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Griffon CORPORATION Griffon Corporation Announces Second Quarter Results NEW YORK , NEW YORK , April 29 , 2021 – Griffon Corporation ( “ Griffon ” or the “ Company ” ) ( NYSE : GFF ) today reported results for the second quarter of fiscal 2021 ended March 31 , 2021 . Consolidated revenue for the second quarter totaled $ 634.8 million , a 12 % increase compared to the prior year quarter revenue of $ 566.4 million . Net income totaled $ 17.1 million , or $ 0.32 per share , compared to $ 0.9 million , or $ 0.02 per share , in the prior year quarter . Current year adjusted net income was $ 25.4 million , or $ 0.48 per share , compared to $ 10.1 million , or $ 0.23 per share , in the prior year quarter , a 109 % increase ( see reconciliation of Net income to Adjusted net income for details ) . Adjusted EBITDA for the second quarter was $ 67.8 million , increasing 41 % from the prior year quarter of $ 48.0 million . Unallocated amounts excluding depreciation ( primarily corporate overhead ) in each of the second quarter of 2021 and 2020 was $ 11.9 million . Adjusted EBITDA excluding unallocated amounts totaled $ 79.7 million in the second quarter of 2021 , increasing 33 % from the prior year of $ 59.9 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 ( see reconciliation of Adjusted EBITDA to Income before taxes ) . Ronald J. Kramer , Chairman and Chief Executive Officer , commented , " Our excellent performance in the fiscal second quarter is a result of our continued operating improvement and robust demand for our diverse portfolio of leading brands and essential products . Our team is poised to deliver further improvements in the years ahead as we optimize our businesses through strategic initiatives . Griffon is well- positioned to continue delivering long term shareholder value . " Segment Operating Results Consumer and Professional Products ( " CPP " ) CPP revenue in the current quarter totaling $ 331.9 million increased 21 % compared to the prior year period , primarily due to increased volume of 17 % , driven by continued consumer demand across all geographies , primarily for outdoor decor , landscaping and home organization products , and a favorable foreign currency impact of 4 % . CPP Adjusted EBITDA in the second quarter was $ 37.4 million , increasing 50 % from the prior year quarter primarily from increased revenue noted above and a favorable foreign currency impact of 8 % , partially offset by increased distribution and material costs , and COVID - 19 related inefficiencies . Strategic Initiative In November 2019 , Griffon announced the development of a next - generation business platform for CPP to enhance the growth , efficiency , and competitiveness of its U.S. operations , and on November 12 , 2020 , 1