AT&T Inc. is the largest provider of fixed telephony in the United States, and also provides broadband and subscription television services. As of 2010, AT&T is the 7th largest company in the United States by total revenue, as well as the 4th largest non-oil company in the US (behind Walmart, General Electric and Bank of America). It is the 3rd largest company in Texas by total revenue (behind ExxonMobil and ConocoPhillips) and the largest non-oil company in Texas. It is also the largest company headquartered in Dallas.[4] In 2010, Forbes listed AT&T as the 13th largest company in the world by market value and the 9th largest non-oil company in the world by market value.[5] As of January 2011, it is the 20th largest mobile telecom operator in the world with over 96 million mobile customers.[6]
Southwestern Bell Corporation was founded in 1983 as a Regional Bell Operating Company following the break-up of the original AT&T as a result of the United States v. AT&T antitrust suit. The company changed its name in 1995 to SBC Communications Inc. and again in 2005 to AT&T Inc. after it purchased its former parent company, AT&T Corporation. The newly merged company took on the iconic AT&T logo and stock-trading symbol (NYSE: T, for "telephone").
The current AT&T reconstitutes much of the former Bell System and includes ten of the original 22 Bell Operating Companies along with one it partially owned (Southern New England Telephone), and the original long distance division.[7] The company is headquartered in downtown Dallas, Texas.
Griffon Corporation (Griffon), incorporated on May18, 1959, is a management and holding company that conducts business through wholly owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. It provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities, as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, acquires additional businesses that offer returns on capital to further diversify itself. It conducts operations in three segments: Telephonics Corporation (Telephonics), Home and Building Products, and Clopay Plastic Products Company (Plastics). On September 30, 2010, Griffon purchased all of the outstanding stock of CHATT Holdings, Inc. (ATT Holdings).
Telephonics Corporation
Telephonics specializes in advanced electronic information and communication systems for defense, aerospace, civil, industrial, and commercial applications for the United States and international markets. Telephonics designs, develops, manufactures, sells and provides logistical support for aircraft intercommunication systems, radar, air traffic management, identification friend or foe equipment, Integrated Homeland Security Systems, and custom, mixed-signal and application-specific, integrated circuits. Telephonics is a supplier of airborne maritime surveillance radar and aircraft intercommunication management systems. In addition to its traditional defense products used by the United States Government and its agencies, Telephonics has adapted its technologies to products used in international markets in an effort to further increase its presence in both non-defense government and commercial markets. During the fiscal year ended September 30, 2010 (fiscal 2010), approximately 73% of the segment's sales were to the United States Government and agencies thereof, as a subcontractor, 19% to international customers and 8% to the United States commercial customers. Telephonics' revenue was 34% of Griffon's revenue in fiscal 2010. Telephonics is first-tier supplier to contractors in the defense industry, such as Lockheed Martin, Boeing, Northrop Grumman, General Dynamics, BAE Systems, MacDonald Dettwiler, Sikorsky Aircraft, and is a contractor to the United States Department of Defense and the United States Department of Homeland Security (Homeland Security).
Telephonics participates in a range of long-term defense and non-military government programs, both in the United States and internationally. Telephonics has developed a base of installed products that generate recurring revenue from product enhancements and retrofits, as well as providing spare parts and customer support. Telephonics' international projects include contracts with MacDonald Dettwiler as part of Canada's CP-140 Aurora Aircraft Modernization program; with General Dynamics for the Canadian Maritime Helicopter Program, and a number of contracts with the Civil Aviation Authority of China for air traffic management systems for Mainland China. Telephonics' facilities are located in the United States in New York, with one facility in Sweden. In fiscal 2010, Telephonics added an additional New York facility to provide manufacturing capacity, as well as Air Traffic Management high-tech development laboratory and demonstration center.
Home and Building Products
Home & Building Products includes Clopay building products (CBP) and Ames True Temper (ATT). These businesses both serve The Home Depot, Inc. (Home Depot). CBP is a manufacturer and marketer of residential garage doors. The majority of CBP's sales are for home remodeling and renovation, with the balance for the new residential housing and commercial building markets. Its brands include Clopay, America's Favorite Garage Doors, Holmes Garage Door Company and IDEAL Door. It has two manufacturing facilities and 51 distribution centers across the United States and Canada. In fiscal 2010, it launched a line of entry door systems designed to complement its residential garage door styles. CBP manufactures a line of residential sectional garage doors with a variety of options. It offers garage doors made from steel, plastic composite and wood, and also sells related products, such as garage door openers, manufactured by third parties. It also markets commercial sectional doors, which are similar to residential garage doors, but are designed to meet the specifications of a commercial application.
