Griffon Corp. nets $35.5 million in contracts

Long Island Business News, Jul 10, 2006 by Henry E. Powderly II

Communications and manufacturing company Griffon Corp. said Monday its Telephonics Corp. subsidiary has received three contracts totaling $35.5 million.

Telephonics, which makes high-tech communications systems for the aviation and maritime markets, earned a not-to-exceed contract valued at more than $25 million from the Boeing Company. Telephonics will supply 33 communications open system architecture integrated radio management systems - essentially, navigation systems - to the U.S. Air Force for the Boeing-built C-17A Globemaster III transport aircraft.

Boeing said it expects to order a total of 125 of the navigation systems over the next five years, bringing the contract total to more than $110 million.

Telephonics received a second, separate contract from Boeing for friend-or-foe interrogator subsystems for the U.S. Navy's P-84 Multi- mission Maritime Aircraft. The initial contract, valued at $4.5 million, is for a potential 108-aircraft fleet.

Telephonics also received a $6 million contract from the U.S. Air Force's Massachusetts-based Electronics Systems Center for enhanced Mode 5 friend-or-foe identifiers for several American and Canadian helicopters.

All of the systems will be manufactured at Telephonics' Farmingdale and Huntington facilities.

Shares of Griffon (NYSE: GFF) gained 20 cents to trade at $25.47 apiece Monday afternoon.