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Griffon Corporation 2016 Annual Report

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Griffon Corporation 2016 Annual Report 59964 Letter to Shareholders 2016 was another successful year for Griffon upon the market success of our premium door Corporation. We finished 2016 with record products. CBP has driven consistent growth to our Segment adjusted EBITDA of $218.4 million1,a Home and Building Products (‘‘HBP’’) segment. 7% increase over the prior year. Earnings per Our second major capital project launched in common share was $0.68, compared to $0.73 in 2016 was a $50 million investment in Sof-Flex®, the prior year which does not tell the real story. our next generation breathable film, for our Clopay Excluding certain restructuring costs and tax items, Plastic Products (‘‘Plastics’’) business. We expect our adjusted EPS improved 15% over 2015 to the launch of this product to benefit our operating $0.842, outpacing our EBITDA growth. results in 2017 and beyond, and to enhance our We continued to return cash to shareholders industry leading position in printed breathable films through quarterly dividends and share and laminates. repurchases. This performance reflects both the We also remain focused on cash flow earnings power of our businesses and the generation. In 2016, operating cash flow improved collective hard work of our global workforce. 39% to $106 million. We expect continued Importantly, these results were achieved despite increases in free cash flow as a result of improved slightly lower revenue of $1.96 billion, as we operating performance and completion of the continued to improve operational efficiencies and Sof-flex® investment in Plastics, at which time profit margins. We believe that future growth in capital expenditures should return to a normalized U.S. infrastructure, housing and defense spending level. will be very beneficial to our businesses. In 2016 we repurchased 3.55 million shares of common stock for a total of $56.3 million. Since BALANCED CAPITAL ALLOCATION TO BUILD SHAREHOLDER VALUE the commencement of share repurchases in August We are committed to building long-term 2011, we have repurchased a total of 20.3 million shareholder value through investment in future shares for $259.4 million. We continued to expand growth and return of cash to shareholders. In our dividend program in 2016 and paid $0.20 per 2016 we made several strategic investments to share in dividends, marking an increase of 25% maximize organic opportunities, including a $30 from the prior year. In November of 2016, we million upgrade to our Clopay Building Products announced another 20% increase in our quarterly (‘‘CBP’’) facility in Troy, Ohio, designed to build dividend to $0.06 per share. 1 For a reconciliation of Segment adjusted EBITDA to Income (loss) before taxes, see “Note 18–Reportable Segments” to our Consolidated Financial Statements, included on page 98 of this Annual Report. 2 For a reconciliation of adjusted earnings per share to Earnings per common share, see Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended September 30, 2016, included on page 38 of this Annual Report. 1 17501 HOME AND BUILDING PRODUCTS the delivery of incremental efficiency and capacity Our HBP segment, which consists of The AMES gains throughout the year, supporting our Companies, Inc. (‘‘AMES’’) and CBP, continues to commitment to exceptional quality and customer benefit from operational efficiency improvements, service. This project allows for long-term growth cost control measures at AMES and increased and continued industry leading support for our volume and favorable mix at CBP. 2016 revenue customers. of $1.04 billion was consistent with 2015, while CBP also continues to invest in new products, segment adjusted EBITDA increased 22% from the introducing several modern and contemporary door prior year to $114.9 million. designs in 2016, leveraging our successful ® Our AMES business, which is the leading U.S. Intellicore insulation technology. Many of our manufacturer and a global provider of long-handled garage door lines share complementary design ® tools and landscaping products, performed well cues with our line of Clopay entry doors, despite a warm winter and colder than average enhancing the overall design aesthetic of the spring in North America. This unseasonable home. We promote our door solutions through our weather led to a full year revenue decrease of 4%, unified brand strategy, targeting consumers through while profitability improved from the prior fiscal a multi-faceted media campaign, including social year as a result of sustained improvement in media, print, digital, television and radio. Our ® operational efficiencies and continued expansion of Clopay Imagine media campaign can be seen on our industry leading