Griffon Corporation Announces Management Changes
Jun 2 15
Griffon Corporation announced that Brian G. Harris has been named Senior Vice President and Chief Financial Officer, effective August 1, 2015. Mr. Harris has served as Vice President and Controller of Griffon since November 2012, and as Chief Accounting Officer since July 2009. He will report to Robert F. Mehmel, Griffon’s President and Chief Operating Officer. Mr. Harris will succeed Douglas J. Wetmore, currently Executive Vice President and Chief Financial Officer, who will be retiring effective July 31, 2015. Mr. Wetmore will continue with Griffon in a consulting capacity to assist the Company and Mr. Harris with transition and certain other matters.
Griffon Corporation Presents at Deutsche Bank 6th Annual Global Industrials and Basic Materials Conference 2015, Jun-03-2015 11:20 AM
May 27 15
Griffon Corporation Presents at Deutsche Bank 6th Annual Global Industrials and Basic Materials Conference 2015, Jun-03-2015 11:20 AM. Venue: The Westin Chicago River North, 320 North Dearborn Street, Chicago, IL 60654, United States. Speakers: Ronald J. Kramer, Vice Chairman of the Board, Chief Executive Officer and Chairman of Finance Committee.
Griffon Corporation Presents at Houlihan Lokey 2015 Global Industrials Conference, May-06-2015 02:45 PM
May 1 15
Griffon Corporation Presents at Houlihan Lokey 2015 Global Industrials Conference, May-06-2015 02:45 PM. Venue: Marriott Marquis Hotel, 1535 Broadway, New York, New York, United States.
Griffon Corporation Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2015; Provides Earnings Guidance for the Year 2015
Apr 30 15
Griffon Corporation announced consolidated unaudited earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company reported total consolidated net sales of $500,020,000 against $507,687,000 a year ago, excluding the impact of foreign currency, revenue increased 2%, primarily due to the contribution from acquisitions. Income before taxes was $8,195,000 against loss before taxes of $30,795,000 a year ago. Net income was $5,122,000 against net loss of $25,825,000 a year ago. Diluted income per common share was $0.11 against diluted net loss per share of $0.53 a year ago. Income from operations was $20,809,000 against $19,673,000 a year ago. Adjusted net income was $5,267,000 against $6,025,000 a year ago. Adjusted earnings per common share was $0.11 against $0.12 a year ago. Capital expenditures were $21 million. Segment adjusted EBITDA was $44,170,000 against $45,875,000 a year ago. Net debt was $825 million as at March 31, 2015.
For the six months, the company reported net sales of $1,002,180,000 against $961,145,000 a year ago. Income before taxes was $20,200,000 against loss before taxes of $26,099,000 a year ago. Net income was $12,593,000 against net loss of $22,589,000 a year ago. Diluted income per common share was $0.26 against diluted net loss per share of $0.44 a year ago. Income from operations was $44,902,000 against $36,654,000 a year ago. Net cash used in operating activities was $43,051,000 against $26,576,000 a year ago. Acquisition of property, plant and equipment was $39,713,000 against $34,845,000 a year ago. Adjusted net income was $13,087,000 against $9,989,000 a year ago. Adjusted earnings per common share was $0.27 against $0.20 a year ago. Segment adjusted EBITDA was $93,763,000 against $90,081,000 a year ago.
The company continue to expects capital spending to approximate $80 million in fiscal 2015. And for the full year, the company expects depreciation to approximate $60 million and the amortization of about $8 million. Again, in line with previous guidance. Based on the revenue expectations, it continue to expects segment adjusted EBITDA to be $200 million or better, representing a 5% or better improvement over that achieved in 2014. The company continues to expect the rate, excluding discrete items to be in the range of 35% to 37% for fiscal 2015, the same guidance given on its last call.