Griffon Corp. turns 4th-qtr profit of $12.4M

AP News
Posted: Nov 20, 2009 12:24 PM

Griffon Corp., a communications and electronic information, building products and specialty plastics business, said it posted a fiscal fourth-quarter profit of $12.4 million, compared to a year-ago loss, even as sales fell 7 percent.

The earnings reported Thursday for the three months ended Sept. 30 were equivalent to 21 cents a share, compared to a loss of $8 million, or 24 cents a share, a year ago.

In the 2008 quarter, the company recorded a $12.9 million goodwill impairment charge related to its building products segment; excluding the item, income was $6.3 million, or 19 cents per share.

Revenue in the quarter fell to $328.2 million from $353.7 million a year ago.

Diluted shares used for per-share calculations were 59.4 million in 2009, compared to 33.4 million in 2008.

The company's total cash and equivalents as of Sept. 30 was $320.8 million. Total debt outstanding as of the end of the quarter was $179.8 million.

In afternoon trading, shares of Griffon rose $1.07, or 12 percent, to $10.12.