CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

12 Months Ended

Sep. 30, 2013

Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Consolidating Guarantor And Non Guarantor Financial Information [Text Block]

NOTE 20 – CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

Griffon’s Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the domestic assets of Clopay Building Products Company, Inc., Clopay Plastic Products Company, Inc., Telephonics Corporation, Ames True Temper Inc., and ATT Southern, Inc. In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, presented below are condensed consolidating financial information as of September 30, 2013 and 2012, and for the years ended September 30, 2013, 2012 and 2011. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor companies or non-guarantor companies operated as independent entities. The guarantor companies and the non-guarantor companies include the consolidated financial results of their wholly-owned subsidiaries accounted for under the equity method.

CONDENSED CONSOLIDATING BALANCE SHEETS

At September 30, 2013

	Parent Company			Guarantor Companies		Non-Guarantor Companies		Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	68,994		$	25,343	$	83,793	$	—		$	178,130
Accounts receivable, net of allowances		—			213,506		76,241		(33,532	)		256,215
Contract costs and recognized income not yet billed, net of progress payments		—			109,683		145		—			109,828
Inventories, net		—			173,406		56,723		(9	)		230,120
Prepaid and other current assets		(712	)		21,854		17,330		10,431			48,903
Assets of discontinued operations		—			—		1,214		—			1,214
Total Current Assets		68,282			543,792		235,446		(23,110	)		824,410
PROPERTY, PLANT AND EQUIPMENT, net		972			248,973		103,648		—			353,593
GOODWILL		—			288,146		69,584		—			357,730
INTANGIBLE ASSETS, net		—			160,349		61,042		—			221,391
INTERCOMPANY RECEIVABLE		547,903			911,632		573,269		(2,032,804	)		—
EQUITY INVESTMENTS IN SUBSIDIARIES		2,217,864			533,742		2,718,956		(5,470,562	)		—
OTHER ASSETS		45,968			50,423		7,423		(75,234	)		28,580
ASSETS OF DISCONTINUED OPERATIONS		—			—		3,075		—			3,075
Total Assets	$	2,880,989		$	2,737,057	$	3,772,443	$	(7,601,710	)	$	1,788,779
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	1,000		$	1,079	$	8,689	$	—		$	10,768
Accounts payable and accrued liabilities		41,121			182,765		70,427		(23,960	)		270,353
Liabilities of discontinued operations		—			—		3,288		—			3,288
Total Current Liabilities		42,121			183,844		82,404		(23,960	)		284,409
LONG-TERM DEBT, net of debt discounts		656,852			9,006		12,629		—			678,487
INTERCOMPANY PAYABLES		20,607			796,741		1,188,017		(2,005,365	)		—
OTHER LIABILITIES		65,455			153,970		25,578		(74,328	)		170,675
LIABILITIES OF DISCONTINUED OPERATIONS		—			—		4,744		—			4,744
Total Liabilities		785,035			1,143,561		1,313,372		(2,103,653	)		1,138,315
SHAREHOLDERS’ EQUITY		2,095,954			1,593,496		2,459,071		(5,498,057	)		650,464
Total Liabilities and Shareholders’ Equity	$	2,880,989		$	2,737,057	$	3,772,443	$	(7,601,710	)	$	1,788,779

