Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF)
today reported results for the fiscal third quarter ended June 30,
2022.
Revenue for the third quarter totaled $768.2 million, a 31%
increase compared to the prior year of $584.2 million. Revenue
excluding the Hunter acquisition increased 13% to $662.4 million.
Hunter contributed $105.8 million.
Income from continuing operations totaled $52.8 million, or
$0.98 per share, compared to $14.8 million, or $0.28 per share, in
the prior year quarter. Current year third quarter adjusted income
from continuing operations was a record $66.5 million, or $1.23 per
share, compared to $20.8 million, or $0.39 per share, in the prior
year quarter (see reconciliation of Income from continuing
operations to Adjusted income from continuing operations for
details).
Adjusted EBITDA from continuing operations for the third quarter
was $134.8 million, increasing 124% from the prior year quarter of
$60.1 million. Adjusted EBITDA from continuing operations,
excluding unallocated amounts (primarily corporate overhead) of
$13.4 million in the current quarter and $11.5 million in the prior
year quarter, totaled $148.2 million, increasing 107% from the
prior year of $71.5 million. Adjusted EBITDA is defined as net
income excluding interest income and expense, income taxes,
depreciation and amortization, restructuring charges, loss on debt
extinguishment and acquisition related expenses, as well as other
items that may affect comparability, as applicable (for a
reconciliation of “Adjusted EBITDA”, a non-GAAP measure, to income
before taxes from continuing operations, see the attached
table).
On June 27, 2022, Griffon closed the sale of Telephonics to TTM
Technologies, Inc. (NASDAQ: TTMI) for $330 million in cash, subject
to customary post-closing adjustments.
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. This process is ongoing and, as previously announced,
Griffon does not intend to disclose further developments until its
Board approves a specific transaction or otherwise concludes its
review of strategic alternatives. Griffon has retained Goldman
Sachs & Co. LLC as its financial advisor, and Dechert LLP as
its legal counsel to assist in the review process.
Ronald J. Kramer, Chairman and Chief Executive Officer,
commented, "We are very pleased with our operating performance this
quarter. Griffon’s results highlight the abilities of our strong
management teams and global workforce to navigate through a
challenging macroeconomic environment while continuing to execute
on our plan.
Griffon's third quarter results were driven by strength in the
Home and Building Products segment, with favorable price trends
partially offset by reduced residential volume. Commercial product
performance was particularly strong due to favorable volume and
pricing, as we continue to realize benefits from the investments we
made in CornellCookson and its integration with Clopay.
Consumer and Professional Products continues to experience
reduced volume in the North American and United Kingdom markets due
to slowing consumer demand and rebalancing of customer inventory
levels, partially offset by price realization and the contribution
of the Hunter Fan Company.
The trends experienced in each of our segments through the third
quarter are expected to continue for the remainder of the year. We
remain on target to achieve our full-year revenue guidance of $2.85
billion with at least $475 million of EBITDA before unallocated
costs. Leverage at the end of the year is expected to be below 3.0x
net debt to EBITDA.”
Further, acknowledging the legacy of Telephonics, Mr. Kramer
said, “Telephonics had been a part of Griffon since 1961. Over the
years, the company grew from a provider of radio communication
equipment and inflight entertainment systems to a Tier 1 contractor
supplying vital defense electronic systems. We are confident that
TTM Technologies and Telephonics leadership, along with the
dedicated and hardworking Telephonics employees, will continue the
company’s long heritage of innovation, engineering, and
manufacturing supporting national and global security. We wish them
all the best.”
Segment Operating
Results
Consumer and Professional Products ("CPP")
CPP revenue in the current quarter totaling $362.6 million
increased 12% compared to the prior year period primarily resulting
from a 33% or $105.8 million contribution from the Hunter
acquisition, and price and mix of 10%, partially offset by a 28%
reduction in volume, primarily in North America and the United
Kingdom, due to reduced consumer demand and rebalancing of customer
inventory levels. Foreign exchange was 3% unfavorable.
For the current quarter, Adjusted EBITDA totaling $28.4 million
decreased 3% compared to the prior year. The current quarter
included EBITDA of $16.8 million from the Hunter acquisition.
Excluding the Hunter contribution, EBITDA decreased 61% primarily
due to the unfavorable impact of the reduced North American and
United Kingdom volume and increased material, labor and
transportation costs, partially offset by the benefits of price and
mix. The current quarter included increased demurrage and detention
costs, primarily related to COVID and global supply chain
disruptions, of approximately $6.5 million, primarily related to
Hunter.