CBP distributes its products through a range of distribution channels, including installing dealers, retailers and wholesalers. In addition, products are sold to approximately 2,000 independent professional installing dealers and tohome center retail chains.
ATT is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. ATT's brand portfolio includes Ames, True Temper, Ames True Temper, Garant, Hound Dog, Westmix and Dynamic Design, as well as contractor-oriented brands, including UnionTools, Razor-Back Professional Tools and Jackson Professional Tools. In addition, ATT also sells unbranded products to satisfy the entire product offering of a customer. ATT manufactures and markets in two product categories: long handle tools and wheelbarrows. Long Handle Tools is a line of internally designed and developed long handle tools, including shovels, spades, scoops, rakes, hoes, cultivators, weeders, post hole diggers, scrapers, edgers and forks. It is marketed under brand names, including Ames, True Temper, Jackson Professional Tools, UnionTools, Razor-Back Professional Tools, Greenlife and Garant. Numerous types of heads, including poly, steel and aluminum, and various handles manufactured from wood, steel, aluminum, engineered polymers and fiberglass, are offered. The long handle tool line is designed to include a range of handle lengths, blade sizes and various features to meet the needs of end-users. Long handle tools are both a manufactured and sourced product.
ATT designs, develops and manufactures a line of wheelbarrows and lawn carts, under the Ames, True Temper, Jackson Professional Tools, Razor-Back Professional Tools, UnionTools and Garant brand names. The wheelbarrows range in size (two cubic feet to 10 cubic feet), material (poly and steel), tray form, tire type, handle length and color based on the needs of homeowners, landscapers and contractors.
Other product categories of the Company include planters and lawn accessories, snow tools, striking tools, pruning, and garden hoses and hose reels. ATT is a distributor of indoor and outdoor planters and accessories, sold under the Dynamic Design brand name, as well as various private label brands. ATT, along with outside resources, deigns the products, which are manufactured by third party suppliers. A range of designs and planter sizes (from six to 24 inches), available in various colors and made of resin and fiberglass, are offered.
A line of snow tools is marketed under the Ames True Temper, True Temper and Garant brand names. The snow tool line includes shovels, pushers, roof rakes, sled sleighs, scoops and ice scrapers, for which ATT internally designs, develops and manufactures. A range of handles and shapes made of wood, aluminum and steel are included in the line, as well as a range of head sizes and shapes made of poly, steel and aluminum. Axes, picks, mattocks, mauls, wood splitters, sledgehammers and repair handles make up the striking tools product line. These products are marketed under the True Temper, Jackson Professional Tools, UnionTools, Garant and Razor-Back Professional Tools brand names. ATT internally designs these products, which come in various sizes, forms and weighted heads that are made of steel with wood, fiberglass or composite handles. Striking tools are both a manufactured and sourced product.
The pruning line is made up of pruners, loppers, shears and other tools sold under the Ames and True Temper brand names. ATT designs the products, which are manufactured by third party suppliers. The pruning tools are made of aluminum and steel blades with handles made from a variety of materials depending upon the tool. A variety of handle sizes, lengths, cutting blade styles and sizes and cutting capacities exist in the product line. ATT offers a range of both manufactured and sourced garden hoses and hose reels under the Ames and Jackson Professional Tools brand names. The hoses are made of rubber and vinyl and come in a variety of lengths (six to 100 feet), uses (both home and industrial applications) and styles (such as non-kinking and abrasion resistant material). The hose reels are made of resin, metal and aluminum and have a hose capacity up to 300 feet. Both the garden hoses and hose reels are designed in house and through outside resources. ATT sells products in the United States and Canada through retail centers, including home centers and mass merchandisers, such as Home Depot, Lowe's Companies, Wal-Mart, Canadian Tire and Rona; wholesale chains, including hardware stores and garden centers, such as Ace, Do-It-Best and True Value, and industrial distributors, such as Grainger and McMaster-Carr.
ATT competes with Fiskars, Truper. Suncast and Colorite/Swan.