CONDENSED CONSOLIDATING BALANCE SHEETS
At September 30, 2012

	Parent Company			Guarantor Companies		Non-Guarantor Companies		Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	125,093		$	34,782	$	49,779	$	—		$	209,654
Accounts receivable, net of allowances		—			187,487		81,274		(28,904	)		239,857
Contract costs and recognized income not yet billed, net of progress payments		—			69,216		1,561		—			70,777
Inventories, net		—			194,618		63,203		47			257,868
Prepaid and other current assets		(851	)		23,929		21,968		2,426			47,472
Assets of discontinued operations		—			—		587		—			587
Total Current Assets		124,242			510,032		218,372		(26,431	)		826,215
PROPERTY, PLANT AND EQUIPMENT, net		1,224			244,261		111,394		—			356,879
GOODWILL		—			288,147		70,225		—			358,372
INTANGIBLE ASSETS, net		—			164,633		65,840		—			230,473
INTERCOMPANY RECEIVABLE		508,984			648,347		542,025		(1,699,356	)		—
EQUITY INVESTMENTS IN SUBSIDIARIES		2,143,427			528,411		2,650,078		(5,321,916	)		—
OTHER ASSETS		49,718			60,609		8,188		(87,198	)		31,317
ASSETS OF DISCONTINUED OPERATIONS		—			—		2,936		—			2,936
Total Assets	$	2,827,595		$	2,444,440	$	3,669,058	$	(7,134,901	)	$	1,806,192
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	1,625		$	1,032	$	15,046	$	—		$	17,703
Accounts payable and accrued liabilities		44,649			167,230		66,640		(26,478	)		252,041
Liabilities of discontinued operations		—			—		3,639		—			3,639
Total Current Liabilities		46,274			168,262		85,325		(26,478	)		273,383
LONG-TERM DEBT, net of debt discounts		655,023			9,782		17,102		—			681,907
INTERCOMPANY PAYABLES		—			558,905		1,149,748		(1,708,653	)		—
OTHER LIABILITIES		68,827			183,989		27,489		(87,198	)		193,107
LIABILITIES OF DISCONTINUED OPERATIONS		—			—		3,643		—			3,643
Total Liabilities		770,124			920,938		1,283,307		(1,822,329	)		1,152,040
SHAREHOLDERS’ EQUITY		2,057,471			1,523,502		2,385,751		(5,312,572	)		654,152
Total Liabilities and Shareholders’ Equity	$	2,827,595		$	2,444,440	$	3,669,058	$	(7,134,901	)	$	1,806,192

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended September 30, 2013

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	1,459,705		$	463,767		$	(52,145	)	$	1,871,327
Cost of goods and services		—			1,107,440			392,588			(46,286	)		1,453,742
Gross profit		—			352,265			71,179			(5,859	)		417,585
Selling, general and administrative expenses		24,248			269,654			52,819			(6,252	)		340,469
Restructuring and other related charges		—			9,236			4,026			—			13,262
Total operating expenses		24,248			278,890			56,845			(6,252	)		353,731
Income (loss) from operations		(24,248	)		73,375			14,334			393			63,854
Other income (expense)
Interest income (expense), net		(14,381	)		(27,660	)		(10,126	)		—			(52,167	)
Other, net		569			9,656			(5,731	)		(1,848	)		2,646
Total other income (expense)		(13,812	)		(18,004	)		(15,857	)		(1,848	)		(49,521	)
Income (loss) before taxes		(38,060	)		55,371			(1,523	)		(1,455	)		14,333
Provision (benefit) for income taxes		(14,888	)		20,603			1,781			47			7,543
Income (loss) before equity in net income of subsidiaries		(23,172	)		34,768			(3,304	)		(1,502	)		6,790
Equity in net income (loss) of subsidiaries		28,441			35			34,768			(63,244	)		—
Income (loss) from continuing operations	$	5,269		$	34,803		$	31,464		$	(64,746	)	$	6,790
Loss from operations of discontinued businesses		—			—			(4,651	)		—			(4,651	)
Benefit from income taxes		—			—			1,628			—			1,628
Loss from discontinued operations		—			—			(3,023	)		—			(3,023	)
Net income (loss)	$	5,269		$	34,803		$	28,441		$	(64,746	)	$	3,767
Net Income (loss)	$	5,269		$	34,803		$	28,441		$	(64,746	)	$	3,767
Other comprehensive income (loss), net of taxes		886			(22,398	)		37,732			—			16,220
Comprehensive income (loss)	$	6,155		$	12,405		$	66,173		$	(64,746	)	$	19,987

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Year Ended September 30, 2012

