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Griffon CORPORATION Griffon Corporation Announces First Quarter Results NEW YORK , NEW YORK , January 28 , 2021 - Griffon Corporation ( " Griffon " or the " Company " ) ( NYSE : GFF ) today reported results for the first quarter of fiscal 2021 ended December 31 , 2020 . Consolidated revenue for the first quarter totaled $ 609.3 million , an 11 % increase compared to the prior year quarter revenue of $ 548.4 million . Net income totaled $ 29.5 million , or $ 0.55 per share , compared to $ 10.6 million , or $ 0.24 per share , in the prior year quarter . Current year adjusted net income was $ 29.8 million , or $ 0.56 per share , compared to $ 15.6 million , or $ 0.36 per share , in the prior year quarter , a 56 % increase ( see the reconciliation of Net income to Adjusted net income for details ) . Adjusted EBITDA for the first quarter was $ 74.6 million , increasing 35 % from the prior year quarter of $ 55.2 million . Unallocated amounts ( primarily corporate overhead ) in the first quarter of 2021 and 2020 , were $ 12.0 million and $ 11.9 million , respectively . Adjusted EBITDA excluding unallocated amounts totaled $ 86.7 million in the first quarter of 2021 , increasing 29 % from the prior year of $ 67.1 million . Adjusted EBITDA is defined as net income excluding interest income and expense , income taxes , depreciation and amortization , restructuring charges , loss from debt extinguishment and acquisition related expenses , as well as other items that may affect comparability , as applicable ( " Adjusted EBITDA ” , a non - GAAP measure ) . Ronald J. Kramer , Chairman and Chief Executive Officer , commented , " We are pleased with our strong performance in the first quarter of our fiscal year with revenue , adjusted EBITDA and adjusted EPS growth of 11 % , 35 % and 56 % , respectively . Notably , all three operating segments grew revenue , adjusted EBITDA and adjusted EBITDA margin over the prior year first quarter . Our earnings growth and positive free cash flow underscores the significance of our business initiatives and strategic investments over the last several years . " Mr. Kramer added , “ We have the ability to continue to accelerate growth initiatives across each of our segments while pursuing opportunistic acquisitions . Griffon remains well positioned to deliver long - term shareholder value . " Segment Operating Results Consumer and Professional Products ( " CPP " ) CPP revenue in the current quarter totaling $ 291.0 million increased 21 % compared to the prior year period , primarily due to increased volume of 18 % , driven by continued consumer demand for home improvement initiatives across all geographies , early U.S. spring orders and expansion of the home organization product line . Improved revenue also reflected incremental revenue from the Apta acquisition of 1 % and favorable foreign exchange of 2 % . Organic growth was 20 % ( revenue growth adjusted to exclude acquisitions ) . 1