Clopay Plastic Products
Plastics produces and develops specialty plastic films and laminates for a variety of hygienic, health care and industrial uses in the United States and certain international markets. Products include thin gauge embossed and printed films, elastomeric films and laminates of film and non-woven fabrics. These products are used as moisture barriers in disposable infant diapers, adult incontinence products and feminine hygiene products, as protective barriers in single-use surgical and industrial gowns, drapes and equipment covers, as packaging for hygienic products, house wrap and other products. Plastics' products are sold through a direct sales force to multinational consumer and medical products companies. Plastics' specialty plastic film is a thin-gauge film engineered to provide certain performance characteristics and manufactured from polymer resins. A laminate is the combination of a plastic film and a woven or non-woven fabric. These products are produced using both cast and blown extrusion and laminating processes. Plastics sells its products in North America, Europe, and South and Central America with additional sales in Asia Pacific. Plastics has two operations in Germany, from which it sells plastic films throughout Europe and the Middle East. Plastics also has operations in Brazil, which manufacture plastic hygienic and specialty films. Plastics' international operations provide a platform to participate in Europe, the Middle East, South America and Asia.
OVERALL
Beta: 1.35
Market Cap (Mil.): $796.92
Shares Outstanding (Mil.): 62.55
Annual Dividend: --
Yield (%): --
FINANCIALS
GFF Industry Sector
P/E (TTM): 213.15 9.86 8.93
EPS (TTM): -80.84 -- --
ROI: 0.31 4.03 0.90
ROE: 0.51 5.98 1.56
Name Age Since Current Position
Blau, Harvey 75 2008 Chairman of the Board
Kramer, Ronald 52 2009 President, Chief Executive Officer, Director
Wetmore, Douglas 53 2009 Chief Financial Officer, Executive Vice President
Alesia, Patrick 62 2010 Senior Vice President, Chief Administrative Officer, Ethics Officer
Kaplan, Seth 41 Senior Vice President, General Counsel, Secretary
Alpert, Henry 63 1995 Independent Director
Bell, Bertrand 81 1976 Independent Director
Sussman, Martin 73 1989 Independent Director
Waldorf, William 72 1963 Independent Director
Whalen, Joseph 79 1999 Independent Director
Harrison, Robert 74 2004 Independent Director
Kutyna, Donald 77 2005 Independent Director
Fogg, Blaine 71 2005 Independent Director
Mitarotonda, James 56 2007 Independent Director
Cardinale, Gerald 43 2008 Independent Director
Gross, Bradley 38 2008 Independent Director
COMPANY ADDRESS
100 Jericho Quadrangle
Jericho NY 11753
Southwestern Bell Corporation was founded in 1983 as a Regional Bell Operating Company following the break-up of the original AT&T as a result of the United States v. AT&T antitrust suit. The company changed its name in 1995 to SBC Communications Inc. and again in 2005 to AT&T Inc. after it purchased its former parent company, AT&T Corporation. The newly merged company took on the iconic AT&T logo and stock-trading symbol (NYSE: T, for "telephone").
The current AT&T reconstitutes much of the former Bell System and includes ten of the original 22 Bell Operating Companies along with one it partially owned (Southern New England Telephone), and the original long distance division.[7] The company is headquartered in downtown Dallas, Texas.
Griffon Corporation (Griffon), incorporated on May18, 1959, is a management and holding company that conducts business through wholly owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. It provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities, as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, acquires additional businesses that offer returns on capital to further diversify itself. It conducts operations in three segments: Telephonics Corporation (Telephonics), Home and Building Products, and Clopay Plastic Products Company (Plastics). On September 30, 2010, Griffon purchased all of the outstanding stock of CHATT Holdings, Inc. (ATT Holdings).
Telephonics Corporation
Telephonics specializes in advanced electronic information and communication systems for defense, aerospace, civil, industrial, and commercial applications for the United States and international markets. Telephonics designs, develops, manufactures, sells and provides logistical support for aircraft intercommunication systems, radar, air traffic management, identification friend or foe equipment, Integrated Homeland Security Systems, and custom, mixed-signal and application-specific, integrated circuits. Telephonics is a supplier of airborne maritime surveillance radar and aircraft intercommunication management systems. In addition to its traditional defense products used by the United States Government and its agencies, Telephonics has adapted its technologies to products used in international markets in an effort to further increase its presence in both non-defense government and commercial markets. During the fiscal year ended September 30, 2010 (fiscal 2010), approximately 73% of the segment's sales were to the United States Government and agencies thereof, as a subcontractor, 19% to international customers and 8% to the United States commercial customers. Telephonics' revenue was 34% of Griffon's revenue in fiscal 2010. Telephonics is first-tier supplier to contractors in the defense industry, such as Lockheed Martin, Boeing, Northrop Grumman, General Dynamics, BAE Systems, MacDonald Dettwiler, Sikorsky Aircraft, and is a contractor to the United States Department of Defense and the United States Department of Homeland Security (Homeland Security).
