Griffon Corporation Announces Unaudited Consolidated Financial Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014
January 31, 2014 at 02:31 am IST
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Griffon Corporation announced unaudited consolidated financial results for the first quarter ended December 31, 2013. For the quarter, the company reported total consolidated net sales of $453,458,000 against $423,749,000 a year ago. Income from operations was $16,981,000 against $14,343,000 a year ago. Income before taxes was $4,786,000 against $1,750,000 a year ago. Net income was $3,236,000 or $0.06 per diluted and basic share against $558,000 or $0.01 per diluted and basic share a year ago. Net cash used in operating activities was $24,394,000 against $32,502,000 a year ago. Acquisition of property, plant and equipment was $17,916,000 against $17,288,000 a year ago. Adjusted net income was $3,964,000 or $0.07 per diluted share against $2,615,000 or $0.05 per diluted share a year ago. Total segment adjusted EBITDA was $44,206,000 against $42,922,000 a year ago. Revenue increasing 77% in comparison with the prior year, home and building products led the surge in revenue. Adjusted income from operations was $4 million or $0.07 per share compared to $2.6 million or $0.05 per share in the prior-year quarter. Capital spending was just under $18 million. At December 31, 2013, the company had resulting in a net debt position of $638 million.
The company provided earnings guidance for the full year of 2014. For the year 2014, the company continues to expect capital spending of about $70 million, and this expectation contemplates the remaining capital to be incurred in connection with the Ames planned consolidation initiative. And with respect to its full year 2014 guidance, they continue to expect consolidated revenue to be between $1.9 million and $2 billion, with each of the individual operating segments expected to grow in the low single digits. The company expects depreciation in 2014 to be about $64 million and amortization to be in line with 2013, about $8 million. The company expects its effective tax rates to be 40% to 42% for fiscal 2014.
Griffon Corporation is a diversified management and holding company. The Company owns and operates, and seeks to acquire, businesses in multiple industries and geographic markets. The Companyâs segments include Home and Building Products (HBP) and Consumer and Professional Products (CPP). The HBP segment conducts its operations through Clopay Corporation (Clopay). Clopay is the 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 home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. The CPP segment is 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 brands, including AMES, Hunter, True Temper, and ClosetMaid.
Griffon Corporation Announces Unaudited Consolidated Financial Results for the First Quarter Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014