Griffon Corporation reported unaudited consolidated earnings results for the fiscal second quarter and six months ended March 31, 2013. Revenue totaled $489 million, increasing 1% compared to the prior year quarter of $482.4 million. Net loss totaled $0.8 million or $0.02 per share, compared to net income of $2.0 million or $0.04 per share, in the prior year quarter. Current quarter results included restructuring costs of $9.3 million ($5.8 million, net of tax, or $0.10 per share) and a discrete tax benefit of $0.3 million or $0.01 per share. Current quarter adjusted net income was $4.7 million or $0.08 per share, compared to $2.0 million or $0.04 per share, in the prior year quarter. Loss before taxes was $2.4 million against income before taxes of $4.8 million for the comparable period last year. Income from operations was $10.1 million against $16.6 million for the same period last year. Adjusted net income was $4.7 million or $0.08 per share compared to adjusted net income of $2 million or $0.04 per share for the same a period year ago. Consolidated segment adjusted EBITDA was $45.4 million, increasing 13% compared to $40.4 million in the prior year quarter. For the six months, the company reported net loss of $261,000 or $0.00 basic and diluted loss per share on revenue of $912.5 million compared to net income of $4.5 million or $0.08 basic and diluted earnings per share on revenue of $933.5 million for the corresponding period last year. Income from operations was $24.4 million against $34.5 million for the same period last year. Loss before taxes was 635,000 against income before taxes of $9.6 million for the comparable period last year. Net cash used in operating activities was $34 million against $2.2 million of prior year period. Acquisition of property, plant and equipment was $31 million against $40.2 million of prior year period. Adjusted net income was $7.3 million or $0.13 per share compared to adjusted net income of $5.8 million or $0.10 per share for the same a period year ago. As at March 31, 2013, net debt was $581 million. The company announced that for the full year 2013, the company continues to expect the effective normalized tax rate excluding discrete items to be in a range of 46% to 48%, so no change for the prior guidance. The company continues to expect capital spending of $65 million to $70 million in fiscal 2013, which is slightly above the expected $64 million in depreciation for the full year 2013. The $65 million to $70 million expectation contemplates the capital to be incurred in connection with the Ames plant consolidation initiative. Full year 2013 amortization expense is expected to be $8 million, in line with the prior year.

The Board of Directors of Griffon Corporation declared a regular quarterly cash dividend of $0.025 per share. The dividend is payable on June 26, 2013 to shareholders of record as of the close of business on May 28, 2013.

Griffon Corporation (NYSE:GFF) is looking for acquisitions. Griffon is seeking to acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.