideration

 

 
303

 

 

 

 

 

 
303

Other comprehensive income, net of tax

 

 

 

 

 

 
2,880

 

 
2,880

Balance at March 31, 2019
82,769

 
$
20,692

 
$
510,585

 
$
545,600

 
35,969

 
$
(536,308
)
 
$
(36,682
)
 
$
(29,603
)
 
$
474,284

Net income

 

 

 
13,595

 

 

 

 

 
13,595

Dividend

 

 

 
(3,415
)
 

 

 

 

 
(3,415
)
Amortization of deferred compensation

 

 

 

 

 

 

 
682

 
682

ESOP allocation of common stock

 

 
435

 

 

 

 

 

 
435

Stock-based compensation

 

 
3,332

 

 

 

 

 

 
3,332

Stock-based consideration

 

 
287

 

 

 

 

 

 
287

Other comprehensive income, net of tax

 

 

 

 

 

 
(1,035
)
 

 
(1,035
)
Balance at June 30, 2019
82,769

 
$
20,692

 
$
514,639

 
$
555,780

 
35,969

 
$
(536,308
)
 
$
(37,717
)
 
$
(28,921
)
 
$
488,165

(1) See Note 14 - Recent Accounting Pronouncements and Note 3 - Revenue for additional information. 
The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

2

Table of Contents

 
COMMON STOCK
 
CAPITAL IN
EXCESS OF
PAR VALUE
 
RETAINED
EARNINGS
 
TREASURY SHARES
 
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
 
DEFERRED
COMPENSATION
 
 
(in thousands)
SHARES
 
PAR VALUE
 
 
 
SHARES
 
COST
 
 
 
TOTAL
Balance at September 30, 2017
80,663

 
$
20,166

 
$
487,077

 
$
480,347

 
33,557

 
$
(489,225
)
 
$
(60,481
)
 
$
(39,076
)
 
$
398,808

Net income

 

 

 
30,989

 

 

 

 

 
30,989

Dividend

 

 

 
(2,990
)
 

 

 

 

 
(2,990
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
191

 
(4,332
)
 

 

 
(4,332
)
Amortization of deferred compensation

 

 

 

 

 

 

 
817

 
817

Equity awards granted, net
895

 
223

 
(223
)
 

 

 

 

 

 

ESOP allocation of common stock

 

 
608

 

 

 

 

 

 
608

Stock-based compensation

 

 
2,555

 

 

 

 

 

 
2,555

Other comprehensive income, net of tax

 

 

 

 

 

 
8,358

 

 
8,358

Balance at December 31, 2017
81,558

 
$
20,389

 
$
490,017

 
$
508,346

 
33,748

 
$
(493,557
)
 
$
(52,123
)
 
$
(38,259
)
 
$
434,813

Net income

 

 

 
90,280

 

 

 

 

 
90,280

Dividend

 

 

 
(46,660
)
 

 

 

 

 
(46,660
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
6

 
(114
)
 

 

 
(114
)
Amortization of deferred compensation

 

 

 

 

 

 

 
855

 
855

Common stock acquired

 

 

 

 
1,438

 
(28,415
)
 

 

 
(28,415
)
Equity awards granted, net
(84
)
 
(20
)
 
20

 

 

 

 

 

 

ESOP allocation of common stock

 

 
493

 

 

 

 

 

 
493

Stock-based compensation

 

 
2,365

 

 

 

 

 

 
2,365

Other comprehensive income, net of tax

 

 

 

 

 

 
20,401

 

 
20,401

Balance at March 31, 2018
81,474

 
$
20,369

 
$
492,895

 
$
551,966

 
35,192

 
$
(522,086
)
 
$
(31,722
)
 
$
(37,404
)
 
$
474,018

Net income

 

 

 
5,827

 

 

 

 

 
5,827

Dividend

 

 

 
(2,871
)
 

 

 

 

 
(2,871
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
2

 
(32
)
 

 

 
(32
)
Amortization of deferred compensation

 

 

 

 

 

 

 
4,416

 
4,416

Common stock acquired

 

 

 

 
651

 
(12,695
)
 

 

