Griffon Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2012; Provides Earnings Guidance for the Full Year of 2013
January 31, 2013 at 02:45 am IST
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Griffon Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, the company reported revenue of $423,749,000 against $451,031,000 a year ago. Income from operations was $14,343,000 against $17,847,000 a year ago. Income before taxes was $1,750,000 against $4,894,000 a year ago. Net income was $558,000 against $2,487,000 a year ago. Diluted earnings per common share were $0.01 against $0.04 a year ago. Net cash used in operating activities were $32,502,000 against $13,843,000 a year ago. Acquisition of property, plant and equipment was $17,288,000 against $19,892,000 a year ago. Adjusted net income was $2,615,000 against $3,770,000 a year ago. Adjusted earnings per share were $0.05 against $0.07 a year ago. Current quarter results included restructuring charge and a loss on pension settlement. In December 31, 2012, the company had $150 million in cash and total debt outstanding net of discount of $699 million, resulting in a net debt position of $549 million. Capital spending in the current quarter approximated $17 million, a decrease of about $3 million from the prior year quarter. Consolidated segment adjusted EBITDA was $43 million, increasing 3% compared to $41.6 million in the prior-year quarter.
For the full year 2013, the company continues to expect the effective normalized rate, excluding any discrete items to be the range of 46% to 48%, that's unchanged from prior guidance. The company expects capital spending of $65 million to $70 million in fiscal 2013, slightly above the expected $64 million in depreciation for fiscal 2013. Full year 2013 amortization expense is expected to be $8 million, in line with the prior year. Based on the company's revenue expectations, the company continues to expect its segment-adjustment EBITDA to approximate $180 million, representing a 5% increase of what it achieved in 2012. The company expectations for fiscal 2013, first of all, are unchanged from those discussed on its November call. The company expects consolidated revenue to be in the range of $1.9 billion to $2 billion, with Home and Building Products revenue increasing in the mid-single digits.
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 Company's Home and Building Products (HBP) conducts its operations through Clopay Corporation (Clopay). Clopay is a manufacturer and marketer of garage doors and rolling steel doors in North America. Its residential and commercial sectional products are sold under brands including Clopay, Americas Favorite Garage Doors, Holmes Garage Door Company and IDEAL Door. The Companyâs Consumer and Professional Products (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, 2012; Provides Earnings Guidance for the Full Year of 2013