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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, 2023
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 April 28, 2023 was 57,205,230.



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)
 March 31,
2023
September 30,
2022
CURRENT ASSETS  
Cash and equivalents$175,592 $120,184 
Accounts receivable, net of allowances of $13,255 and $12,137
386,119 361,653 
Inventories574,086 669,193 
Prepaid and other current assets77,769 62,453 
Assets of discontinued operations1,004 1,189 
Total Current Assets1,214,570 1,214,672 
PROPERTY, PLANT AND EQUIPMENT, net262,394 294,561 
OPERATING LEASE RIGHT-OF-USE ASSETS175,095 183,398 
GOODWILL327,864 335,790 
INTANGIBLE ASSETS, net655,911 761,914 
OTHER ASSETS20,134 21,553 
ASSETS OF DISCONTINUED OPERATIONS4,188 4,586 
Total Assets$2,660,156 $2,816,474 
CURRENT LIABILITIES  
Notes payable and current portion of long-term debt$15,720 $12,653 
Accounts payable159,198 194,793 
Accrued liabilities169,386 171,797 
Current portion of operating lease liabilities29,889 31,680 
Liabilities of discontinued operations7,460 12,656 
Total Current Liabilities381,653 423,579 
LONG-TERM DEBT, net1,491,564 1,560,998 
LONG-TERM OPERATING LEASE LIABILITIES155,018 159,414 
OTHER LIABILITIES157,890 190,651 
LIABILITIES OF DISCONTINUED OPERATIONS5,720 4,262 
Total Liabilities2,191,845 2,338,904 
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY  
Total Shareholders’ Equity468,311 477,570 
Total Liabilities and Shareholders’ Equity$2,660,156 $2,816,474 

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 Six Months Ended March 31, 2023 and 2022
(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, 202284,746 $21,187 $627,982 $344,060 27,682 $(420,116)$(82,738)$(12,805)$477,570 
Net income— — — 48,702 — — — — 48,702 
Dividend— — — (6,145)— — — — (6,145)
Shares withheld on employee taxes on vested equity awards— —  — 345 (12,734)— — (12,734)
Amortization of deferred compensation— — — — — — — 571 571 
Equity awards granted, net  (7,082)— (467)7,082 — —  
ESOP allocation of common stock— — 1,127 — — — — — 1,127 
Stock-based compensation— — 5,538 — — — — — 5,538 
Other comprehensive income, net of tax— — — — — — 12,219 — 12,219 
Balance at December 31, 202284,746 $21,187 $627,565 $386,617 27,560 $(425,768)$(70,519)$(12,234)$526,848 
Net loss— — — (62,255)— — — — (62,255)
Dividend— — — (5,714)— — — — (5,714)
Shares withheld on employee taxes on vested equity awards— — — — 21 (254)— — (254)
Amortization of deferred compensation— — — — — — — 570 570 
Equity awards granted, net  (617)— (40)617 — —  
ESOP allocation of common stock— — 1,207 — — — — — 1,207 
Stock-based compensation— — 5,296 — — — — — 5,296 
Other comprehensive income, net of tax— — — — — — 2,613 — 2,613 
Balance at March 31, 202384,746 $21,187 $633,451 $318,648 27,541 $(425,405)$(67,906)$(11,664)$468,311 

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










2

Table of Contents

GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Six Months Ended March 31, 2023 and 2022
(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 



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 March 31,Six Months Ended March 31,
 2023202220232022
Revenue$710,984 $779,617 $1,360,368 $1,371,366 
Cost of goods and services516,492 518,974 932,051 944,881 
Gross profit194,492 260,643 428,317 426,485 
Selling, general and administrative expenses160,301 157,838 313,021 285,190 
Intangible asset impairment100,000  100,000  
Total operating expenses260,301 157,838 413,021 285,190 
Income (loss) from operations(65,809)102,805 15,296 141,295 
Other income (expense)    
Interest expense(24,879)(21,408)(49,527)(37,089)
Interest income236 32 340 65 
Gain on sale of building  10,852  
Other, net293 1,369 900 2,444 
Total other expense, net(24,350)(20,007)(37,435)(34,580)
Income (loss) before taxes from continuing operations(90,159)82,798 (22,139)106,715 
Provision (benefit) for income taxes(27,904)24,638 (8,586)31,851 
Income (loss) from continuing operations $(62,255)$58,160 $(13,553)$74,864 
Discontinued operations:
Income from operations of discontinued operations  1,000  4,320 
Provision (benefit) for income taxes  (6,529) (5,803)
Income from discontinued operations 7,529  10,123 
Net income (loss)$(62,255)$65,689 $(13,553)$84,987 
Basic earnings per common share:
Income (loss) from continuing operations$(1.17)$1.13 $(0.26)$1.46 
Income from discontinued operations 0.15  0.20 
Basic earnings (loss) per common share$(1.17)$1.27 $(0.26)$1.65 
Basic weighted-average shares outstanding53,038 51,668 52,809 51,423 
Diluted earnings per common share:
Income (loss) from continuing operations$(1.17)$1.09 $(0.26)$1.40 
Income from discontinued operations 0.14  0.19 
Diluted earnings (loss) per common share$(1.17)$1.23 $(0.26)$1.59 
Diluted weighted-average shares outstanding53,038 53,430 52,809 53,602 
Dividends paid per common share$0.10 $0.09 $0.20 $0.18 
Net income (loss)$(62,255)$65,689 $(13,553)$84,987 
Other comprehensive income (loss), net of taxes:    
Foreign currency translation adjustments334 6,049 12,271 3,730 
Pension and other post retirement plans746 140 1,608 808 
Change in cash flow hedges1,533 (1,240)953 (2,340)
Total other comprehensive income (loss), net of taxes2,613 4,949 14,832 2,198 
Comprehensive income (loss), net$(59,642)$70,638 $1,279 $87,185 
 The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 Six Months Ended March 31,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss)$(13,553)$84,987 
Net income from discontinued operations (10,123)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations:  
Depreciation and amortization34,367 29,333 
Stock-based compensation13,335 9,959 
Intangible asset impairments100,000  
Asset impairment charges - restructuring59,118 806 
Provision for losses on accounts receivable343 578 
Amortization of debt discounts and issuance costs2,045 1,566 
Fair value step-up of acquired inventory sold 2,701 
Deferred income tax provision (benefit)(25,744)2,883 
Gain on sale of assets and investments(10,852)(118)
Change in assets and liabilities, net of assets and liabilities acquired:  
Increase in accounts receivable(19,431)(177,347)
(Increase) decrease in inventories64,582 (106,534)
Increase in prepaid and other assets3,451 6,063 
Decrease in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities(51,409)(18,652)
Other changes, net5,384 525 
Net cash provided by (used in) operating activities - continuing operations161,636 (173,373)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(11,837)(22,030)
Acquired businesses, net of cash acquired (851,464)
Payments related to sale of Telephonics(2,568) 
Proceeds from investments 14,923 
Proceeds from the sale of property, plant and equipment11,834 32 
Net cash used in investing activities - continuing operations(2,571)(858,539)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Dividends paid(12,824)(10,091)
Purchase of shares for treasury(12,989)(10,886)
Proceeds from long-term debt45,419 975,291 
Payments of long-term debt(119,110)(37,906)
Financing costs (16,457)
Other, net(127)(27)
Net cash provided by ( used in) financing activities - continuing operations(99,631)899,924 
    
