FREE Daily Stock Alerts From Stock-PR.com
Griffon Corporation Announces Fourth Quarter and Annual Results
Q4 Revenue Increases 39% to $485 million; 2011 Revenue Increases 41% to $1.8 billion
Initiates Quarterly Dividend of $0.02 per Share
Griffon Corporation (NYSE: GFF) reported financial results for the fourth quarter and year ended September 30, 2011.
Fourth quarter 2011 revenue totaled $485 million, increasing 39% compared to the 2010 quarter, driven mainly by the Home and Building Products Segment (?HBP?); HBP grew 89% due to the inclusion of Ames True Temper (?ATT?) operating results. ATT, acquired on September 30, 2010, is a global provider of non-powered lawn and garden tools, wheelbarrows and other outdoor products to the retail and professional markets. HBP results also reflect a 10% increase in Clopay Building Products (?CBP?) revenue; CBP is the largest manufacturer and marketer of residential garage doors and a leading manufacturer of commercial sectional doors in the United States. Clopay Plastics (?Plastics?) and Telephonics fourth quarter 2011 revenue grew 15% and 23%, respectively, in comparison to the prior year quarter.
Fourth quarter 2011 income from continuing operations totaled $3.4 million, or $0.06 per share, compared to a loss of $1.7 million or $0.03 per share, in the prior year quarter. Adjusted income from continuing operations for the current quarter was $4.2 million, or $0.07 per share, compared to $6.6 million, or $0.11 per share, in the prior year quarter.
Full year 2011 revenue totaled $1.8 billion, increasing 41% compared to 2010, driven by HBP, where revenue grew 116%, mainly due to the inclusion of ATT; 2011 CBP revenue increased 4% over the prior year while Plastics and Telephonics revenue grew 14% and 5%, respectively.
For the year ended September 30, 2011, loss from continuing operations was $7.4 million, or $0.13 per share, compared to income of $9.5 million, or $0.16 per share, in the prior year. Adjusted income from continuing operations for 2011 was $19.9 million, or $0.34 per share, compared to $18.3 million, or $0.31 per share, in 2010.
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 in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.
More about GFF at www.griffoncorp.com.
Read full article at: http://stock-pr.com/?p=20731
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. Stock-PR.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold Stock-PR.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (Read more at http://stock-pr.com/disclaimer).Crown Equity Holdings Inc. (CRWE.OB) is a media-advertisement and newswire company.Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period.Crown Equity Holdings Inc. (CRWE.OB) has received 1,000,000 shares of 144 restricted stocks from the company for 12 months of media advertisement and IR services and 4,000,000 shares of 144 restricted stocks from the company for management fee through end of June for Cleantech Transit, Inc. (CLNO.OB).