Telephonics Corporation Awarded Spares Supplement to Multi-Year Full Scale Production Contract for AN/APS-147 Multi-Mode Radar Systems for the U.S. Navy's MH-60R Multi-Mission Helicopter

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

Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today its Radar Systems Division has been awarded a spares contract valued in excess of $42M from Lockheed Martin Systems Integration-Owego, NY. This modification to a previously awarded contract includes the delivery of spare components for the AN/APS-147 Multi-Mode Radar (MMR) system. These spares will support fleet deployment of the U.S. Navy's MH-60R "Seahawk" helicopters. With the previous award of a $318M multi-year, full-scale production contract, the total contract value for MMR production systems, spares and services exceeds $361M.

The AN/APS-147 radar was designed to meet the demanding mission needs of the Navy's helicopter community in the blue water and littoral sea environment in all weather conditions, day and night, providing maritime domain surveillance superiority. Important advanced features of this radar include: small target detection, Inverse Synthetic Aperture Radar (ISAR) imaging, and a unique, fully internally integrated Identification Friend or Foe (IFF) interrogator capability.

"Although the AN/APS-147 MMR is a highly capable and reliable radar system that will serve Naval Aviation well for many years to come, with this complement of spares, the fleet will have maximum availability of the system with which to perform their most critical missions," said Joseph J. Battaglia, President, Telephonics Corporation. "We are proud to support Lockheed Martin and the U.S. Navy and to be a member of Team Seahawk."

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, ruggedize 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 companies 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, competitive factors and pricing pressures, 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. 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.

Source: Telephonics Corporation

Released October 8, 2007