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)

 Six Months Ended March 31,
 20232022
CASH FLOWS FROM DISCONTINUED OPERATIONS:  
Net cash provided by (used in) operating activities(2,598)10,586 
Net cash used in investing activities (1,445)
Net cash provided by (used in) discontinued operations(2,598)9,141 
Effect of exchange rate changes on cash and equivalents(1,428)(3,513)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS55,408 (126,360)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD120,184 248,653 
CASH AND EQUIVALENTS AT END OF PERIOD$175,592 $122,293 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
(Unless otherwise indicated, references to years or year-end refer to Griffon’s fiscal period ending September 30)



NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 
About Griffon Corporation
 
Griffon Corporation (the “Company”, “Griffon”, "we" or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.

The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF).

On June 27, 2022, we completed the sale of our Defense Electronics segment which consisted of our Telephonics subsidiary for $330,000 in cash. As a result, the results of operations of our Telephonics business is classified as a discontinued operation in the Consolidated Statements of Operations for all periods presented and classified the related assets and liabilities associated with the discontinued operation in the consolidated balance sheets. Accordingly, all references made to results and information in this Quarterly Report on Form 10-Q are to Griffon's continuing operations, unless noted otherwise.

On May 16, 2022, Griffon announced that its Board of Directors initiated a process to review a comprehensive range of strategic alternatives to maximize shareholder value including a sale, merger, divestiture, recapitalization or other strategic transaction, and on April 20, 2023, Griffon announced that its Board of Directors, after extensive evaluation and deliberation, determined that the ongoing execution of the Company’s strategic plan was the best way to maximize value for shareholders and unanimously decided to conclude its review.

On January 24, 2022, Griffon acquired Hunter Fan Company (“Hunter”), a market leader in residential ceiling, commercial, and industrial fans, from MidOcean Partners (“MidOcean”) for a contractual purchase price of approximately $845,000. Hunter, which is part of Griffon's Consumer and Professional Products segment, complements and diversifies our portfolio of leading consumer brands and products. We financed the acquisition of Hunter with a new $800,000 seven year Term Loan B facility; we used a combination of cash on hand and revolving credit facility borrowings to fund the balance of the purchase price and related acquisition and debt expenditures.

Griffon conducts its operations through two reportable segments:

Consumer and Professional Products (“CPP”) is a leading North American manufacturer and a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.

Home and Building Products ("HBP") conducts its operations through Clopay Corporation ("Clopay"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America.  Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands.


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GRIFFON CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(US dollars and non US currencies in thousands, except per share data)
(Unaudited)
Update on COVID-19 on our Business

As of the date of this filing, government restrictions have been relaxed or eliminated as the health risk of COVID-19 has decreased; however, the effects of COVID-19 continue to linger throughout the global economy and our businesses. Though the severity of COVID-19 has subsided, new variants could interrupt business, cause renewed labor and supply chain disruptions, and negatively impact the global and US economy, which could materially and adversely impact our businesses. See information provided in Part 1, Item 1A, “Risk Factors” our Form 10-K filed on November 18, 2022.

Basis of Presentation
 
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s businesses, in particular its CPP operations, are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year.
 
The condensed consolidated balance sheet information at September 30, 2022 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2022.
 
The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include expected loss allowances for credit losses and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, sales, assumptions associated with pension benefit obligations and income or expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations, assumptions associated with valuation of acquired assets and assumed liabilities of acquired companies and the accompanying disclosures. These estimates are based on management’s best knowledge of current