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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K/A

 

(Amendment No. 2)

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 16, 2010

 

GRIFFON CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

1-06620

 

11-1893410

(State or Other Jurisdiction of
Incorporation or Organization)

 

(Commission
File Number)

 

(I.R.S. Employer
Identification No.)

 

712 Fifth Avenue, 18th Floor

New York, New York

 

10019

(Address of Principal Executive Offices)

 

(Zip Code)

 

(212) 957-5000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Explanatory Note

 

This Current Report on Form 8-K/A (Amendment No. 2) amends the Current Report on Form 8-K of Griffon Corporation (the “Company”) filed with the Securities and Exchange Commission (the “Commission”) on October 1, 2010, as amended pursuant to a Form 8-K (Amendment No. 1) filed with the Commission on November 12, 2010, related to the completion of the Company’s acquisition of Ames True Temper, Inc. and certain affiliated companies (“Ames”) from an affiliate of Castle Harlan, Inc., pursuant to a Stock Purchase Agreement dated as of July 19, 2010.  This Form 8-K/A (Amendment No. 2) is filed to include certain additional supplemental pro forma financial information.

 

Item 9.01.  Financial Statements and Exhibits

 

(b)      Pro Forma Financial Information

 

The unaudited pro forma condensed combined statements of operations for the fiscal year ended September 30, 2009 and for the nine months ended June 30, 2010 and the unaudited pro forma condensed combined balance sheet as of June 30, 2010, in each case giving effect to the acquisition of Ames, is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

(d)      Exhibits

 

Exhibit

 

 

Number

 

Exhibit Title

99.1

 

Unaudited Pro Forma Financial Information listed in Item 9.01(b) (previously filed as the corresponding exhibit to the Current Report on Form 8-K/A (Amendment No. 1) filed with the Commission on November 12, 2010).

99.2

 

Supplemental Pro Forma Financial Information (Unaudited Pro Forma Financial Information for each of the four quarters in Fiscal 2009 and each of the first three quarters in Fiscal 2010) (previously filed as the corresponding exhibit to the Current Report on Form 8-K/A (Amendment No. 1) filed with the Commission on November 12, 2010).

99.3

 

Supplemental Pro Forma Financial Information (Unaudited Pro Forma Financial Information for each of the four quarters in Fiscal 2009 and each of the four quarters in Fiscal 2010).

 

2


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 16, 2010

GRIFFON CORPORATION.

 

 

 

 

By:

/s/ DOUGLAS J. WETMORE

 

 

Name:  Douglas J. Wetmore

 

 

Title:  Executive Vice President and Chief Financial Officer

 

3


 

EXHIBIT INDEX

 

Exhibit

 

 

Number

 

Exhibit Title

99.1

 

Unaudited Pro Forma Financial Information listed in Item 9.01(b) (previously filed as the corresponding exhibit to the Current Report on Form 8-K/A (Amendment No. 1) filed with the Commission on November 12, 2010).

99.2

 

Supplemental Pro Forma Financial Information (Unaudited Pro Forma Financial Information for each of the four quarters in Fiscal 2009 and each of the first three quarters in Fiscal 2010) (previously filed as the corresponding exhibit to the Current Report on Form 8-K/A (Amendment No. 1) filed with the Commission on November 12, 2010).

99.3

 

Supplemental Pro Forma Financial Information (Unaudited Pro Forma Financial Information for each of the four quarters in Fiscal 2009 and each of the four quarters in Fiscal 2010).

 

4

 

Exhibit 99.3

 

Supplemental Pro Forma Information

 

 

 

Fiscal 2009

 

Fiscal 2010

 

($ in thousands)

 

Q1

 

Q2

 

Q3

 

Q4

 

FY

 

Q1

 

Q2

 

Q3

 

Q4

 

FY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telephonics

 

$

80,827

 

$

96,567

 

$

94,126

 

$

116,361

 

$

387,881

 

$

103,619

 

$

116,190

 

$

100,413

 

$

114,294

 

$

434,516

 

Home & Building Products

 

204,437

 

224,133

 

231,938

 

198,380

 

858,888

 

190,651

 

225,607

 

231,797

 

184,945

 

833,000

 

