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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, 2022
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, 2022 was 57,063,936.



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,
2022
September 30,
2021
CURRENT ASSETS  
Cash and equivalents$144,687 $248,653 
Accounts receivable, net of allowances of $13,541 and $8,787
429,683 294,804 
Inventories708,178 472,794 
Prepaid and other current assets59,111 76,009 
Assets of discontinued operations held for sale 275,814 
Assets of discontinued operations487 605 
Total Current Assets1,342,146 1,368,679 
PROPERTY, PLANT AND EQUIPMENT, net299,844 290,222 
OPERATING LEASE RIGHT-OF-USE ASSETS193,448 144,598 
GOODWILL705,356 426,148 
INTANGIBLE ASSETS, net939,024 350,025 
OTHER ASSETS21,791 21,589 
ASSETS OF DISCONTINUED OPERATIONS2,623 3,424 
Total Assets$3,504,232 $2,604,685 
CURRENT LIABILITIES  
Notes payable and current portion of long-term debt$13,085 $12,486 
Accounts payable212,038 260,038 
Accrued liabilities306,282 144,928 
Current portion of operating lease liabilities32,426 29,881 
Liabilities of discontinued operations held for sale 81,023 
Liabilities of discontinued operations30,806 3,280 
Total Current Liabilities594,637 531,636 
LONG-TERM DEBT, net1,574,697 1,033,197 
LONG-TERM OPERATING LEASE LIABILITIES167,549 119,315 
OTHER LIABILITIES257,209 109,585 
LIABILITIES OF DISCONTINUED OPERATIONS3,825 3,794 
Total Liabilities2,597,917 1,797,527 
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY  
Total Shareholders’ Equity906,315 807,158 
Total Liabilities and Shareholders’ Equity$3,504,232 $2,604,685 

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 Three and Nine Months Ended June 30, 2022 and 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, 202184,375 $21,094 $602,181 $669,998 27,762 $(416,850)$(45,977)$(23,288)$807,158 
Net income— — — 19,298 — — — — 19,298 
Dividend— — — (4,739)— — — — (4,739)
Shares withheld on employee taxes on vested equity awards— — — — 422 (10,886)— — (10,886)
Amortization of deferred compensation— — — — — — — 591 591 
Equity awards granted, net113 28 (28)—  — — —  
ESOP allocation of common stock— — 848 — — — — — 848 
Stock-based compensation— — 2,866 — — — — — 2,866 
Other comprehensive income, net of tax— — — — — — (2,751)— (2,751)
Balance at December 31, 202184,488 $21,122 $605,867 $684,557 28,184 $(427,736)$(48,728)$(22,697)$812,385 
Net income — — — 65,689 — — — — 65,689 
Dividend— — — (5,352)— — — — (5,352)
Amortization of deferred compensation— — — — — — — 591 591 
Equity awards granted, net258 65 (7,195)— (470)7,130 — —  
ESOP allocation of common stock— — 638 — — — — — 638 
Stock-based compensation— — 4,314 — — — — — 4,314 
Other comprehensive income, net of tax— — — — — — 4,949 — 4,949 
Balance at March 31, 202284,746 $21,187 $603,624 $744,894 27,714 $(420,606)$(43,779)$(22,106)$883,214 
Net income — — — 140,287 — — — — 140,287 
Dividend— — — (109,487)— — — — (109,487)
Amortization of deferred compensation— — — — — — — 591 591 
Equity awards granted, net  (484)— (32)484 — —  
ESOP allocation of common stock— — 757 — — — — — 757 
Stock-based compensation— — 5,130 — — — — — 5,130 
Other comprehensive income, net of tax— — — — — — (14,177)— (14,177)
Balance at June 30, 202284,746 $21,187 $609,027 $775,694 27,682 $(420,122)$(57,956)$(21,515)$906,315 











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GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Nine Months Ended June 30, 2022 and 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 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,
 2022202120222021
Revenue$768,179 $584,218 $2,139,545 $1,700,423 
Cost of goods and services507,578 424,316 1,452,459 1,215,179 
Gross profit260,601 159,902 687,086 485,244 
Selling, general and administrative expenses157,387 117,796 442,577 347,138 
Income from operations103,214 42,106 244,509 138,106 
Other income (expense)    
Interest expense(24,022)(15,849)(61,111)(47,370)
Interest income61 49 126 397 
Debt extinguishment, net(5,287) (5,287) 
Other, net2,084 587 4,528 1,413 
Total other expense, net(27,164)(15,213)(61,744)(45,560)
Income before taxes from continuing operations76,050 26,893 182,765 92,546 
Provision for income taxes23,268 12,078 55,119 34,868 
Income from continuing operations $52,782 $14,815 $127,646 $57,678 
Discontinued operations:
Income from operations of discontinued operations 113,457 2,180 117,777 3,556 
Provision (benefit) for income taxes 25,952 288 20,149 (2,085)
Income from discontinued operations87,505 1,892 97,628 5,641 
Net income $140,287 $16,707 $225,274 $63,319 
Basic earnings per common share:
Income from continuing operations$1.02 $0.29 $2.48 $1.14 
Income from discontinued operations1.69 0.04 1.89 0.11 
Basic earnings per common share$2.71 $0.33 $4.37 $1.25 
Basic weighted-average shares outstanding51,734 50,903 51,527 50,779 
Diluted earnings per common share:
Income from continuing operations$0.98 $0.28 $2.38 $1.08 
Income from discontinued operations1.62 0.04 1.82 0.11 
Diluted earnings per common share$2.60 $0.31 $4.19 $1.19 
Diluted weighted-average shares outstanding53,914 53,504 53,704 53,306 
Dividends paid per common share$0.09 $0.08 $0.27 $0.24 
Net income $140,287 $16,707 $225,274 $63,319 
Other comprehensive income (loss), net of taxes:    
Foreign currency translation adjustments(17,823)1,160 (14,093)15,022 
Pension and other post retirement plans1,196 1,245 2,004 4,196 
Change in cash flow hedges2,450 334 110 1,437 
Total other comprehensive income (loss), net of taxes(14,177)2,739 (11,979)20,655 
Comprehensive income, net$126,110 $19,446 $213,295 $83,974 
 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,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$225,274 $63,319 
Net income from discontinued operations(97,628)(5,641)
Adjustments to reconcile net income to net cash (used in) provided by operating activities of continuing operations:  
Depreciation and amortization47,021 39,118 
Stock-based compensation15,978 15,091 
Asset impairment charges - restructuring2,494 3,882 
Provision for losses on accounts receivable1,008 173 
Amortization of debt discounts and issuance costs2,753 1,984 
Debt extinguishment, net5,287  
Fair value step-up of acquired inventory sold5,401  
Deferred income taxes1,465 7,232 
(Gain) loss on sale of assets and investments(303)155 
Change in assets and liabilities, net of assets and liabilities acquired:  
Increase in accounts receivable(81,825)(34,914)
Increase in inventories(135,473)(101,553)
Increase in prepaid and other assets(13,388)(4,359)
Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities(44,864)27,180 
Other changes, net1,799 1,647 
Net cash (used in) provided by operating activities - continuing operations(65,001)13,314 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(33,516)(24,949)
Acquired businesses, net of cash acquired(851,464)(2,242)
Proceeds from sale of business, net295,712  
Proceeds (payments) from investments14,923 (4,658)
Proceeds from the sale of property, plant and equipment89 116 
Other, net 28 
Net cash used in investing activities - continuing operations(574,256)(31,705)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Dividends paid(14,906)(12,907)
Purchase of shares for treasury(10,886)(2,909)
Proceeds from long-term debt