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	1,414,910		$	499,860		$	(53,625	)	$	1,861,145
Cost of goods and services		—			1,060,183			428,760			(46,603	)		1,442,340
Gross profit		—			354,727			71,100			(7,022	)		418,805
Selling, general and administrative expenses		18,982			267,677			62,564			(7,527	)		341,696
Restructuring and other related charges		—			4,674			15			—			4,689
Total operating expenses		18,982			272,351			62,579			(7,527	)		346,385
Income (loss) from operations		(18,982	)		82,376			8,521			505			72,420
Other income (expense)
Interest income (expense), net		(14,541	)		(25,183	)		(11,991	)		—			(51,715	)
Other, net		13			10,826			(7,756	)		(1,847	)		1,236
Total other income (expense)		(14,528	)		(14,357	)		(19,747	)		(1,847	)		(50,479	)
Income (loss) before taxes		(33,510	)		68,019			(11,226	)		(1,342	)		21,941
Provision (benefit) for income taxes		(20,363	)		25,366			(73	)		—			4,930
Income (loss) before equity in net income of subsidiaries		(13,147	)		42,653			(11,153	)		(1,342	)		17,011
Equity in net income (loss) of subsidiaries		31,500			(11,007	)		42,653			(63,146	)		—
Net income (loss)	$	18,353		$	31,646		$	31,500		$	(64,488	)	$	17,011
Net Income (loss)	$	18,353		$	31,646		$	31,500		$	(64,488	)	$	17,011
Other comprehensive income (loss), net of taxes		(619	)		19,777			(30,993	)		—			(11,835	)
Comprehensive income (loss)	$	17,734		$	51,423		$	507		$	(64,488	)	$	5,176

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2011

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	1,379,535		$	489,342		$	(38,075	)	$	1,830,802
Cost of goods and services		—			1,055,520			421,261			(39,440	)		1,437,341
Gross profit		—			324,015			68,081			1,365			393,461
Selling, general and administrative expenses		16,292			256,880			57,538			(341	)		330,369
Restructuring and other related charges		364			7,018			161			—			7,543
Total operating expenses		16,656			263,898			57,699			(341	)		337,912
Income (loss) from operations		(16,656	)		60,117			10,382			1,706			55,549
Other income (expense)
Interest income (expense), net		(12,607	)		(26,414	)		(8,427	)		—			(47,448	)
Loss from debt extinguishment, net		—			(397	)		(25,767	)		—			(26,164	)
Other, net		(648	)		6,882			(1,338	)		(1,182	)		3,714
Total other income (expense)		(13,255	)		(19,929	)		(35,532	)		(1,182	)		(69,898	)
Income (loss) before taxes		(29,911	)		40,188			(25,150	)		524			(14,349	)
Provision (benefit) for income taxes		(14,943	)		17,977			(9,952	)					(6,918	)
Income (loss) before equity in net income of subsidiaries		(14,968	)		22,211			(15,198	)		524			(7,431	)
Equity in net income (loss) of subsidiaries		7,013			1,139			22,211			(30,363	)		—
Net income (loss)	$	(7,955	)	$	23,350		$	7,013		$	(29,839	)	$	(7,431	)
Net Income (loss)	$	(7,955	)	$	23,350		$	7,013		$	(29,839	)	$	(7,431	)
Other comprehensive income (loss), net of taxes		866			(36,069	)		(27,615	)		37,512			(25,306	)
Comprehensive income (loss)	$	(7,089	)	$	(12,719	)	$	(20,602	)	$	7,673		$	(32,737	)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended September 30, 2013

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	5,269		$	34,803		$	28,441		$	(64,746	)	$	3,767
Net cash provided by (used in) operating activities		(25,184	)		83,177			27,690			—			85,683
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment		(123	)		(56,617	)		(7,701	)		—			(64,441	)
Intercompany distributions		10,000			(10,000	)		—			—			—
Proceeds from sale of assets		—			1,404			169			—			1,573
Net cash provided by (used in) investing activities		9,877			(65,213	)		(7,532	)		—			(62,868	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury		(32,521	)		—			—			—			(32,521	)
Proceeds from issuance of long-term debt		—			303			—			—			303
Payments of long-term debt		(2,157	)		(1,032	)		(13,678	)		—			(16,867	)
Change in short-term borrowings		—			—			2,950			—			2,950
Financing costs		(833	)		—			—			—			(833	)
Tax effect from exercise/vesting of equity awards, net		150			—			—			—			150
Dividend		(5,825	)		—			—			—			(5,825	)
Other, net		394			(26,674	)		26,674			—			394
Net cash provided by (used in) financing activities		(40,792	)		(27,403	)		15,946			—			(52,249	)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations		—			—			(2,090	)		—			(2,090	)
Effect of exchange rate changes on cash and equivalents		—			—			—			—			—
NET DECREASE IN CASH AND EQUIVALENTS		(56,099	)		(9,439	)		34,014			—			(31,524	)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		125,093			34,782			49,779			—			209,654
CASH AND EQUIVALENTS AT END OF PERIOD	$	68,994		$	25,343		$	83,793		$	—		$	178,130

