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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 March 31, 2020
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:
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 March 31, 2020 was 47,431,131 .




Griffon Corporation and Subsidiaries
 
Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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


(Unaudited)


 
March 31,
2020

September 30,
2019
CURRENT ASSETS
 

 
Cash and equivalents
$
69,024


$
72,377

Accounts receivable, net of allowances of $12,681 and $7,881
335,033


264,450

Contract costs and recognized income not yet billed, net of progress payments of $22,294 and $13,861
94,495


105,111

Inventories
462,119


442,121

Prepaid and other current assets
42,723


40,799

Assets of discontinued operations
321


321

Total Current Assets
1,003,715


925,179

PROPERTY, PLANT AND EQUIPMENT, net
335,820


337,326

OPERATING LEASE RIGHT-OF-USE ASSETS
156,258

 

GOODWILL
436,782


437,067

INTANGIBLE ASSETS, net
353,743


356,639

OTHER ASSETS
29,556


15,840

ASSETS OF DISCONTINUED OPERATIONS
2,873


2,888

Total Assets
$
2,318,747


$
2,074,939







CURRENT LIABILITIES
 


 

Notes payable and current portion of long-term debt
$
9,470


$
10,525

Accounts payable
228,674


250,576

Accrued liabilities
118,479


124,665

Current portion of operating lease liabilities
28,047



Liabilities of discontinued operations
2,450


4,333

Total Current Liabilities
387,120


390,099

LONG-TERM DEBT, net
1,216,226


1,093,749

LONG-TERM OPERATING LEASE LIABILITIES
133,498

 

OTHER LIABILITIES
102,295


109,997

LIABILITIES OF DISCONTINUED OPERATIONS
3,154


3,331

Total Liabilities
1,842,293


1,597,176

COMMITMENTS AND CONTINGENCIES - See Note 21





SHAREHOLDERS’ EQUITY
 


 

Total Shareholders’ Equity
476,454


477,763

Total Liabilities and Shareholders’ Equity
$
2,318,747


$
2,074,939


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


1


GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Six Months Ended March 31, 2020 and 2019
(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, 2019
82,775

 
$
20,694

 
$
519,017

 
$
568,516

 
35,969

 
$
( 536,308
)
 
$
( 65,916
)
 
$
( 28,240
)
 
$
477,763

Net income

 

 

 
10,612

 

 

 

 

 
10,612

Dividend

 

 

 
( 3,392
)
 

 

 

 

 
( 3,392
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
80

 
( 1,758
)
 

 

 
( 1,758
)
Amortization of deferred compensation

 

 

 

 

 

 

 
629

 
629

Equity awards granted, net
182

 
45

 
( 45
)
 

 

 

 

 

 

ESOP allocation of common stock

 

 
609

 

 

 

 

 

 
609

Stock-based compensation

 

 
3,150

 

 

 

 

 

 
3,150

Stock-based consideration

 

 
239

 

 

 

 

 

 
239

Other comprehensive income, net of tax

 

 

 

 

 

 
6,841

 

 
6,841

Balance at December 31, 2019
82,957

 
$
20,739

 
$
522,970

 
$
575,736

 
36,049

 
$
( 538,066
)
 
$
( 59,075
)
 
$
( 27,611
)
 
$
494,693

Net income

 

 

 
895

 

 

 

 

 
895

Dividend

 

 

 
( 3,422
)
 

 

 

 

 
( 3,422
)
Shares withheld on employee taxes on vested equity awards

 

 

 

 
261

 
( 5,721
)
 

 

 
( 5,721
)
Amortization of deferred compensation

 

 

 

 

 

 

 
629

 
629

Equity awards granted, net
784

 
196

 
( 196
)
 









 

ESOP allocation of common stock

 

 
435

 

 

 

 

 

 
435

Stock-based compensation

 

 
3,662

 

 

 

 

 

 
3,662

Stock-based consideration

 

 
117

 

 

 

 

 

 
117

Other comprehensive income, net of tax

 

 

 

 

 

 
( 14,834
)
 

 
( 14,834
)
Balance at March 31, 2020
83,741

 
$
20,935

 
$
526,988

 
$
573,209

 
36,310

 
$
( 543,787
)
 
$
( 73,909
)
 
$
( 26,982
)
 
$
476,454




2


 
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 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

(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.


3


GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited)  
 
Three Months Ended March 31,

Six Months Ended March 31,
 
2020

2019

2020

2019
Revenue
$
566,350


$
549,633


$
1,114,788


$
1,060,155

Cost of goods and services
414,318


412,129


812,835


779,605

Gross profit
152,032


137,504


301,953


280,550













Selling, general and administrative expenses
126,467


111,783


244,265


225,537













Income from operations
25,565


25,721


57,688


55,013













Other income (expense)