GRIFFON CORP
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Nov 13, 2024
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Item 4. Mine Safety Disclosures
Not applicable.
Part II
Griffon’s Common Stock is listed for trading on the New York Stock Exchange under the symbol “GFF”.
Dividends
During 2024, the Company declared and paid four regular quarterly cash dividends of $0.15 per share, totaling $0.60 per share for the year.
During 2023, the Company declared and paid four regular quarterly cash dividends consisting of two cash dividends of $0.10 per share and two cash dividends of $0.125 per share, totaling $0.45 per share for the year. Additionally, on April 19, 2023, the Board of Directors declared a special cash dividend of $2.00 per share, paid on May 19, 2023, to shareholders of record as of the close of business on May 9, 2023.
During 2022, the Company paid a regular quarterly cash dividend of $0.09 per share, totaling $0.36 per share for the year. Additionally, on June 27, 2022, the Board of Directors declared a special cash dividend of $2.00 per share, paid on July 20, 2022.
For all dividends, a dividend payable is established for the holders of restricted shares; such dividends will be released upon vesting of the underlying restricted shares. The Company currently intends to pay dividends each quarter; however, payment of dividends is determined by the Board of Directors at its discretion based on various factors, and no assurance can be provided as to the payment of future dividends.
On November 12, 2024, the Board of Directors declared a cash dividend of $0.18 per share, payable on December 18, 2024 to shareholders of record as of the close of business on November 25, 2024.
Registered Holders
As of October 31, 2024, there were approximately 2,179 registered holders of Griffon’s Common Stock.
Securities Authorized for Issuance Under Equity Compensation Plans
The following sets forth information relating to Griffon’s equity compensation plans as of September 30, 2024:
| (a) | (b) | (c) | |
|---|---|---|---|
| Plan Category | Number ofsecurities to beissued uponexercise ofoutstanding options,warrants and rights | Weighted-average exerciseprice ofoutstandingoptions, warrantsand rights | Number of securitiesremaining available forfuture issuance underequity plans (excludingsecurities reflected incolumn (a)) |
| Equity compensation plans approved by securityholders(1) | — | $— | 2,377,532 |
| Equity compensation plans not approved by security holders | — | $— | — |
(1)Excludes restricted shares and restricted stock units issued in connection with Griffon’s equity compensation plans. The total reflected in column (c) includes shares available for grant as any type of equity award under the Incentive Plan.
Issuer Purchase of Equity Securities
The table below presents shares of Griffon Stock which were acquired by Griffon during the fourth quarter of 2024:
ISSUER PURCHASES OF EQUITY SECURITIES
| Period · (a) Total Numberof Shares (orUnits) Purchased (1) · (b) AveragePrice Paid PerShare (or Unit) · (c) Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs(1) · (d) Maximum Number(or ApproximateDollar Value) ofShares (or Units) ThatMay Yet Be PurchasedUnder the Plans orPrograms | ||||||
|---|---|---|---|---|---|---|
| July 1 - 31, 2024 | 90,602 | (2) | $66.96 | 90,602 | ||
| August 1 - 31, 2024 | 460,000 | (2) | 63.28 | 460,000 | ||
| September 1 - 30, 2024 | 500,000 | (2) | 66.42 | 500,000 | ||
| Total | 1,050,602 | $65.09 | 1,050,602 | $32,693 | (1) | |
On April 19, 2023, the Company's Board of Directors approved a $200,000 increase to its share repurchase program to $257,955 from the prior unused authorization of $57,955. On November 15, 2023, Griffon announced that the Board of Directors approved an additional increase of $200,000 to its share repurchase authorization. Under the share repurchase program, the Company may, from time to time, purchase shares of its common stock in the open market, including pursuant to a 10b5-1 plan, pursuant to an accelerated share repurchase program or issuer tender offer, or in privately negotiated transactions. As of September 30, 2024, $32,693 remained available for purchase under these Board authorized repurchase programs. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - LIQUIDITY AND CAPITAL RESOURCES - Liquidity" - for information regarding share repurchases in the first quarter of fiscal 2025 and the amount remaining available for purchase as of immediately prior to the filing of this Annual Report on Form 10-K.
Shares were purchased by the Company in open market purchases pursuant to share repurchase plans authorized by the Company's Board of Directors.
Performance Graph
The performance graph does not constitute soliciting material, is not deemed filed with the SEC and is not incorporated by reference in any of Griffon’s filings under the Securities Act of 1933 or the Exchange Act of 1934, whether made before or after the date of this Annual Report on Form 10-K and irrespective of any general incorporation language in any such filings, except to the extent Griffon specifically incorporates this performance graph by reference therein.
The following graph sets forth the cumulative total return to Griffon’s stockholders during the five years ended September 30, 2024, as well as an overall stock market (S&P Small Cap 600 Index) and Griffon’s peer group index (Dow Jones U.S. Diversified Industrials Index). Assumes $100 was invested on September 30, 2019, including the reinvestment of dividends, in each category.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
Among Griffon Corporation, the S&P Smallcap 600 Index
and the Dow Jones US Diversified Industrials Index
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.