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended September 30, 2012

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	18,353		$	31,646		$	31,500		$	(64,488	)	$	17,011
Net cash provided by (used in) operating activities		(24,315	)		93,349			21,096			—			90,130
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment		(155	)		(63,388	)		(5,308	)		—			(68,851	)
Acquired business, net of cash acquired		—			(22,432	)		—			—			(22,432	)
Intercompany distributions		10,000			(10,000	)		—			—			—
Proceeds from sale of assets		—			200			109			—			309
Net cash provided by (used in) investing activities		9,845			(95,620	)		(5,199	)		—			(90,974	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury		(10,382	)		—			—			—			(10,382	)
Proceeds from issuance of long-term debt		(23,000	)		491,372			27,000			(491,372	)		4,000
Payments of long-term debt		(1,625	)		(4,351	)		(12,570	)		—			(18,546	)
Change in short-term borrowings		—			—			(1,859	)		—			(1,859	)
Financing costs		(65	)		—			(32	)		—			(97	)
Tax effect from exercise/vesting of equity awards, net		834			—			—			—			834
Dividend		(4,743	)		(219,516	)		219,516			—			(4,743	)
Other, net		96			(245,616	)		(245,752	)		491,372			100
Net cash provided by (used in) financing activities		(38,885	)		21,889			(13,697	)		—			(30,693	)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations		—			—			(2,801	)		—			(2,801	)
Effect of exchange rate changes on cash and equivalents		—			—			963			—			963
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS		(53,355	)		19,618			362			—			(33,375	)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		178,448			15,164			49,417			—			243,029
CASH AND EQUIVALENTS AT END OF PERIOD	$	125,093		$	34,782		$	49,779		$	—		$	209,654

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended September 30, 2011

	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(7,955	)	$	23,350		$	7,013		$	(29,839	)	$	(7,431	)
Net cash provided by (used in) operating activities		43,407			38,657			(46,679	)		—			35,385
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment		(418	)		(55,455	)		(31,744	)		—			(87,617	)
Acquired business, net of cash acquired		—			(1,066	)		211			—			(855	)
Intercompany distributions		10,000			(10,000	)		—			—			—
Funds restricted for capital projects		—			4,629			—			—			4,629
Proceeds from sale of assets		—			68			1,442			—			1,510
Net cash provided by (used in) investing activities		9,582			(61,824	)		(30,091	)		—			(82,333	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury		(18,139	)		—									(18,139	)
Proceeds from issuance of long-term debt		569,973			—			104,278			—			674,251
Payments of long-term debt		(625	)		(31,138	)		(466,809	)		—			(498,572	)
Change in short-term borrowings		—			—			3,538						3,538
Intercompany debt		(468,372	)		—			468,372						—
Financing costs		(14,663	)		—			(6,990	)		—			(21,653	)
Purchase of ESOP shares		(19,973	)		—			—			—			(19,973	)
Exercise of stock options		2,306			—			—			—			2,306
Tax effect from exercise/vesting of equity awards, net		7			—			—			—			7
Other, net		345			12,356			(12,356	)		—			345
Net cash provided by (used in) financing activities		50,859			(18,782	)		90,033			—			122,110
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations		—			—			(962	)		—			(962	)
Effect of exchange rate changes on cash and equivalents		—			—			(973	)		—			(973	)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS		103,848			(41,949	)		11,328			—			73,227
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD		74,600			57,113			38,089			—			169,802
CASH AND EQUIVALENTS AT END OF PERIOD	$	178,448		$	15,164		$	49,417		$	—		$	243,029