Telephonics Corporation Announces Award of Additional ~$30 Million From SRCTec, Inc. -- Awards To-Date close to $280 Million
12/12/2006 - Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today the incremental award of an additional ~$30 Million in funding from SRCTec, Inc. (SRCTec) for Turnkey production of a Counter Improvised Explosive Device (Counter IED). The total awards received by Telephonics to date on this program approach ~$280 Million. All awards are fully funded and will complete during the fourth quarter of fiscal year 2007.
A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' (www.telephonics.com) broad based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into four operating divisions: Communications Systems, specializing in aircraft intercommunications, wireless and audio products; Radar Systems, specializing in maritime surveillance radar and identification friend or foe interrogators; Electronic Systems, specializing in air traffic management systems, landing and guidance systems, homeland security, and custom application specific integrated circuits for military and commercial applications; and the Systems Engineering Group provider of air and missile defense threat analysis, combat systems engineering and analysis, and radar systems engineering and software development.
In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also an international leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffons building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as ``anticipate,'' ``believe,'' ``estimate,'' ``expect,'' ``intend,'' and similar expressions, as they relate to the company or its management, identify 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 as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. 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.
|Carrie Petrocca 631-755-7785|