Griffon Corporation reported unaudited consolidated earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported revenue of $494,149,000 compared to $502,160,000 a year ago. Income from operations was $24,806,000 compared to $24,093,000 a year ago. Income before taxes was $13,349,000 compared to $12,005,000 a year ago. Net income was $8,596,000 or $0.19 per diluted share compared to $7,471,000 or $0.16 per diluted share a year ago. Segment adjusted EBITDA was $51,958,000 compared to $49,053,000 a year ago. Net cash used in operating activities was $19,596,000 compared to $8,050,000 a year ago. Acquisition of property, plant and equipment was $25,018,000 compared to $18,921,000 a year ago. Adjusted net income was $8,197,000 or $0.18 per diluted share compared to $7,820,000 or $0.16 per diluted share a year ago. Segment adjusted EBITDA declined 19% from the prior year as a result of lower volume and inefficiencies related to plant equipment maintenance in Europe, partially offset by the change in the impact of resin pricing pass-through. The impact of foreign currency was not material.

For the full year 2016, the company continues to expect the tax rate, excluding any discrete period items, to be approximately 36%. The company continues to expect capital expenditures to be in the range of $90 million to $95 million, which includes the expansion and upgrade of doors manufacturing facility, the Camp Hill property purchase and investment in Plastics capacity and equipment upgrades for new technology. For fiscal 2016, expects depreciation to be approximately $63 million and amortization to be approximately $8 million.