Griffon Unit Receives a $64.6M Order for Additional MH-60R Radar from Lockheed Martin

Lockheed Martin awards Telephonics follow-on contract to existing multi-year for additional AN/APS-147 radar and IFF Systems

JERICHO, N.Y.--(BUSINESS WIRE)--

Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) has announced that its Radar Systems Division received a $64.6M order from Lockheed Martin Systems Integration - Owego for AN/APS-147 Multi-Mode Radar (MMR) and Identification Friend or Foe (IFF) Interrogator Systems developed and manufactured for the U.S. Navy's MH-60R multi-mission helicopters. The AN/APS-147 provides the MH-60R and its host ship littoral and maritime domain awareness.

The contract, part of a previously reported multi-year agreement, covers completion of the contract's Lot 6 systems, long-lead procurement for Lot 7 production, and a number of spare components.

"The AN/APS-147 MMR is an outstanding system that will bring unprecedented mission performance and brand new capabilities to the U.S. Navy's rotary wing community," said Joseph J. Battaglia, President of Telephonics. "We look forward to a long and successful program supporting Lockheed Martin and the U.S Navy." Telephonics Radar Systems Division is a world leader in lightweight, high performance multi-mode maritime surveillance systems. In addition to the AN/APS-147, Telephonics produces the AN/APS-508 for the Canadian CP-140 Aurora (P-3 derivative) aircraft under contract to MDA, the APS-143C(V)3 for various U.S. and international prime system integrators, the RDR-1700B light-weight MMR, and a range of search and rescue and weather radar.

About Telephonics

"A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' broad-based, advanced, high-technology engineering and manufacturing capabilities provide integrated information, communication, and sensor system solutions to military and commercial markets worldwide. The company is organized into four operating divisions: Communications Systems, specializing in aircraft intercommunication systems, ruggedized wireless communication systems, and commercial audio products; Radar Systems, specializing in airborne maritime surveillance radar, weather and search radar, and advanced identification friend or foe products; Electronic Systems specializing in aerospace electronics, air traffic management systems and Homeland Security products; and the Systems Engineering Group specializing in the performance of threat and radar system analyses and other support engineering functions for the Department of Defense, the Missile Defense Agency, and various other Government agencies and major prime contractors."

About Griffon Corporation

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, Griffon's building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.

Forward Looking Statements

"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, including, but not limited to, the housing market, results of integrating acquired businesses into existing operations, competitive factors and pricing pressures for resin and steel and 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 as previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2007 in response to Item 1A to Part I of Form 10-K. 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.

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Source: Telephonics Corporation

Released May 12, 2008