GRIFFON CORPORATION ANNOUNCES CONTRACT AWARD FROM NORTHROP
GRUMMAN TO SUPPLY RADAR FOR UNITED STATES AIR FORCE

Jericho, New York, October 8, 2003 — Griffon Corporation (NYSE: GFF) announced today that Telephonics Corporation, the company’s electronic information and communication systems subsidiary, has received a $35 million contract award from Northrop Grumman Mission Systems to deliver ground surveillance radar systems (GSR) for the United States Air Force.

These systems, which will be delivered over the next 12 months, are for deployment at U.S. Air Force air bases worldwide in support of the Integrated Base Defense Security System initiative. “The USAF is investing in forward looking technologies which offer the highest level of perimeter defense for fixed or mobile installations. We are delighted to have been selected by Northrop Grumman for this program,” said Joe Battaglia, President of Telephonics Corporation. “Being one of the first companies awarded a major Homeland Security contract truly demonstrates our proven expertise and capabilities in the design and delivery of advanced perimeter protection sensor systems,” said Battaglia.

Deployable in less than 5 minutes, the GSR is ideal for establishing mobile or fixed surveillance operations in highly sensitive areas providing perimeter security in all weather conditions, day or night - gathering, processing, and disseminating critical intelligence data quickly, easily and reliably. In addition to primary border surveillance, GSR addresses the needs of multiple homeland defense initiatives including protection of water reservoirs, nuclear and conventional power plants, airport facilities, bridges, and missile test ranges.

Work on this program will be performed at Telephonics’ facilities in Farmingdale and Huntington, NY.

About Griffon Corporation

In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also a 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.

About Telephonics Corporation

A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics’ (www.telephonics.com) broad-based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into three operating divisions: Communications Systems, specializing in aircraft intercommunications, mass transit communications, wireless and audio products; Command Systems, specializing in air traffic management systems, and maritime surveillance radar and aerospace electronics; and TLSI (www.tlsi.com) which manufactures application-specific integrated circuits for the telecommunications, automotive and industrial security 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, 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.