Company Quick10K Filing
Griffon
Price20.48 EPS1
Shares43 P/E24
MCap878 P/FCF8
Net Debt1,042 EBIT132
TEV1,920 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-30
10-Q 2020-12-31 Filed 2021-01-29
10-K 2020-09-30 Filed 2020-11-13
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-29
10-Q 2019-12-31 Filed 2020-01-31
10-K 2019-09-30 Filed 2019-11-22
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-02-01
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10-K 2015-09-30 Filed 2015-11-12
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10-Q 2013-12-31 Filed 2014-01-31
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10-Q 2012-12-31 Filed 2013-02-01
10-K 2012-09-30 Filed 2012-11-16
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10-K 2010-09-30 Filed 2010-11-18
10-Q 2010-06-30 Filed 2010-08-02
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-05
8-K 2021-01-28 Earnings, Exhibits
8-K 2021-01-25 Other Events, Exhibits
8-K 2020-11-12
8-K 2020-08-13
8-K 2020-07-30
8-K 2020-06-22
8-K 2020-06-08
8-K 2020-06-08
8-K 2020-04-28
8-K 2020-02-19
8-K 2020-02-04
8-K 2020-02-04
8-K 2020-01-30
8-K 2019-11-13
8-K 2019-11-12
8-K 2019-08-01
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-05-02
8-K 2019-01-31
8-K 2018-11-14
8-K 2018-09-04
8-K 2018-08-01
8-K 2018-06-14
8-K 2018-05-31
8-K 2018-05-03
8-K 2018-02-06
8-K 2018-01-31
8-K 2018-01-24

GFF 10Q Quarterly Report

Part I - Financial Information
Item 1 - Financial Statements
Note 1 - Description of Business and Basis of Presentation
Note 2 - Fair Value Measurements
Note 3 - Revenue
Note 4 - Acquisitions and Dispositions
Note 5 - Inventories
Note 6 - Property, Plant and Equipment
Note 7 - Credit Losses
Note 8 - Goodwill and Other Intangibles
Note 9 - Income Taxes
Note 10 - Long - Term Debt
Note 11 - Shareholders' Equity
Note 12 - Earnings per Share (Eps)
Note 13 - Business Segments
Note 14 - Employee Benefit Plans
Note 15 - Recent Accounting Pronouncements
Note 17 - Restructuring Charges
Note 18 - Other Income (Expense)
Note 19 - Warranty Liability
Note 20 - Other Comprehensive Income (Loss)
Note 21 - Leases
Note 22 - Commitments and Contingencies
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosure About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 Defaults Upon Senior Securities
Item 4 Mine Safety Disclosures
Item 5 Other Information
EX-31.1 gff3-31x202110q2311.htm
EX-31.2 gff3-31x202110q2312.htm
EX-32 gff3-31x202110q232.htm

Griffon Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
3.93.12.31.60.80.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.20.0-0.1-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to
 
Commission File Number: 1-06620
 
GRIFFON CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware11-1893410
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
712 Fifth Ave, 18th FloorNew YorkNew York10019
(Address of principal executive offices)(Zip Code)
 
(212) 957-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.25 par value GFF New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

The number of shares of common stock outstanding at March 31, 2021 was 56,683,519.



Griffon Corporation and Subsidiaries
 
Contents
 
Page


Table of Contents
Part I – Financial Information
Item 1 – Financial Statements
 
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
 March 31,
2021
September 30,
2020
CURRENT ASSETS  
Cash and equivalents$175,564 $218,089 
Accounts receivable, net of allowances of $9,594 and $8,505
399,193 340,546 
Contract assets, net of progress payments of $20,449 and $24,175
75,000 84,426 
Inventories484,753 413,825 
Prepaid and other current assets55,705 46,897 
Assets of discontinued operations1,525 2,091 
Total Current Assets1,191,740 1,105,874 
PROPERTY, PLANT AND EQUIPMENT, net341,005 343,964 
OPERATING LEASE RIGHT-OF-USE ASSETS154,929 161,627 
GOODWILL446,365 442,643 
INTANGIBLE ASSETS, net357,506 355,028 
OTHER ASSETS27,440 32,897 
ASSETS OF DISCONTINUED OPERATIONS5,295 6,406 
Total Assets$2,524,280 $2,448,439 
CURRENT LIABILITIES  
Notes payable and current portion of long-term debt$14,913 $9,922 
Accounts payable257,286 232,107 
Accrued liabilities151,091 163,994 
Current portion of operating lease liabilities30,685 31,848 
Liabilities of discontinued operations4,600 3,797 
Total Current Liabilities458,575 441,668 
LONG-TERM DEBT, net1,043,859 1,037,042 
LONG-TERM OPERATING LEASE LIABILITIES128,714 136,054 
OTHER LIABILITIES122,286 126,510 
LIABILITIES OF DISCONTINUED OPERATIONS6,415 7,014 
Total Liabilities1,759,849 1,748,288 
COMMITMENTS AND CONTINGENCIES - See Note 22
SHAREHOLDERS’ EQUITY  
Total Shareholders’ Equity764,431 700,151 
Total Liabilities and Shareholders’ Equity$2,524,280 $2,448,439 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

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GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Six Months Ended March 31, 2021
(Unaudited) 

 COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
 
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 202083,739 $20,935 $583,008 $607,518 27,610 $(413,493)$(72,092)$(25,725)$700,151 
Net income— — — 29,500 — — — — 29,500 
Dividend— — — (4,469)— — — — (4,469)
Shares withheld on employee taxes on vested equity awards— — — — 133 (2,909)— — (2,909)
Amortization of deferred compensation— — — — — — — 609 609 
Equity awards granted, net494 123 (123)— — — — —  
ESOP allocation of common stock— — 596 — — — — — 596 
Stock-based compensation— — 3,428 — — — — — 3,428 
Other comprehensive income, net of tax— — — — — — 13,141 — 13,141 
Balance at December 31, 202084,233 $21,058 $586,909 $632,549 27,743 $(416,402)$(58,951)$(25,116)740,047 
Net income— — — 17,112 — — — — 17,112 
Dividend— — — (3,217)— — — — (3,217)
Amortization of deferred compensation— — — — — — — 609 609 
Equity awards granted, net194 48 (48)— — — — —  
ESOP allocation of common stock— — 756 — — — — — 756 
Stock-based compensation— — 4,349 — — — — — 4,349 
Other comprehensive income, net of tax— — — — — — 4,775 — 4,775 
Balance at March 31, 202184,427 $21,106 $591,966 $646,444 27,743 $(416,402)$(54,176)$(24,507)$764,431 



The accompanying notes to condensed consolidated financial statements are an integral part of these statements.











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GRIFFON CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
For the Three and Six Months Ended March 31, 2020
(Unaudited) 

 COMMON STOCKCAPITAL IN
EXCESS OF
PAR VALUE
RETAINED
EARNINGS
TREASURY SHARESACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
DEFERRED
COMPENSATION
 
(in thousands)SHARESPAR VALUESHARESCOSTTOTAL
Balance at September 30, 201982,775 $20,694 $519,017 $568,516 35,969 $(536,308)$(65,916)$(28,240)$477,763 
Net income— — — 10,612 — — — — 10,612 
Dividend— — — (3,392)— — — — (3,392)
Shares withheld on employee taxes on vested equity awards— — — — 80 (1,758)— — (1,758)
Amortization of deferred compensation— — — — — — — 629 629 
Equity awards granted, net182 45 (45)— — — — —  
ESOP allocation of common stock— — 609 — — — — — 609 
Stock-based compensation— — 3,150 — — — — — 3,150 
Stock-based consideration— — 239 — — — — — 239 
Other comprehensive income, net of tax— — — — — — 6,841 — 6,841 
Balance at December 31, 201982,957 $20,739 $522,970 $575,736 36,049 $(538,066)$(59,075)$(27,611)$494,693 
Net income — — — 895 — — — — 895 
Dividend— — — (3,422)— — — — (3,422)
Shares withheld on employee taxes on vested equity awards— — — — 261 (5,721)— — (5,721)
Amortization of deferred compensation— — — — — — — 629 629 
Equity awards granted, net784 196 (196)— — — — —  
ESOP allocation of common stock— — 435 — — — — — 435 
Stock-based compensation— — 3,662 — — — — — 3,662 
Stock-based consideration— — 117 — — — — — 117 
Other comprehensive income, net of tax— — — — — — (14,834)— (14,834)
Balance at March 31, 202083,741 $20,935 $526,988 $573,209 36,310 $(543,787)$(73,909)$(26,982)$476,454 


The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited) 
 Three Months Ended March 31,Six Months Ended March 31,
 2021202020212020
Revenue$634,832 $566,350 $1,244,123 $1,114,788 
Cost of goods and services464,516 414,318 903,635 812,835 
Gross profit170,316 152,032 340,488 301,953 
Selling, general and administrative expenses126,827 126,467 248,384 244,265 
Income from operations43,489 25,565 92,104 57,688 
Other income (expense)    
Interest expense(15,831)(16,871)(31,521)(33,082)
Interest income304 310 349 571 
Gain (adjustment) on sale of business(949) 5,291  
Loss from debt extinguishment, net (6,690) (6,690)
Other, net847 615 806 1,393 
Total other expense, net(15,629)(22,636)(25,075)(37,808)
Income before taxes 27,860 2,929 67,029 19,880 
Provision for income taxes10,748 2,034 20,417 8,373 
Net income $17,112 $895 $46,612 $11,507 
Basic earnings per common share$0.34 $0.02 $0.92 $0.28 
Basic weighted-average shares outstanding50,838 41,565 50,717 41,369 
Diluted earnings per common share$0.32 $0.02 $0.88 $0.26 
Diluted weighted-average shares outstanding53,264 43,734 53,211 43,826 
Dividends paid per common share$0.08 $0.075 $0.16 $0.15 
Net income $17,112 $895 $46,612 $11,507 
Other comprehensive income (loss), net of taxes:    
Foreign currency translation adjustments1,739 (16,471)13,862 (10,001)
Pension and other post retirement plans1,245 669 2,951 1,341 
Change in cash flow hedges1,791 968 1,103 667 
Total other comprehensive income (loss), net of taxes4,775 (14,834)17,916 (7,993)
Comprehensive income, net$21,887 $(13,939)$64,528 $3,514 
 
The accompanying notes to condensed consolidated financial statements are an integral part of these statements.
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Table of Contents
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 Six Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$46,612 $11,507 
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization31,149 31,544 
Stock-based compensation9,501 8,302 
Asset impairment charges - restructuring8,291 4,692 
Provision for losses on accounts receivable194 596 
Amortization of debt discounts and issuance costs1,349 2,267 
Loss from debt extinguishment, net 6,690 
Deferred income taxes2,334 408 
Loss (gain) on sale of assets and investments151 (274)
Gain on sale of business(5,291) 
Change in assets and liabilities, net of assets and liabilities acquired:  
Increase in accounts receivable and contract assets, net(47,146)(61,815)
Increase in inventories(74,186)(21,262)
(Increase) decrease in prepaid and other assets271 (6,005)
Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities(1,470)(38,053)
Other changes, net2,400 560 
Net cash used in operating activities (25,841)(60,843)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of property, plant and equipment(23,986)(22,519)
Acquired businesses, net of cash acquired(2,242)(10,531)
Proceeds from sale of business, net14,725  
Investment purchases(