Awards-To-Date close to $345 Million
(Farmingdale, New York, April 26, 2007) -- Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today incremental awards valued at approximately $9 Million from SRCTec, Inc. for turnkey production of a Counter Improvised Explosive Device (Counter IED) system. Telephonics has already fully definitized approximately $309 Million in contract funding for the program and when all releases are fully definitized, the total value is expected to approach $345 Million. All work for all awards should be complete during or before the fourth quarter of fiscal year 2007.
"There are few programs that successfully attain the demanding levels this program has achieved in all aspects of a sustained operational execution model with dynamic response to changing short term requirements," emphasized Mr. Donald C. Pastor, President of Telephonics' Electronic Systems Division. "The lessons learned on this effort are impacting company-wide practices furthering our position as a world-class manufacturer."