XML 17 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
BUSINESS SEGMENTS
 9 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
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.

 

 

 

Information on Griffon’s business segments is as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

For the Nine Months Ended
June 30,

 

 

 

 

 

 

REVENUE

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products:

 

 

 

 

ATT

$

128,332

$

130,311

$

341,878

$

362,374

CBP

112,285

106,910

314,651

309,825

 

 

   

 

   

 

   

 

   

 

Home & Building Products

240,617

237,221

656,529

672,199

Telephonics

129,997

101,116

347,678

319,621

Plastics

139,212

141,909

418,111

421,889

 

 

   

 

   

 

   

 

   

 

Total consolidated net sales

$

509,826

$

480,246

$

1,422,318

$

1,413,709

 

 

   

 

   

 

   

 

   

 


The following table reconciles segment operating profit to income before taxes:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE TAXES

For the Three Months Ended
June 30,

For the Nine Months Ended
June 30,

 

 

 

 

 

 

Segment operating profit:

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

Home & Building Products

$

11,549

$

17,482

$

22,655

$

35,412

Telephonics

10,592

14,113

38,990

40,171

Plastics

5,401

3,506

8,959

7,879

 

 

   

 

   

 

   

 

   

 

Total segment operating profit

27,542

35,101

70,604

83,462

Net interest expense

(13,137

)

(12,855

)

(39,125

)

(38,775

)

Unallocated amounts

(6,573

)

(7,253

)

(22,140

)

(20,041

)

Loss on pension settlement

—

—

(2,142

)

—

 

 

   

 

   

 

   

 

   

 

Income before taxes

$

7,832

$

14,993

$

7,197

$

24,646

 

 

   

 

   

 

   

 

   

 


Griffon evaluates performance and allocates resources based on each segments’ operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, acquisition-related expenses, and gains (losses) from pension settlement and debt extinguishment, as applicable (“Segment adjusted EBITDA”). Griffon believes this information is useful to investors for the same reason.


The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended
June 30,

For the Nine Months Ended
June 30,

 

 

 

 

 

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

Segment adjusted EBITDA:

 

 

 

 

Home & Building Products

$

21,478

$

25,831

$

56,272

$

59,434

Telephonics

13,146

15,886

45,015

46,912

Plastics

12,161

10,117

33,832

27,462

 

 

   

 

   

 

   

 

   

 

Total Segment adjusted EBITDA

46,785

51,834

135,119

133,808

Net interest expense

(13,137

)

(12,855

)

(39,125

)

(38,775

)

Segment depreciation and amortization

(17,639

)

(16,733

)

(52,467

)

(48,373

)

Unallocated amounts

(6,573

)

(7,253

)

(22,140

)

(20,041

)

Restructuring charges

(1,604

)

—

(12,048

)

(1,795

)

Acquisition costs

—

—

—

(178

)

Loss on pension settlement

—

—

(2,142

)

—

 

 

   

 

   

 

   

 

   

 

Income before taxes

$

7,832

$

14,993

$

7,197

$

24,646

 

 

   

 

   

 

   

 

   

 


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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION and AMORTIZATION

For the Three Months Ended
June 30,

For the Nine Months Ended
June 30,

 

 

 

 

 

 

Segment:

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Home & Building Products

$

9,075

$

8,349

$

27,092

$

23,571

Telephonics

1,804

1,773

5,275

5,219

Plastics

6,760

6,611

20,100

19,583

 

 

   

 

   

 

   

 

   

 

Total segment depreciation and amortization

17,639

16,733

52,467

48,373

Corporate

110

99

320

295

 

 

   

 

   

 

   

 

   

 

Total consolidated depreciation and amortization

$

17,749

$

16,832

$

52,787

$

48,668

 

 

   

 

   

 

   

 

   

 

CAPITAL EXPENDITURES

 

 

 

 

Segment:

 

 

 

 

Home & Building Products

$

6,534

$

5,974

$

22,352

$

20,547

Telephonics

2,401

4,462

5,853

8,246

Plastics

5,947

7,037

17,648

28,811

 

 

   

 

   

 

   

 

   

 

Total segment

14,882

17,473

45,853

57,604

Corporate

9

17

33

91

 

 

   

 

   

 

   

 

   

 

Total consolidated capital expenditures

$

14,891

$

17,490

$

45,886

$

57,695

 

 

   

 

   

 

   

 

   

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

At June 30,
2013

At September
30, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets:

 

 

 

 

Home & Building Products

$

945,087

$

943,766

 

 

Telephonics

283,723

255,420

 

 

Plastics

415,692

430,395

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Total segment assets

1,644,502

1,629,581

 

 

Corporate

100,924

173,088

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Total continuing assets

1,745,426

1,802,669

 

 

Assets of discontinued operations

3,200

3,523

 

 

 

 

   

 

   

 

 

 

 

 

 

 

Consolidated total

$

1,748,626

$

1,806,192