Plastics

 

112,689

 

100,269

 

94,762

 

105,035

 

412,755

 

102,016

 

115,583

 

122,288

 

130,227

 

470,114

 

Total consolidated revenue

 

$

397,953

 

$

420,969

 

$

420,826

 

$

419,776

 

$

1,659,524

 

$

396,286

 

$

457,380

 

$

454,498

 

$

429,466

 

$

1,737,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEORE TAXES AND DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telephonics

 

$

5,378

 

$

8,252

 

$

9,908

 

$

11,345

 

$

34,883

 

$

6,995

 

$

10,622

 

$

9,783

 

$

11,186

 

$

38,586

 

Home & Building Products

 

8,901

 

902

 

11,222

 

9,570

 

30,595

 

17,768

 

14,188

 

21,214

 

5,589

 

58,759

 

Plastics

 

5,536

 

6,578

 

4,780

 

7,178

 

24,072

 

361

 

5,086

 

6,691

 

8,331

 

20,469

 

Total Segment operating profit

 

19,815

 

15,732

 

25,910

 

28,093

 

89,550

 

25,124

 

29,896

 

37,688

 

25,106

 

117,814

 

Unallocated amounts*

 

(3,699

)

(4,009

)

(5,531

)

(4,721

)

(17,960

)

(5,531

)

(6,860

)

(7,497

)

(4,506

)

(24,394

)

Gain (loss) from debt extinguishment, net

 

4,304

 

—

 

184

 

—

 

4,488

 

(18

)

12

 

—

 

—

 

(6

)

Net interest expense

 

(11,850

)

(12,120

)

(11,165

)

(10,565

)

(45,700

)

(11,445

)

(12,074

)

(12,216

)

(10,326

)

(46,061

)

Income before taxes and discontinued operations

 

$

8,570

 

$

(397

)

$

9,398

 

$

12,807

 

$

30,378

 

$

8,130

 

$

10,974

 

$

17,975

 

$

10,274

 

$

47,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION and AMORTIZATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telephonics

 

$

1,487

 

$

1,543

 

$

1,620

 

$

2,007

 

$

6,657

 

$

1,626

 

$

1,787

 

$

1,985

 

$

2,136

 

$

7,534

 

Home & Building Products

 

7,251

 

7,273

 

7,565

 

7,210

 

29,299

 

6,616

 

6,605

 

6,065

 

6,975

 

26,261

 

Plastics

 

5,763

 

5,247

 

5,239

 

5,681

 

21,930

 

5,613

 

5,833

 

5,027

 

5,911

 

22,384

 

Total segment

 

14,501

 

14,063

 

14,424

 

14,898

 

57,886

 

13,855

 

14,225

 

13,077

 

15,022

 

56,179

 

Unallocated

 

71

 

315

 

88

 

62

 

536

 

82

 

84

 

91

 

82

 

339

 

Total consolidated depreciation and amortization

 

$

14,572

 

$

14,378

 

$

14,512

 

$

14,960

 

$

58,422

 

$

13,937

 

$

14,309

 

$

13,168

 

$

15,104

 

$

56,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT RESTRUCTURING AND IMPAIRMENTS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products

 

$

476

 

$

323

 

$

1,464

 

$

3,593

 

$

5,856

 

$

1,277

 

$

1,510

 

$

2,951

 

$

832

 

$

6,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historic

 

$

3,313

 

$

3,583

 

$

2,628

 

$

2,028

 

$

11,552

 

$

2,908

 

$

3,537

 

$

3,679

 

$

1,789

 

$

11,913

 

Pro forma

 

11,850

 

12,120

 

11,165

 

10,565

 

45,700

 

11,445

 

12,074

 

12,216

 

10,326

 

46,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROVISION (BENEFIT) for INCOME TAXES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historic

 

$

997

 

$

(3,277

)

$

513

 

$

3,454

 

$

1,687

 

$

830

 

$

(1,175

)

$

1,965

 

$

2,688

 

$

4,308

 

Pro forma (assumes 35% ATT tax rate)

 

2,924

 

(1,542

)

1,492

 

2,584

 

5,458

 

1,922

 

2,365

 

5,822

 