Home and Building Products ("HBP")
HBP revenue in the current quarter totaling $405.5 million
increased 56% from the prior year period, due to favorable pricing
and mix for both residential and commercial products. Increased
commercial volume was offset by reduced residential volume due to
labor and supply chain disruptions.
HBP Adjusted EBITDA in the current quarter was $119.8 million,
increasing 184% compared to the prior year. EBITDA benefited from
the increased revenue noted above, partially offset by increased
material, labor and transportation costs.
Taxes
The Company reported pretax income from continuing operations
for the quarters ended June 30, 2022 and 2021, respectively, and
recognized tax provisions of 30.6% and 44.9%, respectively.
Excluding all items that affect comparability, the effective tax
rates for the quarters ended June 30, 2022 and 2021 were 28.6% and
32.9%, respectively. The current year-to-date effective tax rate
was 30.2% and the rate excluding all items that affect
comparability was 28.9%.
Balance Sheet and Capital
Expenditures
At June 30, 2022, the Company had cash and equivalents of $144.7
million and total debt outstanding of $1.59 billion, resulting in
net debt of $1.44 billion. Leverage, as calculated in accordance
with our credit agreement, was 3.2x net debt to EBITDA. Borrowing
availability under the revolving credit facility was $289.9 million
subject to certain loan covenants. Capital expenditures were $11.5
million for the quarter ended June 30, 2022.
On June 27, 2022, Griffon prepaid $300 million principal amount
of its $800 million Term Loan B credit facility, and during the
quarter Griffon repurchased $15.2 million of its 5.75% Senior Notes
due 2028 for $14.3 million or 92.2% of par. Subsequent to the end
of the quarter, Griffon repurchased $10 million of its 5.75% Senior
Notes due 2028 for $9.1 million or 91.25% of par.
As of June 30, 2022, Griffon had $58 million remaining under its
Board of Directors authorized share repurchase program. There were
no share repurchases under these authorizations during the quarter
ended June 30, 2022.
On July 20, 2022, Griffon paid a $2.00 per share special
dividend to shareholders of record as of July 8, 2022. The special
dividend, combined with the three $0.09 quarterly dividends paid
earlier this fiscal year and the $0.09 dividend announced earlier
today, will result in total fiscal 2022 dividends paid of $2.36 per
share.
Conference Call
Information
Given the ongoing review of strategic alternatives, Griffon will
not be hosting a conference call in connection with its third
quarter financial results.
Forward-looking
Statements
“Safe Harbor” Statements under the Private Securities Litigation
Reform Act of 1995: All statements related to, among other things,
income (loss), earnings, cash flows, revenue, changes in
operations, operating improvements, industries in which Griffon
operates and the United States and global economies that are not
historical are hereby identified as “forward-looking statements”
and may be indicated by words or phrases such as “anticipates,”
“supports,” “plans,” “projects,” “expects,” “believes,” “should,”
“would,” “could,” “hope,” “forecast,” “management is of the
opinion,” “may,” “will,” “estimates,” “intends,” “explores,”
“opportunities,” the negative of these expressions, use of the
future tense and similar words or phrases. Such forward-looking
statements are subject to inherent risks and uncertainties that
could cause actual results to differ materially from those
expressed in any forward-looking statements. These risks and
uncertainties include, among others: the impact of the strategic
alternatives review process announced in May 2022; current economic
conditions and uncertainties in the housing, credit and capital
markets; Griffon’s ability to achieve expected savings from cost
control, restructuring, integration and disposal initiatives; the
ability to identify and successfully consummate, and integrate,
value-adding acquisition opportunities (including, in particular,
integration of the Hunter Fan acquisition); increasing competition
and pricing pressures in the markets served by Griffon’s operating
companies; the ability of Griffon’s operating companies to expand
into new geographic and product markets, and to anticipate and meet
customer demands for new products and product enhancements and
innovations; increases in the cost or lack of availability of raw
materials such as resin, wood and steel, components or purchased
finished goods, including any potential impact on costs or
availability resulting from tariffs; changes in customer demand or
loss of a material customer at one of Griffon’s operating
companies; the potential impact of seasonal variations and
uncertain weather patterns on certain of Griffon’s businesses;
political events that could impact the worldwide economy; a
downgrade in Griffon’s credit ratings; changes in international
economic conditions including interest rate and currency exchange
fluctuations; the reliance by certain of Griffon’s businesses on
particular third party suppliers and manufacturers to meet customer
demands; the relative mix of products and services offered by
Griffon’s businesses, which impacts margins and operating
efficiencies; short-term capacity constraints or prolonged excess
capacity; unforeseen developments in contingencies, such as
litigation, regulatory and environmental matters; Griffon’s ability
to adequately protect and maintain the validity of patent and other
intellectual property rights; the cyclical nature of the businesses
of certain of Griffon’s operating companies; possible terrorist
threats and actions and their impact on the global economy; the
impact of COVID-19 on the U.S. and the global economy, including
business disruptions, reductions in employment and an increase in
business and operating facility failures, specifically among our
customers and suppliers; Griffon's ability to service and refinance
its debt; and the impact of recent and future legislative and
regulatory changes, including, without limitation, changes in tax
laws. Such statements reflect the views of the Company with respect
to future events and are subject to these and other risks, as
previously disclosed in the Company’s Securities and Exchange
Commission filings. Readers are cautioned not to place undue
reliance on these forward-looking statements. These forward-looking
statements speak only as of the date made. Griffon undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
About Griffon
Corporation
Griffon Corporation 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 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.
