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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, 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 June 30, 2020 was 47,425,488.




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)


 
June 30,
2020

September 30,
2019
CURRENT ASSETS
 

 
Cash and equivalents
$
71,999


$
72,377

Accounts receivable, net of allowances of $13,901 and $7,881
359,464


264,450

Contract costs and recognized income not yet billed, net of progress payments of $28,981 and $13,861
92,143


105,111

Inventories
411,028


442,121

Prepaid and other current assets
51,365


40,799

Assets of discontinued operations
1,951


321

Total Current Assets
987,950


925,179

PROPERTY, PLANT AND EQUIPMENT, net
335,318


337,326

OPERATING LEASE RIGHT-OF-USE ASSETS
154,955

 

GOODWILL
439,667


437,067

INTANGIBLE ASSETS, net
354,384


356,639

OTHER ASSETS
31,860


15,840

ASSETS OF DISCONTINUED OPERATIONS
6,086


2,888

Total Assets
$
2,310,220


$
2,074,939







CURRENT LIABILITIES
 


 

Notes payable and current portion of long-term debt
$
9,235


$
10,525

Accounts payable
218,024


250,576

Accrued liabilities
176,164


124,665

Current portion of operating lease liabilities
29,018



Liabilities of discontinued operations
3,730


4,333

Total Current Liabilities
436,171


390,099

LONG-TERM DEBT, net
1,123,365


1,093,749

LONG-TERM OPERATING LEASE LIABILITIES
131,650

 

OTHER LIABILITIES
104,298


109,997

LIABILITIES OF DISCONTINUED OPERATIONS
6,281


3,331

Total Liabilities
1,801,765


1,597,176

COMMITMENTS AND CONTINGENCIES - See Note 21





SHAREHOLDERS’ EQUITY
 


 

Total Shareholders’ Equity
508,455


477,763

Total Liabilities and Shareholders’ Equity
$
2,310,220


$
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 Nine Months Ended June 30, 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

Net income

 

 

 
21,831

 

 

 

 

 
21,831

Dividend

 

 

 
(3,558
)
 

 

 

 

 
(3,558
)
Amortization of deferred compensation

 

 

 

 

 

 

 
628

 
628

Equity awards granted, net
(6
)
 
(1
)
 
1

 

 

 

 

 

 

ESOP allocation of common stock

 

 
352

 

 

 

 

 

 
352

Stock-based compensation

 

 
3,930

 

 

 

 

 

 
3,930

Stock-based consideration

 

 
116

 

 

 

 

 

 
116

Other comprehensive income, net of tax

 

 

 

 

 

 
8,702

 

 
8,702

Balance at June 30, 2020
83,735

 
$
20,934

 
$
531,387

 
$
591,482

 
36,310

 
$
(543,787
)
 
$
(65,207
)
 
$
(26,354
)
 
$
508,455




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

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.

3


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,
 
2020

2019

2020

2019
Revenue
$
632,061


$
574,970


$
1,746,849


$
1,635,125

Cost of goods and services
467,058


420,487


1,279,893


1,200,092

Gross profit
165,003


154,483


466,956


435,033













Selling, general and administrative expenses
113,509


117,989


357,774


343,526













Income from operations
51,494


36,494


109,182


91,507













Other income (expense)
 


 


 


 

Interest expense
(16,725
)

(17,288
)

(49,807
)

(51,334
)
Interest income
140


201


711


611

Loss from debt extinguishment, net
(1,235
)



(7,925
)


Other, net
806


979


2,199


3,251

Total other expense, net
(17,014
)

(16,108
)

(54,822
)

(47,472
)












Income before taxes from continuing operations
34,480


20,386


54,360


44,035

Provision for income taxes
12,649


6,258


21,022


14,664

Income from continuing operations
$
21,831


$
14,128


$
33,338


$
29,371













Discontinued operations:











Loss from operations of discontinued operations

 




(11,000
)
Provision (benefit) for income taxes

 
533




(2,821
)
Loss from discontinued operations

 
(533
)



(8,179
)
Net income
$
21,831

 
$
13,595


$
33,338


$
21,192


 
 
 






Income from continuing operations
$
0.52

 
$
0.34


$
0.80


$
0.72

Loss from discontinued operations

 
(0.01
)



(0.20
)
Basic earnings per common share
$
0.52

 
$
0.33


$
0.80


$
0.52


 
 
 






Basic weighted-average shares outstanding
41,712

 
40,967


41,483


40,888


 
 
 






Income from continuing operations
$
0.50

 
$
0.33


$
0.76


$
0.69

Income (loss) from discontinued operations

 
(0.01
)



(0.19
)
Diluted earnings per common share
$
0.50

 
$
0.31