Telephonics participates in a range of long-term defense and non-military government programs, both in the United States and internationally. Telephonics has developed a base of installed products that generate recurring revenue from product enhancements and retrofits, as well as providing spare parts and customer support. Telephonics' international projects include contracts with MacDonald Dettwiler as part of Canada's CP-140 Aurora Aircraft Modernization program; with General Dynamics for the Canadian Maritime Helicopter Program, and a number of contracts with the Civil Aviation Authority of China for air traffic management systems for Mainland China. Telephonics' facilities are located in the United States in New York, with one facility in Sweden. In fiscal 2010, Telephonics added an additional New York facility to provide manufacturing capacity, as well as Air Traffic Management high-tech development laboratory and demonstration center.
Home and Building Products
Home & Building Products includes Clopay building products (CBP) and Ames True Temper (ATT). These businesses both serve The Home Depot, Inc. (Home Depot). CBP is a manufacturer and marketer of residential garage doors. The majority of CBP's sales are for home remodeling and renovation, with the balance for the new residential housing and commercial building markets. Its brands include Clopay, America's Favorite Garage Doors, Holmes Garage Door Company and IDEAL Door. It has two manufacturing facilities and 51 distribution centers across the United States and Canada. In fiscal 2010, it launched a line of entry door systems designed to complement its residential garage door styles. CBP manufactures a line of residential sectional garage doors with a variety of options. It offers garage doors made from steel, plastic composite and wood, and also sells related products, such as garage door openers, manufactured by third parties. It also markets commercial sectional doors, which are similar to residential garage doors, but are designed to meet the specifications of a commercial application.
CBP distributes its products through a range of distribution channels, including installing dealers, retailers and wholesalers. In addition, products are sold to approximately 2,000 independent professional installing dealers and tohome center retail chains.
ATT is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. ATT's brand portfolio includes Ames, True Temper, Ames True Temper, Garant, Hound Dog, Westmix and Dynamic Design, as well as contractor-oriented brands, including UnionTools, Razor-Back Professional Tools and Jackson Professional Tools. In addition, ATT also sells unbranded products to satisfy the entire product offering of a customer. ATT manufactures and markets in two product categories: long handle tools and wheelbarrows. Long Handle Tools is a line of internally designed and developed long handle tools, including shovels, spades, scoops, rakes, hoes, cultivators, weeders, post hole diggers, scrapers, edgers and forks. It is marketed under brand names, including Ames, True Temper, Jackson Professional Tools, UnionTools, Razor-Back Professional Tools, Greenlife and Garant. Numerous types of heads, including poly, steel and aluminum, and various handles manufactured from wood, steel, aluminum, engineered polymers and fiberglass, are offered. The long handle tool line is designed to include a range of handle lengths, blade sizes and various features to meet the needs of end-users. Long handle tools are both a manufactured and sourced product.
ATT designs, develops and manufactures a line of wheelbarrows and lawn carts, under the Ames, True Temper, Jackson Professional Tools, Razor-Back Professional Tools, UnionTools and Garant brand names. The wheelbarrows range in size (two cubic feet to 10 cubic feet), material (poly and steel), tray form, tire type, handle length and color based on the needs of homeowners, landscapers and contractors.
Other product categories of the Company include planters and lawn accessories, snow tools, striking tools, pruning, and garden hoses and hose reels. ATT is a distributor of indoor and outdoor planters and accessories, sold under the Dynamic Design brand name, as well as various private label brands. ATT, along with outside resources, deigns the products, which are manufactured by third party suppliers. A range of designs and planter sizes (from six to 24 inches), available in various colors and made of resin and fiberglass, are offered.
