Griffon Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016
January 29, 2016 at 02:37 am IST
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Griffon Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported revenue of $494,149,000 compared to $502,160,000 a year ago. Income from operations was $24,806,000 compared to $24,093,000 a year ago. Income before taxes was $13,349,000 compared to $12,005,000 a year ago. Net income was $8,596,000 or $0.19 per diluted share compared to $7,471,000 or $0.16 per diluted share a year ago. Segment adjusted EBITDA was $51,958,000 compared to $49,053,000 a year ago. Net cash used in operating activities was $19,596,000 compared to $8,050,000 a year ago. Acquisition of property, plant and equipment was $25,018,000 compared to $18,921,000 a year ago. Adjusted net income was $8,197,000 or $0.18 per diluted share compared to $7,820,000 or $0.16 per diluted share a year ago. Segment adjusted EBITDA declined 19% from the prior year as a result of lower volume and inefficiencies related to plant equipment maintenance in Europe, partially offset by the change in the impact of resin pricing pass-through. The impact of foreign currency was not material.
For the full year 2016, the company continues to expect the tax rate, excluding any discrete period items, to be approximately 36%. The company continues to expect capital expenditures to be in the range of $90 million to $95 million, which includes the expansion and upgrade of doors manufacturing facility, the Camp Hill property purchase and investment in Plastics capacity and equipment upgrades for new technology. For fiscal 2016, expects depreciation to be approximately $63 million and amortization to be approximately $8 million.
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 Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2015; Provides Earnings Guidance for the Fiscal Year 2016