7,172

 

17,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM CONTINUING OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historic

 

$

2,066

 

$

(2,076

)

$

6,089

 

$

11,839

 

$

17,918

 

$

4,180

 

$

2,034

 

$

4,989

 

$

(1,699

)

$

9,504

 

Pro forma

 

5,646

 

1,145

 

7,906

 

10,223

 

24,920

 

6,208

 

8,609

 

12,153

 

3,102

 

30,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DILUTED EARNINGS PER SHARE from CONTINUING OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historic

 

$

0.04

 

$

(0.04

)

$

0.10

 

$

0.20

 

$

0.30

 

$

0.07

 

$

0.03

 

$

0.08

 

$

(0.03

)

$

0.16

 

Pro forma

 

0.10

 

0.02

 

0.13

 

0.17

 

0.42

 

0.10

 

0.14

 

0.20

 

0.05

 

0.50

 

 

* Adjusted for management fee charged to ATT.

Unallocated amounts typically include general corporate expenses not attributable to reportable segments.

 

 


 

 

 

Fiscal 2009

 

Fiscal 2010

 

($ in thousands)

 

Q1

 

Q2

 

Q3

 

Q4

 

FY

 

Q1

 

Q2

 

Q3

 

Q4

 

FY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TELEPHONICS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit

 

$

5,378

 

$

8,252

 

$

9,908

 

$

11,345

 

$

34,883

 

$

6,995

 

$

10,622

 

$

9,783

 

$

11,186

 

$

38,586

 

Depreciation and amortization

 

1,487

 

1,543

 

1,620

 

2,007

 

6,657

 

1,626

 

1,787

 

1,985

 

2,136

 

7,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit before depreciation and amortization

 

$

6,865

 

$

9,795

 

$

11,528

 

$

13,352

 

$

41,540

 

$

8,621

 

$

12,409

 

$

11,768

 

$

13,322

 

$

46,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOME & BUILDING PRODUCTS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit

 

$

8,901

 

$

902

 

$

11,222

 

$

9,570

 

$

30,595

 

$

17,768

 

$

14,188

 

$

21,214

 

$

5,589

 

$

58,759

 

Depreciation and amortization

 

7,251

 

7,273

 

7,565

 

7,210

 

29,299

 

6,616

 

6,605

 

6,065

 

6,975

 

26,261

 

Restructuring and impairments

 

476

 

323

 

1,464

 

3,593

 

5,856

 

1,277

 

1,510

 

2,951

 

832

 

6,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit before depreciation, amortization, restructuring and impairments

 

$

16,628

 

$

8,498

 

$

20,251

 

$

20,373

 

$

65,750

 

$

25,661

 

$

22,303

 

$

30,230

 

$

13,396

 

$

91,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLASTICS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit

 

$

5,536

 

$

6,578

 

$

4,780

 

$

7,178

 

$

24,072

 

$

361

 

$

5,086

 

$

6,691

 

$

8,331

 

$

20,469

 

Depreciation and amortization

 

5,763

 

5,247

 

5,239

 

5,681

 

21,930

 

5,613

 

5,833

 

5,027

 

5,911

 

22,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit before depreciation and amortization

 

$

11,299

 

$

11,825

 

$

10,019

 

$

12,859

 

$

46,002

 

$

5,974

 

$

10,919

 

$

11,718

 

$

14,242

 

$

42,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SEGMENTS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit

 

$

19,815

 

$

15,732

 

$

25,910

 

$

28,093

 

$

89,550

 

$

25,124

 

$

29,896

 

$

37,688

 

$

25,106

 

$

117,814

 

Depreciation and amortization

 

14,501

 

14,063

 

14,424

 

14,898

 

57,886

 

13,855

 

14,225

 

13,077

 

15,022

 

56,179

 

Restructuring and impairments

 

476

 

323

 

1,464

 

3,593

 

5,856

 

1,277

 

1,510

 

2,951

 

832

 

6,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit before depreciation, amortization, restructuring and impairments

 

$

34,792

 

$

30,118

 

$

41,798

 

$

46,584

 

$

153,292

 

$

40,256

 

$

45,631

 

$

53,716

 

$

40,960

 

$

180,563