 
(12,695
)
Equity awards granted, net
(14
)
 
(4
)
 
4

 

 

 

 

 

 

ESOP allocation of common stock

 

 
2,805

 

 

 

 

 

 
2,805

Stock-based compensation

 

 
2,452

 

 

 

 

 

 
2,452

Stock-based consideration

 

 
972

 

 

 

 

 

 
972

Other comprehensive income, net of tax

 

 

 

 

 

 
(8,805
)
 

 
(8,805
)
Balance at June 30, 2018
81,460

 
$
20,365

 
$
499,128

 
$
554,922

 
35,845

 
$
(534,813
)
 
$
(40,527
)
 
$
(32,988
)
 
$
466,087


The accompanying notes to condensed consolidated financial statements are an integral part of these statements.


3

Table of Contents

GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited) 
 
Three Months Ended June 30,

Nine Months Ended June 30,
 
2019

2018

2019

2018
Revenue
$
574,970


$
516,550


$
1,635,125


$
1,432,413

Cost of goods and services
420,487


377,868


1,200,092


1,051,573

Gross profit
154,483


138,682


435,033


380,840













Selling, general and administrative expenses
117,989


115,112


343,526


326,229













Income from operations
36,494


23,570


91,507


54,611













Other income (expense)
 


 


 


 

Interest expense
(17,288
)

(16,328
)

(51,334
)

(49,973
)
Interest income
201


532


611


1,491

Other, net
979


1,228


3,251


3,988

Total other expense, net
(16,108
)

(14,568
)

(47,472
)

(44,494
)












Income before taxes from continuing operations
20,386


9,002


44,035


10,117

Provision (benefit) from income taxes
6,258


1,560


14,664


(22,107
)
Income from continuing operations
$
14,128


$
7,442


$
29,371


$
32,224













Discontinued operations:











Income (loss) from operations of discontinued operations

 
(200
)

(11,000
)

124,642

Provision (benefit) for income taxes
533

 
1,415


(2,821
)

29,770

Income (loss) from discontinued operations
(533
)
 
(1,615
)

(8,179
)

94,872

Net income
$
13,595

 
$
5,827


$
21,192


$
127,096


 
 
 






Income from continuing operations
$
0.34

 
$
0.18


$
0.72


$
0.78

Income (loss) from discontinued operations
(0.01
)
 
(0.04
)

(0.20
)

2.30

Basic earnings per common share
$
0.33

 
$
0.14


$
0.52


$
3.08


 
 
 






Weighted-average shares outstanding
40,967

 
40,295


40,888


41,232


 
 
 






Income from continuing operations
$
0.33

 
$
0.18


$
0.69


$
0.76

Income (loss) from discontinued operations
(0.01
)
 
(0.04
)

(0.19
)

2.23

Diluted earnings per common share
$
0.31

 
$
0.14


$
0.50


$
2.98


 
 
 






Weighted-average shares outstanding
43,164

 
41,742


42,649


42,620


 
 
 






Dividends paid per common share
$
0.0725

 
$
1.0700


$
0.2175


$
1.2100


 
 
 






Net income
$
13,595

 
$
5,827


$
21,192


$
127,096

Other comprehensive income (loss), net of taxes:
 

 
 


 


 

Foreign currency translation adjustments
(1,092
)
 
(9,136
)

(3,943
)

9,289

Pension and other post retirement plans
184

 
247


552


10,053

Change in cash flow hedges
(127
)
 
84


(214
)

612

Total other comprehensive income (loss), net of taxes
(1,035
)
 
(8,805
)

(3,605
)

19,954

Comprehensive income (loss), net
$
12,560

 
$
(2,978
)

$
17,587


$
147,050

 
The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

4

Table of Contents

GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
Nine Months Ended June 30,
 
2019

2018
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS:
 


 

Net income
$
21,192


$
127,096

Net (income) loss from discontinued operations
8,179


(94,872
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 


 

Depreciation and amortization
46,172


40,318

Stock-based compensation
9,687


7,372

Provision for losses on accounts receivable
306


49

Amortization of debt discounts and issuance costs
4,133


3,981

Deferred income taxes
(353
)