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 CornellCookson brand.
For more information on Griffon and its operating subsidiaries,
please see the Company’s website at www.griffon.com.
Griffon evaluates performance and allocates resources based on
operating results from continuing operations before interest income
and expense, income taxes, depreciation and amortization,
restructuring charges, loss from debt extinguishment and
acquisition related expenses, as well as other items that may
affect comparability, as applicable (“Adjusted EBITDA”, a non-GAAP
measure). Griffon believes this information is useful to
investors.
The following table provides operating highlights and a
reconciliation of Adjusted EBITDA to Income before taxes from
continuing operations:
(in thousands)
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
REVENUE
2022
2021
2022
2021
Consumer and Professional Products
$
362,634
$
324,826
$
1,056,819
$
947,739
Home and Building Products
405,545
259,392
1,082,726
752,684
Total revenue
$
768,179
$
584,218
$
2,139,545
$
1,700,423
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
2022
2021
2022
2021
ADJUSTED EBITDA
Consumer and Professional Products
$
28,373
$
29,388
$
92,431
$
99,524
Home and Building Products
119,847
42,156
280,618
130,585
Total Segments
148,220
71,544
373,049
230,109
Unallocated amounts, excluding
depreciation*
(13,405
)
(11,464
)
(39,724
)
(36,810
)
Adjusted EBITDA
134,815
60,080
333,325
193,299
Net interest expense
(23,961
)
(15,800
)
(60,985
)
(46,973
)
Depreciation and amortization
(17,688
)
(13,306
)
(47,021
)
(39,118
)
Debt extinguishment, net
(5,287
)
—
(5,287
)
—
Restructuring charges
(5,909
)
(4,081
)
(12,391
)
(14,662
)
Acquisition costs
—
—
(9,303
)
—
Strategic review - retention and other
(3,220
)
—
(3,220
)
—
Proxy expenses
—
—
(6,952
)
—
Fair value step-up of acquired inventory
sold
(2,700
)
—
(5,401
)
—
Income before taxes from continuing
operations
$
76,050
$
26,893
$
182,765
$
92,546
* Primarily Corporate Overhead
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
DEPRECIATION and AMORTIZATION
2022
2021
2022
2021
Segment:
Consumer and Professional Products
$
13,434
$
8,781
$
33,831
$
25,600
Home and Building Products
4,116
4,375
12,778
13,095
Total segment depreciation and
amortization
17,550
13,156
46,609
38,695
Corporate
138
150
412
423
Total consolidated depreciation and
amortization
$
17,688
$
13,306
$
47,021
$
39,118
Griffon believes Free Cash Flow ("FCF", a non-GAAP measure) is a
useful measure for investors because it portrays the Company's
ability to generate cash from operations for purposes such as
repaying debt, funding acquisitions and paying dividends.
