"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon operates and the United States and global economies that are not historical are hereby identified as "forward-looking statements" and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "should," "would," "could," "hope," "forecast," "management is of the opinion," "may," "will," "estimates," "intends," "explores," "opportunities," the negative of these expressions, use of the future tense and similar words or phrases. Griffon does not intend to comment on the process or disclose further developments until the Board approves a specific transaction or otherwise concludes its review of strategic alternatives. There is no timeline for this review and there is no assurance that the Board’s review will result in any transaction being entered into or consummated. "Additionally, management also discussed its expectation that the company’s leverage, as calculated in accordance with Griffon’s credit agreement, will be less than 3.0x EBITDA by the end of fiscal 2022 ending September 30 (a reduction of at least 1.5x from the second quarter ended March 31), driven by second half cash generation and EBITDA performance and the proceeds from the divestiture of Telephonics." "Demonstrating the conviction in its ability to continue to deliver strong operating performance for the business, Griffon raised its fiscal year 2022 adjusted EBITDA guidance for its business segments to $475 million, an increase of $120 million or 34%, during the company’s second quarter results conference call on April 28th," said Mr.
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The recent strategic acquisition of Hunter Fan Company complements and diversifies our Consumer & Professional Products segment while the announced divestiture of our defense electronics business, Telephonics, will strengthen our balance sheet."
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During the past four years Griffon’s operating performance has been outstanding with significant increases in profitability and free cash flow. We have executed a substantial transformation, which started in 2018 with the divestiture of the Plastics business and the acquisitions of ClosetMaid and Cornell Cookson. Kramer, Chairman and Chief Executive Officer, said "We are proud of what the Board, management and our employees have accomplished in building Griffon. LLC as its financial advisor and Dechert LLP as its legal counsel to assist in the review process. NEW YORK, May 16, 2022-( BUSINESS WIRE)-Griffon Corporation ("Griffon" or the "Company") (NYSE:GFF) today announced that its Board of Directors has initiated a process to review a comprehensive range of strategic alternatives to maximize shareholder value including a sale, merger, divestiture, recapitalization or other strategic transaction.
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