GRIFFON CORPORATION ANNOUNCES
OPERATING RESULTS FOR THE SECOND QUARTER OF FISCAL 2000

Jericho, New York, May 4, 2000 — Griffon Corporation (NYSE:GFF) today reported operating results for the second quarter of fiscal 2000.

Net sales for the second quarter increased to $258,889,000 compared to $236,360,000 for the second quarter of fiscal 1999. Operating income rose to $6,104,000 compared to a loss of $2,279,000 last year. The loss in the second quarter of fiscal 1999 includeds a restructuring charge of $3,500,000 in connection with the closure and consolidation of certain manufacturing and distribution facilities. Net income increased to $1,303,000 compared to a loss of $2,461,000 last year. Diluted and basic earnings per share were each $.04 for the current quarter compared to a loss of $.08 per share for the second quarter last year.

The increases in net sales and operating income were primarily from specialty plastic films. As anticipated, the operation’s European joint venture showed substantial improvement on significantly higher unit sales volume and resultant manufacturing efficiencies.

Net sales for the six months ended March 31, 2000 were $539,650,000 compared to $494,917,000 for the first six months of fiscal 1999. Operating income rose to $22,519,000 compared to $10,513,000, which includeds last year’s restructuring charge. In the first quarter of fiscal 2000 the company was required to adopt the American Institute of Certified Public Accountants’ Statement of Position No. 98-5, “Reporting on the Costs of Start-up Activities,” and operating results for that quarter reflect the related cumulative effect of a change in accounting principle to write-off costs that were previously capitalized by the company’s 60%-owned joint venture in connection with start-up activities and the implementation of additional production capacity. Income before the cumulative effect of the accounting change for the six months was $11,035,000 compared to $4,691,000 last year, and includes a credit of $2,116,000 representing the minority’s share of the change in accounting principle. Diluted and basic earnings per share were each $.36 before the cumulative effect of the change in accounting principle compared to $.15 per share for the first six months of last year. The cumulative effect of the change in accounting principle was $5,290,000 (net of $3,784,000 income tax effect) or $.17 per share.

Griffon Corporation —

• is a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains;
• installs and services specialty building products and systems, primarily garage doors, openers, fireplaces and cabinets, for new construction markets through a substantial network of operations located throughout the country;
• is 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; and
• develops and manufactures information and communication systems for government and commercial markets worldwide.

“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, Year 2000 readiness 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.