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Griffon : Telephonics Successfully Collaborates with Northrop Grumman to Deliver a Mode S Interrogator Upgrade for the UK AWACS Program

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06/03/2014 | 05:47pm CET
Telephonics Successfully Collaborates with Northrop Grumman to Deliver a Mode S Interrogator Upgrade for the UK AWACS Program

FARMINGDALE, NEW YORK, June 3, 2014 - Telephonics Corporation, a wholly owned subsidiary of Griffon Corporation (NYSE: GFF), today announced the conclusion of a successful collaborative effort with Northrop Grumman Corporation to deliver Mode S upgrades to the Telephonics' AN/UPX-40 Identification Friend or Foe (IFF) Interrogator, fielded on the United Kingdom's E-3D Sentry Airborne Warning and Control System (AWACS) fleet based at Royal Air Force Waddington.

The AN/UPX-40, designed and developed by Telephonics under internally funded research and development, is an AIMS certified, All-Mode IFF interrogator that utilizes a common set of core hardware and software modules found in current company IFF technologies, including the AN/UPX-43, 44 and 505.

"Together with our prime contractor, Northrup Grumman, and the Air ISTAR Project team, the E-3D Sentry Mode S integration program was a successful collaborative effort, resulting in the delivery of a mission critical capability," said Joseph J. Battaglia, President and Chief Executive Officer of Telephonics. "This presents a proven, economical and low risk model for future upgrades."

For more information about Telephonics and its IFF interrogator technology, please contact Lisa Ahrens or visit www.telephonics.com .

About Telephonics

Telephonics' high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide. Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics, and the performance of threat and radar system analyses.

About Griffon Corporation

Griffon Corporation, headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Company provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.

Forward-Looking Statements

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements other than statements of historical fact included in this release are forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements. Information concerning risks and uncertainties that may impact the company's results and forward-looking statements are set forth in Griffon Corporation's filings with the SEC. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

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Financials ($)
Sales 2017 1 996 M
EBIT 2017 113 M
Net income 2017 38,9 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 25,21
P/E ratio 2018
Capi. / Sales 2017 0,54x
Capi. / Sales 2018 0,52x
Capitalization 1 079 M
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 23,0 $
Spread / Average Target -4,0%
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Ronald J. Kramer Vice Chairman & Chief Executive Officer
Robert F. Mehmel President & Chief Operating Officer
Harvey R. Blau Chairman
Brian G. Harris Chief Financial Officer & Senior Vice President
Henry A. Alpert Independent Director
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