Griffon Subsidiary Announces $3.6 Million Contract Award from Italian Navy for Aircraft Carrier Landing System; Telephonics Continues Expansion into European Markets

FARMINGDALE, N.Y.--()--Sept. 13, 2004--Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) received a $3.6 million contract award from the Italian MoD Interforce Naval Procurement Agency for the delivery of an AN/SPN-41A all weather instrument approach landing system to be integrated into their newest aircraft carrier, The Cavour. The Telephonics AN/SPN-41A is an all weather, ship based, radio frequency landing guidance system that provides accurate azimuth and elevation data to aircraft as they approach the ship for a landing.

For over twenty-five years, Telephonics' landing systems have been an integral part of, and have played a critical role in, ensuring the safety of carrier based aircraft. To date, over 25 systems have been delivered to the U.S. Navy and deployed on the CV, CVN, LHA, and LHD class ships with an outstanding record of performance. The Telephonics AN/SPN-41A uses advanced microwave scanning beam technology providing very large guidance windows for incoming aircraft. This technology is also used to land NASA's Space Shuttles and is at the core of Telephonics' ground-based landing guidance systems for aircraft equipped with tactical instrument landing system receivers.

This award expands Telephonics' global reach as a trusted supplier of maritime aircraft landing systems. According to Kevin J. McSweeney, Telephonics Command Systems Division President, "We are pleased that the Italian Navy has selected the Telephonics AN/SPN-41A system for this very important program. The advanced technology in our landing system will be relied upon by the Italian Navy to safely and accurately land their aircraft on their newest aircraft carrier, The Cavour." Work on this program will be performed at the Telephonics facilities in Farmingdale and Huntington, New York.

About Telephonics Corporation

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

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.

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.

(C) 2004 Telephonics Corporation. 815 Broad Hollow Road, Farmingdale, NY 11735. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

Contacts

Telephonics Corporation
Linda Uslaner, 631-755-7583
uslaner@telephonics.com
www.telephonics.com

Contacts

Telephonics Corporation
Linda Uslaner, 631-755-7583
uslaner@telephonics.com
www.telephonics.com