The following table provides a reconciliation of Net cash
provided by (used in) operating activities to FCF:
For the Nine Months Ended June
30,
(in thousands)
2022
2021
Net cash provided by (used in) operating
activities
$
(65,001
)
$
13,314
Acquisition of property, plant and
equipment
(33,516
)
(24,949
)
Proceeds from the sale of property, plant
and equipment
89
116
Free Cash Flow provided by Defense
Electronics
23,632
19,765
FCF
$
(74,796
)
$
8,246
The following tables provide a reconciliation of Gross profit
and Selling, general and administrative expenses for items that
affect comparability for the three and nine month periods ended
June 30, 2022 and 2021:
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
(in thousands)
2022
2021
2022
2021
Gross Profit, as reported
$
260,601
$
159,902
$
687,086
$
485,244
% of revenue
33.9
%
27.4
%
32.1
%
28.5
%
Adjusting items:
Restructuring charges
2,441
695
5,218
4,573
Fair value step-up of acquired inventory
sold
2,700
—
5,401
—
Gross Profit, as adjusted
$
265,742
$
160,597
$
697,705
$
489,817
% of revenue
34.6
%
27.5
%
32.6
%
28.8
%
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
(in thousands)
2022
2021
2022
2021
Selling, general and administrative
expenses, as reported
$
157,387
$
117,796
$
442,577
$
347,138
% of revenue
20.5
%
20.2
%
20.7
%
20.4
%
Adjusting items:
Restructuring charges
(3,468
)
(3,385
)
(7,173
)
(10,088
)
Acquisition costs
—
—
(9,303
)
—
Proxy expenses
—
—
(6,952
)
—
Strategic review - retention and other
(3,220
)
—
(3,220
)
—
Selling, general and administrative
expenses, as adjusted
$
150,699
$
114,411
$
415,929
$
337,050
% of revenue
19.6
%
19.6
%
19.4
%
19.8
%
GRIFFON CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
AND COMPREHENSIVE
INCOME
(in thousands, except per
share data)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2022
2021
2022
2021
Revenue
$
768,179
$
584,218
$
2,139,545
$
1,700,423
Cost of goods and services
507,578
424,316
1,452,459
1,215,179
Gross profit
260,601
159,902
687,086
485,244
Selling, general and administrative
expenses
157,387
117,796
442,577
347,138
Income from operations
103,214
42,106
244,509
138,106
Other income (expense)
Interest expense
(24,022
)
(15,849
)
(61,111
)
(47,370
)
Interest income
61
49
126
397
Debt extinguishment, net
(5,287
)
—
(5,287
)
—
Other, net
2,084
587
4,528
1,413
Total other expense, net
(27,164
)
(15,213
)
(61,744
)
(45,560
)
Income before taxes from continuing
operations
76,050
26,893
182,765
92,546
Provision for income taxes
23,268
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
287
20,149
(2,085
)
Income from discontinued operations
87,505
1,893
97,628
5,641
Net income
$
140,287
$
16,708
$
225,274
$
63,319
Basic earnings per common share:
Income from continuing operations
$
1.02
$
0.29
$
2.48
$
1.14
Income from discontinued operations
1.69
0.04
1.89
0.11
Basic earnings per common share
$
2.71
$
0.33
$
4.37
$
1.25
Basic weighted-average shares
outstanding
51,734
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 operations
1.62
0.04
1.82
0.11
Diluted earnings per common share
$
2.60
$
0.31
$
4.19
$
1.19
Diluted weighted-average shares
outstanding
53,914
53,504
53,704
53,306
Dividends paid per common share
$
0.09
$
0.08
$
0.27
$
0.24
Net income
$
140,287
$
16,708
$
225,274
$
63,319
Other comprehensive income (loss), net of
taxes:
Foreign currency translation
adjustments
(17,822
)
1,160
(14,092
)
15,022
Pension and other post retirement
plans
1,196
1,245
2,004
4,196
Change in cash flow hedges
2,450
351
110
1,454
Total other comprehensive income (loss),
net of taxes
(14,176
)
2,756
(11,978
)
20,672
Comprehensive income, net
$
126,111
$
19,464
$
213,296
$
83,991
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
Inventories
708,178
472,794
Prepaid and other current assets
59,111
76,009
Assets of discontinued operations held for
sale
—
275,814
Assets of discontinued operations
487
605
Total Current Assets
1,342,146
1,368,679
PROPERTY, PLANT AND EQUIPMENT,
net
299,844
290,222
OPERATING LEASE RIGHT-OF-USE
ASSETS
193,448
144,598
GOODWILL
705,356
426,148
INTANGIBLE ASSETS, net
939,024
350,025
OTHER ASSETS
21,791
21,589
ASSETS OF DISCONTINUED
OPERATIONS
2,623
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 payable
212,038
260,038
Accrued liabilities
306,282
144,928
Current portion of operating lease
liabilities
32,426
29,881
Liabilities of discontinued operations
held for sale
—
81,023
Liabilities of discontinued operations
30,806
3,280
Total Current Liabilities
594,637
