First Quarter 2011 Revenue $414 million
Results reflect the inclusion of Ames True Temper, Inc. (“ATT”) for the first time. On September 30, 2010, Griffon acquired ATT, a global provider of non-powered lawn and garden tools, wheelbarrows and other outdoor products to the retail and professional markets. ATT has been combined with Clopay Building Products (“CBP”), the largest manufacturer and marketer of residential garage doors and a leading manufacturer of commercial sectional doors in the United States, in a newly formed segment: Home & Building Products (“HBP”)"This new work offers more proof of why Hannah should be considered one of our greatest, most original fiction writers. It's difficult to overstate Hannah's importance, both as an influence on other fiction writers and as a chronicler of the changing mores, hopes, fears, prejudices, and self-destructive tendencies of his fellow Americans." BROCK CLARKESan Francisco Chronicle CLASSICAlso, to the front of the photograph was a pile of sand and mud washed down from the lane behind which leads up to Pole Moor. This has been happening ever since a small amount of sandstone hardcore was put on the lane a few years ago. The pile of sand and mud covers a grate and drain which is on our land, which Grahame has to dig out every few weeks. There are usually two wheelbarrow loads to remove from the drain and up to four barrow loads around it. As it is our drain that is filled with silt, the council does not clear it, we do.For the quarter, Segment adjusted EBITDA totaled $12.4 million, an increase of $3.8 million or 44%, compared to the prior year; segment operating margin increased 430 basis points compared to the prior year quarter. The improved profitability was driven by favorable program mix, as well as a decline in selling, general and administrative expenses (“SG&A”). SG&A expenses in the prior year quarter were impacted by the timing of somewhat higher research expenditures and additional expense to support sales growth as Telephonics pursued new business in the Unmanned Aerial Vehicle and Air Traffic Management markets.Balance Sheet and Capital ExpendituresFor the quarter, Segment adjusted EBITDA was $17.5 million, compared to $10.5 million reported in the prior year quarter; the increase was mainly driven by the inclusion of ATT results. This result excludes $11.4 million of cost related to the sale of inventory that was recorded at fair value in connection with acquisition accounting for ATT. On a pro forma basis, prepared as if ATT was purchased on October 1, 2009, current quarter Segment adjusted EBITDA decreased approximately 30% in comparison to the prior year quarter, driven by a combination of higher input costs and lower ATT receipts under the Byrd amendment (anti-dumping compensation from the US government).Plastic ProductsFor the quarter, revenue totaled $98 million, a decrease of 5% compared to the prior year quarter, primarily due to the reduced rate of production on the C-17 program.Grove. 464 pages. $27.50. ISBN: 9780802119681THE STORIES: Lovers, killers, alcoholics, soldiers, unhappy couples, whiskey, man-fights, and all manners of self-destruction abound in these tales. War is a constant theme: in "Bats Out of Hell Division," a severely maimed Civil War soldier travels around the battlefield in a wheelbarrow, and in "Testimony of Pilot," a Vietnam recruit turns into "a sneer in a helmet." There are also the wars between the sexes. In "Love Too Long," a white Southern man tries to win back his wife. "I want to sleep in her uterus with my foot hanging out," he says. Animals of all stripes also appear. In "Two Things, Dimly, Were Going At Each Other," a former drug addict (based on William Burroughs) befriends a doctor who suffers from canine possession; the semifantastical "A Creature in the Bay of St. Louis" considers monsters and tall tales. Some good--but mostly bad--things happen here.Cash and equivalents as of December 31, 2010 totaled $138 million and total debt outstanding was $539 million. Capital expenditures in the first quarter were $18 million. Griffon continues to expect capital spending in 2011 will approximate $50 - $60 million.For the quarter, consolidated revenue totaled $414 million, increasing 36% in comparison to the prior year quarter. Revenue growth was driven mainly by the HBP segment, with the addition of ATT, augmented by 5% higher revenue from garage doors, and 16% revenue growth in Plastics. Telephonics revenue declined 5% in comparison to the prior year quarter.Segment adjusted EBITDA totaled $40 million in the current quarter, increasing 59% compared to $25 million reported in the prior year quarter. On a pro forma basis, Segment adjusted EBITDA totaled $40 million in both the current and prior year quarters. 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, as applicable.ALSO BY THE AUTHORWashington Post CLASSICFor the quarter, Griffon reported a net loss of $1.7 million or $0.03 per share compared to income of $4.3 million or $0.07 per share in the prior year quarter. Current results included $11.4 million ($7.4 million, net of tax, or $0.12 per share) of cost related to the sale of inventory that was recorded at fair value in connection with acquisition accounting for ATT, as well as $1.4 million ($0.9 million, net of tax, or $0.02 per share) of restructuring expenses and a discrete tax benefit of $0.3 million or $0.01 per share. The prior year quarter included $1.0 million ($0.7 million, net of tax, or $0.01 per share) of restructuring expenses and a discrete tax benefit of $0.4 million ($0.01 per share). Excluding these items from both reporting periods, current quarter income would have been $6.3 million or $0.11 per share, compared to $4.4 million or $0.07 per share in the prior year quarter, an increase of 43% and 44%, respectively. Income from discontinued operations was not material in either quarter.Ron Kramer, Chief Executive Officer, commented, “We are pleased to have started our new year with strong growth. We see positive trends developing in each of our business segments. Telephonics shows excellent bookings, Plastics is growing quickly with improving margins, and our Home and Buildings Products business is performing well in a continued difficult economic environment.”Segment adjusted EBITDA for the 2011 quarter increased 64% to $9.8 million compared to $6.0 million in the prior year’s first quarter, driven by the revenue growth and, in particular, by an improved operating performance in Europe."'Bats Out of Hell Division' is, quite simply, brilliant, the best ever written about the Civil War, if only because it owes more to The Texas Chain Saw Massacre and Night of the Living Dead than to historians Douglas Freeman or Shelby Foote. ... For years, Hannah had been the only writer willing to push the limits of language and narrative in quite the way William Faulkner did: He was willing, that is, to risk being misunderstood, to risk offending, to risk failing; he had the artistic courage to try to do more than he or prose could possibly do." NOEL POLKOn a pro forma basis, prepared as if ATT was purchased on October 1, 2009, the current quarter net loss from continuing operations of $1.7 million or $0.03 per share should be compared to income of $6.2 million or $0.10 per share in the prior year quarter. Adjusting these results for the same items discussed above, the current year income from continuing operations of $6.3 million or $0.11 per share should be compared to $6.6 million or $0.11 per share in the prior year quarter."A jazz lover, Hannah made improvisation a key component of his work. Transitions are minimal and unhelpful. We just have to hold on and ride the wave, wherever it takes us." ARIEL GONZALEZMr. Kramer continued, “In addition to maximizing the growth opportunities we have in our existing businesses, we continue to search for additional acquisition opportunities. Our operating platforms are efficient and capable and our balance sheet remains strong. We continue to expect to have opportunities to deploy additional strategic capital to leverage this position and create significant, incremental value for our shareholders.”Contract backlog totaled $424 million at December 31, 2010 compared to $376 million at December 31, 2009, with approximately 73% expected to be filled in the next twelve months.
The Company will hold a conference call today, February 3, 2011, at 4:30 PM ET.
No comments:
Post a Comment