A line of snow tools is marketed under the Ames True Temper, True Temper and Garant brand names. The snow tool line includes shovels, pushers, roof rakes, sled sleighs, scoops and ice scrapers, for which ATT internally designs, develops and manufactures. A range of handles and shapes made of wood, aluminum and steel are included in the line, as well as a range of head sizes and shapes made of poly, steel and aluminum. Axes, picks, mattocks, mauls, wood splitters, sledgehammers and repair handles make up the striking tools product line. These products are marketed under the True Temper, Jackson Professional Tools, UnionTools, Garant and Razor-Back Professional Tools brand names. ATT internally designs these products, which come in various sizes, forms and weighted heads that are made of steel with wood, fiberglass or composite handles. Striking tools are both a manufactured and sourced product.
The pruning line is made up of pruners, loppers, shears and other tools sold under the Ames and True Temper brand names. ATT designs the products, which are manufactured by third party suppliers. The pruning tools are made of aluminum and steel blades with handles made from a variety of materials depending upon the tool. A variety of handle sizes, lengths, cutting blade styles and sizes and cutting capacities exist in the product line. ATT offers a range of both manufactured and sourced garden hoses and hose reels under the Ames and Jackson Professional Tools brand names. The hoses are made of rubber and vinyl and come in a variety of lengths (six to 100 feet), uses (both home and industrial applications) and styles (such as non-kinking and abrasion resistant material). The hose reels are made of resin, metal and aluminum and have a hose capacity up to 300 feet. Both the garden hoses and hose reels are designed in house and through outside resources. ATT sells products in the United States and Canada through retail centers, including home centers and mass merchandisers, such as Home Depot, Lowe's Companies, Wal-Mart, Canadian Tire and Rona; wholesale chains, including hardware stores and garden centers, such as Ace, Do-It-Best and True Value, and industrial distributors, such as Grainger and McMaster-Carr.
ATT competes with Fiskars, Truper. Suncast and Colorite/Swan.
Clopay Plastic Products
Plastics produces and develops specialty plastic films and laminates for a variety of hygienic, health care and industrial uses in the United States and certain international markets. Products include thin gauge embossed and printed films, elastomeric films and laminates of film and non-woven fabrics. These products are used as moisture barriers in disposable infant diapers, adult incontinence products and feminine hygiene products, as protective barriers in single-use surgical and industrial gowns, drapes and equipment covers, as packaging for hygienic products, house wrap and other products. Plastics' products are sold through a direct sales force to multinational consumer and medical products companies. Plastics' specialty plastic film is a thin-gauge film engineered to provide certain performance characteristics and manufactured from polymer resins. A laminate is the combination of a plastic film and a woven or non-woven fabric. These products are produced using both cast and blown extrusion and laminating processes. Plastics sells its products in North America, Europe, and South and Central America with additional sales in Asia Pacific. Plastics has two operations in Germany, from which it sells plastic films throughout Europe and the Middle East. Plastics also has operations in Brazil, which manufacture plastic hygienic and specialty films. Plastics' international operations provide a platform to participate in Europe, the Middle East, South America and Asia.
OVERALL
Beta: 1.35
Market Cap (Mil.): $796.92
Shares Outstanding (Mil.): 62.55
Annual Dividend: --
Yield (%): --
FINANCIALS
GFF Industry Sector
P/E (TTM): 213.15 9.86 8.93
EPS (TTM): -80.84 -- --
ROI: 0.31 4.03 0.90
ROE: 0.51 5.98 1.56
Name Age Since Current Position
Blau, Harvey 75 2008 Chairman of the Board
Kramer, Ronald 52 2009 President, Chief Executive Officer, Director
Wetmore, Douglas 53 2009 Chief Financial Officer, Executive Vice President
Alesia, Patrick 62 2010 Senior Vice President, Chief Administrative Officer, Ethics Officer
Kaplan, Seth 41 Senior Vice President, General Counsel, Secretary
Alpert, Henry 63 1995 Independent Director
Bell, Bertrand 81 1976 Independent Director
Sussman, Martin 73 1989 Independent Director
Waldorf, William 72 1963 Independent Director
Whalen, Joseph 79 1999 Independent Director
Harrison, Robert 74 2004 Independent Director
Kutyna, Donald 77 2005 Independent Director
Fogg, Blaine 71 2005 Independent Director
Mitarotonda, James 56 2007 Independent Director
Cardinale, Gerald 43 2008 Independent Director
Gross, Bradley 38 2008 Independent Director
COMPANY ADDRESS
100 Jericho Quadrangle
Jericho NY 11753
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