XML 23 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
BUSINESS SEGMENTS
 6 Months Ended
Mar. 31, 2012
Segment Reporting Disclosure [Text Block]

NOTE 11 – BUSINESS SEGMENTS


Griffon’s reportable business segments are as follows:


 

 

 

 

•

HBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains, as well as a global provider of non-powered landscaping products that make work easier for homeowners and professionals.

 

 

 

 

•

Telephonics develops, designs and manufactures high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide.

 

 

 

 

•

Plastics is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications.


Griffon evaluates performance and allocates resources based on each segments’ operating results before interest income or expense, income taxes, depreciation and amortization, gain (losses) from debt extinguishment, unallocated amounts, restructuring charges and costs related to the fair value of inventory for acquisitions. Griffon believes this information is useful to investors. The following tables provide a reconciliation of Segment profit and Segment profit before depreciation, amortization, restructuring and fair value write-up of acquired inventory sold and acquisition costs to Income before taxes and discontinued operations:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
March 31,

 

For the Six Months Ended
March 31,

 

 

 

 

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

 

 

 

Home & Building Products:

 

 

 

 

 

 

 

 

 

 

 

 

 

ATT

 

$

133,321

 

$

145,644

 

$

232,061

 

$

239,841

 

CBP

 

 

91,269

 

 

86,675

 

 

202,915

 

 

190,741

 

 

 

 

 

 

 

Home & Building Products

 

 

224,590

 

 

232,319

 

 

434,976

 

 

430,582

 

Telephonics

 

 

113,992

 

 

113,525

 

 

218,506

 

 

211,804

 

Plastics

 

 

143,849

 

 

130,285

 

 

279,980

 

 

248,145

 

 

 

 

 

 

 

Total consolidated net sales

 

$

482,431

 

$

476,129

 

$

933,462

 

$

890,531

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
March 31,

 

For the Six Months Ended
March 31,

 

 

 

 

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE TAXES

 

 

 

 

 

 

 

 

 

Segment operating profit (loss):

 

 

 

 

 

 

 

 

 

Home & Building Products

 

$

8,096

 

$

6,931

 

$

17,930

 

$

5,308

 

Telephonics

 

 

13,543

 

 

11,225

 

 

26,056

 

 

21,918

 

Plastics

 

 

2,492

 

 

5,170

 

 

4,372

 

 

9,312

 

 

 

 

 

 

 

Total segment operating profit

 

 

24,131

 

 

23,326

 

 

48,358

 

 

36,538

 

Unallocated amounts

 

 

(6,453

)

 

(6,581

)

 

(12,787

)

 

(11,687

)

Loss from debt extinguishment, net

 

 

—

 

 

(26,164

)

 

—

 

 

(26,164

)

Net interest expense

 

 

(12,919

)

 

(11,222

)

 

(25,919

)

 

(22,376

)

 

 

 

 

 

 

Income (loss) before taxes

 

$

4,759

 

$

(20,641

)

$

9,652

 

$

(23,689

)

 

 

 

 

 

 

 

Segment profit before depreciation, amortization, restructuring, fair value write-up of acquired inventory sold and acquisition costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products

 

$

15,853

 

$

19,619

 

$

33,603

 

$

37,153

 

Telephonics

 

 

15,336

 

 

12,929

 

 

31,024

 

 

25,335

 

Plastics

 

 

9,164

 

 

11,231

 

 

17,344

 

 

21,017

 

 

 

 

 

 

 

Total Segment profit before depreciation, amortization, restructuring, fair value write-up of acquired inventory sold and acquisition costs

 

 

40,353

 

 

43,779

 

 

81,971

 

 

83,505

 

Unallocated amounts, less acquisition costs

 

 

(6,453

)

 

(6,581

)

 

(12,787

)

 

(11,687

)

Loss from debt extinguishment, net

 

 

—

 

 

(26,164

)

 

—

 

 

(26,164

)

Net interest expense

 

 

(12,919

)

 

(11,222

)

 

(25,919

)

 

(22,376

)

Segment depreciation and amortization

 

 

(16,222

)

 

(15,453

)

 

(31,640

)

 

(29,210

)

Restructuring charges

 

 

—

 

 

(1,212

)

 

(1,795

)

 

(2,605

)

Fair value write-up of acquired inventory sold

 

 

—

 

 

(3,788

)

 

—

 

 

(15,152

)

Acquisition costs

 

 

—

 

 

—

 

 

(178

)

 

—

 

 

 

 

 

 

 

Income (loss) before taxes

 

$

4,759

 

$

(20,641

)

$

9,652

 

$

(23,689

)

 

 

 

 

 

 


Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
March 31,

 

For the Six Months Ended
March 31,

 

 

 

 

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

DEPRECIATION and AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products

 

$

7,757

 

$

7,688

 

$

15,222

 

$

14,088

 

Telephonics

 

 

1,793

 

 

1,704

 

 

3,446

 

 

3,417

 

Plastics

 

 

6,672

 

 

6,061

 

 

12,972

 

 

11,705

 

 

 

 

 

 

 

Total segment depreciation and amortization

 

 

16,222

 

 

15,453

 

 

31,640

 

 

29,210

 

Corporate

 

 

99

 

 

100

 

 

196

 

 

168

 

 

 

 

 

 

 

Total consolidated depreciation and amortization

 

$

16,321

 

$

15,553

 

$

31,836

 

$

29,378

 

 

 

 

 

 

 

CAPITAL EXPENDITURES

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products

 

$

8,305

 

$

7,335

 

$

14,573

 

$

13,775

 

Telephonics

 

 

2,554

 

 

1,333

 

 

3,784

 

 

2,138

 

Plastics

 

 

9,446

 

 

14,996

 

 

21,774

 

 

25,616

 

 

 

 

 

 

 

Total segment

 

 

20,305

 

 

23,664

 

 

40,131

 

 

41,529

 

Corporate

 

 

8

 

 

143

 

 

74

 

 

208

 

 

 

 

 

 

 

Total consolidated capital expenditures

 

$

20,313

 

$

23,807

 

$

40,205

 

$

41,737

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

At March 31,
2012

 

At September
30, 2011

 

 

 

 

 

ASSETS

 

 

 

 

 

Segment assets:

 

 

 

 

 

 

 

Home & Building Products

 

$

1,005,209

 

$

972,714

 

Telephonics

 

 

254,574

 

 

288,968

 

Plastics

 

 

436,314

 

 

450,452

 

 

 

 

 

Total segment assets

 

 

1,696,097

 

 

1,712,134

 

Corporate

 

 

148,821

 

 

148,064

 

 

 

 

 

Total continuing assets

 

 

1,844,918

 

 

1,860,198

 

Assets of discontinued operations

 

 

4,362

 

 

5,056

 

 

 

 

 

Consolidated total

 

$

1,849,280

 

$

1,865,254