531,636
LONG-TERM DEBT, net
1,574,697
1,033,197
LONG-TERM OPERATING LEASE
LIABILITIES
167,549
119,315
OTHER LIABILITIES
257,209
109,585
LIABILITIES OF DISCONTINUED
OPERATIONS
3,825
3,794
Total Liabilities
2,597,917
1,797,527
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity
906,315
807,158
Total Liabilities and Shareholders’
Equity
$
3,504,232
$
2,604,685
GRIFFON CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended June
30,
2022
2021
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 operating activities of continuing operations:
Depreciation and amortization
47,021
39,118
Stock-based compensation
15,978
15,091
Asset impairment charges -
restructuring
2,494
3,883
Provision for losses on accounts
receivable
1,008
173
Amortization of debt discounts and
issuance costs
2,753
2,019
Debt extinguishment, net
5,287
—
Fair value step-up of acquired inventory
sold
5,401
—
Deferred income taxes
1,465
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) decrease 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, net
1,799
1,611
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, net
295,712
—
Proceeds (payments) from investments
14,923
(4,658
)
Proceeds from the sale of property, plant
and equipment
89
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
984,314
20,587
Payments of long-term debt
(427,883
)
(18,255
)
Financing costs
(17,065
)
(571
)
Other, net
188
(272
)
Net cash provided by (used) in financing
activities - continuing operations
513,762
(14,327
)
GRIFFON CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended June
30,
2022
2021
CASH FLOWS FROM DISCONTINUED
OPERATIONS:
Net cash provided by operating
activities
26,889
27,035
Net cash provided by (used in) investing
activities
(2,627
)
8,155
Net cash provided by discontinued
operations
24,262
35,190
Effect of exchange rate changes on cash
and equivalents
(2,733
)
136
NET INCREASE (DECREASE) IN CASH AND
EQUIVALENTS
(103,966
)
2,608
CASH AND EQUIVALENTS AT BEGINNING OF
PERIOD
248,653
218,089
CASH AND EQUIVALENTS AT END OF PERIOD
$
144,687
$
220,697
Griffon evaluates performance based on Earnings per share and
Net income excluding restructuring charges, loss from debt
extinguishment, acquisition related expenses, discrete and certain
other tax items, as well other items that may affect comparability,
as applicable, a non-GAAP measure. Griffon believes this
information is useful to investors. The following tables provides a
reconciliation of Income from continuing operations to Adjusted
income from continuing operations and Earnings per common share
from continuing operations, a non-GAAP measure, to Adjusted
earnings per common share from continuing operations:
(in thousands, except per share
data)
For the Three Months Ended
June 30,
For the Nine Months Ended June
30,
2022
2021
2022
2021
Income from continuing operations
$
52,782
$
14,815
$
127,646
$
57,678
Adjusting items:
Debt extinguishment, net
5,287
—
5,287
—
Restructuring charges
5,909
4,081
12,391
14,662
Acquisition costs
—
—
9,303
—
Strategic review - retention and other
3,220
—
3,220
—
Proxy expenses
—
—
6,952
—
Fair value step-up of acquired inventory
sold
2,700
—
5,401
—
Tax impact of above items
(4,314
)
(953
)
(9,411
)
(3,628
)
Discrete and certain other tax provisions
(benefits), net
913
2,850
(661
)
3,219
Adjusted income from continuing
operations
$
66,497
$
20,793
$
160,128
$
71,931
Earnings per common share from continuing
operations
$
0.98
$
0.28
$
2.38
$
1.08
Adjusting items, net of tax:
Debt extinguishment, net
0.07
—
0.07
—
Restructuring charges
0.08
0.06
0.17
0.21
Acquisition costs
—
—
0.15
—
Strategic review - retention and other
0.04
—
0.04
—
Proxy expenses
—
—
0.10
—
Fair value step-up of acquired inventory
sold
0.04
—
0.07
—
Discrete and certain other tax provisions
(benefits), net
0.02
0.05
(0.01
)
0.06
Adjusted earnings per common share from
continuing operations
$
1.23
$
0.39
$
2.98
$
1.35
Weighted-average shares outstanding (in
thousands)
53,914
53,504
53,704
53,306
Note: Due to rounding, the sum of earnings per common share from
continuing operations and adjusting items, net of tax, may not
equal adjusted earnings per common share from continuing
operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727006183/en/
Company Contact: Brian G. Harris
SVP & Chief Financial Officer Griffon Corporation (212)
957-5000 IR@griffon.com Investor Relations
Contact: Michael Callahan Managing Director ICR Inc. (203)
682-8311
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