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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, 2021
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) 
Delaware11-1893410
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
712 Fifth Ave, 18th FloorNew YorkNew York10019
(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 filerSmaller 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, 2021 was 56,676,975.



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,
2021
September 30,
2020
CURRENT ASSETS  
Cash and equivalents$220,697 $218,089 
Accounts receivable, net of allowances of $9,542 and $8,505
363,046 340,546 
Contract assets, net of progress payments of $20,821 and $24,175
74,341 84,426 
Inventories510,309 413,825 
Prepaid and other current assets57,770 46,897 
Assets of discontinued operations695 2,091 
Total Current Assets1,226,858 1,105,874 
PROPERTY, PLANT AND EQUIPMENT, net338,762 343,964 
OPERATING LEASE RIGHT-OF-USE ASSETS150,924 161,627 
GOODWILL445,749 442,643 
INTANGIBLE ASSETS, net355,488 355,028 
OTHER ASSETS27,275 32,897 
ASSETS OF DISCONTINUED OPERATIONS3,607 6,406 
Total Assets$2,548,663 $2,448,439 
CURRENT LIABILITIES  
Notes payable and current portion of long-term debt$13,024 $9,922 
Accounts payable258,914 232,107 
Accrued liabilities160,002 163,994 
Current portion of operating lease liabilities30,896 31,848 
Liabilities of discontinued operations3,641 3,797 
Total Current Liabilities466,477 441,668 
LONG-TERM DEBT, net1,042,612 1,037,042 
LONG-TERM OPERATING LEASE LIABILITIES124,588 136,054 
OTHER LIABILITIES124,933 126,510 
LIABILITIES OF DISCONTINUED OPERATIONS4,712 7,014 
Total Liabilities1,763,322 1,748,288 
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY  
Total Shareholders’ Equity785,341 700,151 
Total Liabilities and Shareholders’ Equity$2,548,663 $2,448,439 

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

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GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Nine Months Ended June 30, 2021
(Unaudited) 

 COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
 
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 202083,739 $20,935 $583,008 $607,518 27,610 $(413,493)$(72,092)$(25,725)$700,151 
Net income— — — 29,500 — — — — 29,500 
Dividend— — — (4,469)— — — — (4,469)
Shares withheld on employee taxes on vested equity awards— — — — 133 (2,909)— — (2,909)
Amortization of deferred compensation— — — — — — — 609 609 
Equity awards granted, net494 123 (123)— — — — —  
ESOP allocation of common stock— — 596 — — — — — 596 
Stock-based compensation— — 3,428 — — — — — 3,428 
Other comprehensive income, net of tax— — — — — — 13,141 — 13,141 
Balance at December 31, 202084,233 $21,058 $586,909 $632,549 27,743 $(416,402)$(58,951)$(25,116)740,047 
Net income— — — 17,112 — — — — 17,112 
Dividend— — — (3,217)— — — — (3,217)
Amortization of deferred compensation— — — — — — — 609 609 
Equity awards granted, net194 48 (48)— — — — —  
ESOP allocation of common stock— — 756 — — — — — 756 
Stock-based compensation— — 4,349 — — — — — 4,349 
Other comprehensive income, net of tax— — — — — — 4,775 — 4,775 
Balance at March 31, 202184,427 $21,106 $591,966 $646,444 27,743 $(416,402)$(54,176)$(24,507)$764,431 
Net income — — — 16,707 — — — — 16,707 
Dividend— — (4,546)— — — — (4,546)
Amortization of deferred compensation— — — — — — — 610 610 
Equity awards granted, net(7)(2)2 — — — — —  
ESOP allocation of common stock— — 856 — — — — — 856 
Stock-based compensation— — 4,544 — — — — — 4,544 
Other comprehensive income, net of tax— — — — — — 2,739 — 2,739 
Balance at June 30, 202184,420 $21,104 $597,368 $658,605 27,743 $(416,402)$(51,437)$(23,897)$785,341 



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



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GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Nine Months Ended June 30, 2020
(Unaudited) 

 COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
 
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 201982,775 $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, net182 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, 201982,957 $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, net784 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, 202083,741 $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, 202083,735 $20,934 $531,387 $591,482 36,310 $(543,787)$(65,207)$(26,354)$508,455 


The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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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,
 2021202020212020
Revenue$646,792 $632,061 $1,890,915 $1,746,849 
Cost of goods and services476,727 467,058 1,380,362 1,279,893 
Gross profit170,065 165,003 510,553 466,956 
Selling, general and administrative expenses125,579 113,509 373,963 357,774 
Income from operations44,486 51,494 136,590 109,182 
Other income (expense)    
Interest expense(15,849)(16,725)(47,370)(49,807)
Interest income50 140 399 711 
Gain on sale of business  5,291  
Loss from debt extinguishment, net (1,235) (7,925)
Other, net386 806 1,192 2,199 
Total other expense, net(15,413)(17,014)(40,488)(54,822)
Income before taxes 29,073 34,480 96,102 54,360 
Provision for income taxes12,366 12,649 32,783 21,022 
Net income $16,707 $21,831 $63,319 $33,338 
Basic earnings per common share$0.33 $0.52 $1.25 $0.80 
Basic weighted-average shares outstanding50,903 41,712 50,779 41,483 
Diluted earnings per common share$0.31 $0.50 $1.19 $0.76 
Diluted weighted-average shares outstanding53,504 43,774 53,306 43,818 
Dividends paid per common share$0.08 $0.075 $0.24 $0.225 
Net income $16,707 $21,831 $63,319 $33,338 
Other comprehensive income (loss), net of taxes:    
Foreign currency translation adjustments1,160 9,508 15,022 (493)
Pension and other post retirement plans1,245 1,139 4,196 2,480 
Change in cash flow hedges351 (1,945)1,454 (1,278)
Change in available-for-sale securities(17) (17) 
Total other comprehensive income, net of taxes2,739 8,702 20,655 709 
Comprehensive income, net$19,446 $30,533 $83,974 $34,047 
 
The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 Nine Months Ended June 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$63,319 $33,338 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization46,955 47,067 
Stock-based compensation15,092 12,809 
Asset impairment charges - restructuring9,483 4,692 
Provision for losses on accounts receivable173 512 
Amortization of debt discounts and issuance costs2,019 2,871 
Loss from debt extinguishment, net 7,925 
Deferred income taxes7,351 448 
Loss (gain) on sale of assets and investments155 (261)
Gain on sale of business(5,291) 
Change in assets and liabilities, net of assets and liabilities acquired:  
Increase in accounts receivable and contract assets, net(9,684)(81,718)
(Increase) decrease in inventories(100,536)34,518 
Increase in prepaid and other assets(2,449)(17,393)
Increase in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities13,821 10,536 
Other changes, net1,611 600 
Net cash provided by operating activities 42,019 55,944 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(33,889)(34,751)
Acquired businesses, net of cash acquired(2,242)(10,531)
Proceeds from sale of business, net14,345  
Investment purchases(4,658) 
Proceeds from the sale of property, plant and equipment116 339 
Other, net28 (130)
Net cash used in investing activities(26,300)(45,073)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Dividends paid(12,907)(10,639)
Purchase of shares for treasury(2,909)(