position in Australia, as well as the HGTV and DIY Networks, and in publications improved sales of pots and planters in the U. S. such as Good Housekeeping, This Old House and Process improvements undertaken from 2013- Family Handy Man. This industry leading media 2015 facilitated improvement in operational presence promotes our brand and generates leads performance and efficiencies, and have opened for our dealers and retailers, ensuring our mutual internal manufacturing capacity with a continued success. positive effect on balancing in-house manufacturing HBP, with its industry leading products, brands and global sourcing. Our Razor-Back®, True and customers, is well positioned for continued Temper® and Garant® brands have continued to growth as the U.S. housing market and overall perform well as they expand into adjacent market economic recoveries progress. categories. TELEPHONICS It has been an ambitious year at CBP, America’s Favorite Doors®, as we successfully completed our Telephonics continues to achieve success in a facility expansion in Troy, Ohio. This expansion was challenging U.S. defense budgetary environment. executed using a phased approach that enabled 2 58720 Revenue in 2016 was $436 million, increasing 1% Telephonics continues to invest in technology compared to the prior year driven by increased and innovation. During 2016, we received our first mobile ground surveillance systems and orders for our new passive detection and recording dismounted electronic countermeasure systems. system (PDRS) and for our small form factor (SFF) Segment adjusted EBITDA for 2016 was $53.4 IFF interrogator. We also made significant million, consistent with the prior year. Contract advancements in the development of our active backlog totaled $420 million at September 30, electronic scan array technology (AESA), and are 2016, compared to $442 million at September 30, excited about our initial performance results and 2015, with approximately 71% expected to be how future Telephonics radar products may benefit fulfilled within the next twelve months. The from this improved technology. decrease in backlog reflects the timing of various We continue to see world events and U.S. international contracts associated with radar and foreign policy shaping the increased global demand surveillance opportunities, as international awards for products designed and produced by often take longer to develop. Telephonics for intelligence, surveillance and Our airborne inter-communications system (ICS) communications solutions. programs contributed to revenue with a large number of ongoing production and development PLASTICS programs. The selection of the Telephonics Clopay Plastics delivered solid financial results Netcom V, ground vehicle ICS, by Oshkosh for the despite challenging macroeconomic conditions in Joint Light Tactical Vehicle (JLTV) program, has Latin America and Europe. We maintained reinforced the Telephonics ICS brand as a leader Segment adjusted EBITDA margins in excess of in innovation and affordability and should further 10% through disciplined cost controls, despite Telephonics’ efforts to expand its ground vehicle sales decreasing 10% due to unfavorable volume ICS products to international markets. The delivery and mix and the unfavorable impact of foreign of additional mobile surveillance capability (MSC) currency translation. We improved our product mix systems to U.S. Customs and Border Protection by enhancing our industry leadership position in reflects the quality and value of these systems and valued-added printed films and elastic laminates the growing demand for protecting U.S. borders. while rationalizing certain underperforming The MH-60R program continued its strong products, and successfully executing a restructuring performance, receiving awards for upgrade kits to in Europe. We continue to reduce our working convert AN/APS-147 MMR into AN/APS-153(V) 1 capital and enhance our competitive position by MMR and our first FMS contract for a customer in lowering our cost structure through improved the Middle East. efficiency and supply chain initiatives. 3 11329 During 2016 we announced plans to invest $50 by utilizing our balance sheet strength and cash million to expand our global printed breathable film flow to invest in organic growth initiatives and capacity. This investment will increase our extrusion acquisition opportunities, and to support the and print capacity and fund our continued payment of quarterly dividends. The prospect of a commitment to innovation and technology. Our stronger U.S. economy will accelerate our future next generation Sof-flex® line of low basis weight, growth. breathable films is being designed to meet We thank our shareholders for their interest and demand for softer, lighter weight, breathable
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