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Griffon CORPORATION Griffon Corporation Announces Third Quarter Results NEW YORK , NEW YORK , July 29 , 2021 – Griffon Corporation ( " Griffon ” or the “ Company ” ) ( NYSE : GFF ) today reported results for the third quarter of fiscal 2021 ended June 30 , 2021 . Consolidated revenue for the third quarter totaled $ 646.8 million , a 2 % increase compared to the prior year quarter revenue of $ 632.1 million , or 4 % excluding prior year revenue of $ 7.9 million related to the SEG disposition . Net income totaled $ 16.7 million , or $ 0.31 per share , compared to $ 21.8 million , or $ 0.50 per share , in the prior year quarter . Current year adjusted net income was $ 22.8 million , or $ 0.43 per share , compared to $ 25.9 million , or $ 0.59 per share , in the prior year quarter ( see reconciliation of Net income to Adjusted net income for details ) . The current year quarter includes 8.7 million shares of common stock issued in August 2020 , which reduced adjusted EPS by approximately $ 0.08 . Adjusted EBITDA for the third quarter was $ 64.8 million , decreasing 7 % from the prior year quarter of $ 69.5 million . Unallocated amounts excluding depreciation ( primarily corporate overhead ) in the third quarters of 2021 and 2020 was $ 10.9 million and $ 11.1 million , respectively . Adjusted EBITDA excluding unallocated amounts totaled $ 75.7 million in the third quarter of 2021 , decreasing 6 % from the prior year of $ 80.5 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 , " We are pleased with our results this quarter as our businesses continue to see strong demand and backlog despite a business environment impacted by rapidly rising costs of raw materials , transportation and labor . The Ames Strategic Initiative , coupled with price increases and efficiency programs , remain on track to drive margin expansion and shareholder value . " Segment Operating Results Consumer and Professional Products ( " CPP " ) CPP revenue in the current quarter totaling $ 324.8 million decreased 1 % compared to the prior year period due to reduced volume of 9 % , primarily in the U.S. , due to shipping delays related to availability of transportation , partially offset by favorable mix of 3 % and a favorable foreign currency impact of 5 % . CPP Adjusted EBITDA in the current quarter was $ 29.4 million , decreasing 21 % from the prior year quarter primarily from decreased revenue noted above , increased distribution and material costs coupled with the lag in realization of price increases , and COVID - 19 related inefficiencies . The current quarter included a favorable foreign currency impact of 4 % . 1