Griffon Corporation Announces Fourth Quarter and Annual Results: EPS of $0.16

Griffon Corporation GFF today reported financial results for the fourth quarter and year ended September 30, 2010. For 2010, revenue totaled $1.3 billion, increasing 8% in comparison to 2009; revenue growth was driven by strong increases at Telephonics and Plastics, partially offset by weakness in Clopay Building Products (“CBP”), as had been anticipated. Net income in 2010 was $9.6 million ($0.16 per share) compared to $18.7 million ($0.32 per share) in 2009. Full year segment adjusted EBITDA totaled $108.3 million, increasing 19% compared to 2009; segment adjusted EBITDA is defined as income from continuing operations, excluding corporate overhead, interest, taxes, depreciation and amortization, restructuring charges, acquisition-related costs and the benefit (loss) of debt extinguishment.