Exhibit 99.5
Griffon Corporation
Effect of New Guidance on Convertible Notes on Statement of Operations
For the four quarters of fiscal 2009
(Unaudited)
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| Fiscal Year Ending September 30, 2009 |
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| 1st Quarter |
| 2nd Quarter |
| 3rd Quarter |
| 4th Quarter |
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| Reported |
| As adjusted |
| Reported |
| As adjusted |
| Reported |
| As adjusted |
| Reported |
| As adjusted |
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Revenue |
| $ | 302,334 |
| $ | 302,334 |
| $ | 276,087 |
| $ | 276,087 |
| $ | 287,385 |
| $ | 287,385 |
| $ | 328,244 |
| $ | 328,244 |
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Cost of goods and services |
| 243,377 |
| 243,377 |
| 222,112 |
| 222,112 |
| 221,099 |
| 221,099 |
| 250,339 |
| 250,339 |
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Gross Profit |
| 58,957 |
| 58,957 |
| 53,975 |
| 53,975 |
| 66,286 |
| 66,286 |
| 77,905 |
| 77,905 |
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Selling and administrative expenses |
| 56,528 |
| 56,528 |
| 55,545 |
| 55,545 |
| 58,376 |
| 58,376 |
| 60,287 |
| 60,287 |
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Restructuring and other related charges |
| — |
| — |
| — |
| — |
| 38 |
| 38 |
| 1,202 |
| 1,202 |
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Total operating expenses |
| 56,528 |
| 56,528 |
| 55,545 |
| 55,545 |
| 58,414 |
| 58,414 |
| 61,489 |
| 61,489 |
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Income (loss) from operations |
| 2,429 |
| 2,429 |
| (1,570 | ) | (1,570 | ) | 7,872 |
| 7,872 |
| 16,416 |
| 16,416 |
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Other income (expense) |
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Interest expense |
| (2,714 | ) | (3,749 | ) | (2,919 | ) | (3,814 | ) | (2,157 | ) | (2,971 | ) | (1,772 | ) | (2,557 | ) | ||||||||
Interest income |
| 436 |
| 436 |
| 231 |
| 231 |
| 343 |
| 343 |
| 529 |
| 529 |
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Gain from debt extinguishment, net |
| 6,714 |
| 4,304 |
| — |
| — |
| 646 |
| 184 |
| — |
| — |
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Other, net |
| (357 | ) | (357 | ) | (200 | ) | (200 | ) | 1,174 |
| 1,174 |
| 905 |
| 905 |
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Total other income (expense) |
| 4,079 |
| 634 |
| (2,888 | ) | (3,783 | ) | 6 |
| (1,270 | ) | (338 | ) | (1,123 | ) | ||||||||
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Income before taxes and discontinued operations |
| 6,508 |
| 3,063 |
| (4,458 | ) | (5,353 | ) | 7,878 |
| 6,602 |
| 16,078 |
| 15,293 |
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Provision (benefit) for income taxes |
| 2,237 |
| 997 |
| (2,955 | ) | (3,277 | ) | 986 |
| 513 |
| 3,737 |
| 3,454 |
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Income from continuing operations |
| 4,271 |
| 2,066 |
| (1,503 | ) | (2,076 | ) | 6,892 |
| 6,089 |
| 12,341 |
| 11,839 |
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Income (loss) from discontinued operations |
| 3 |
| 3 |
| 649 |
| 649 |
| 49 |
| 49 |
| 89 |
| 89 |
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Net income (loss) |
| $ | 4,274 |
| $ | 2,069 |
| $ | (854 | ) | $ | (1,427 | ) | $ | 6,941 |
| $ | 6,138 |
| $ | 12,430 |
| $ | 11,928 |
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Basic earnings (loss) per common share: |
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Income (loss) from continuing operations |
| $ | 0.07 |
| $ | 0.04 |
| $ | (0.03 | ) | $ | (0.04 | ) | $ | 0.12 |
| $ | 0.10 |
| $ | 0.21 |
| $ | 0.20 |
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Income (loss) from discontinued operations |
| 0.00 |
| 0.00 |
| 0.01 |
| 0.01 |
| 0.00 |
| 0.00 |
| 0.00 |
| 0.00 |
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Net income (loss) |
| 0.07 |
| 0.04 |
| (0.02 | ) | (0.02 | ) | 0.12 |
| 0.10 |
| 0.21 |
| 0.20 |
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Weighted average shares outstanding |
| 58,853 |
| 58,853 |
| 58,467 |
| 58,467 |
| 58,700 |
| 58,700 |
| 58,778 |
| 58,778 |
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Diluted earnings (loss) per common share: |
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Income (loss) from continuing operations |
| $ | 0.07 |
| $ | 0.04 |
| $ | (0.03 | ) | $ | (0.04 | ) | $ | 0.12 |
| $ | 0.10 |
| $ | 0.21 |
| $ | 0.20 |
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Income (loss) from discontinued operations |
| 0.00 |
| 0.00 |
| 0.01 |
| 0.01 |
| 0.00 |
| 0.00 |
| 0.00 |
| 0.00 |
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Net income (loss) |
| 0.07 |
| 0.04 |
| (0.02 | ) | (0.02 | ) | 0.12 |
| 0.10 |
| 0.21 |
| 0.20 |
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Weighted average shares outstanding |
| 58,918 |
| 58,918 |
| 58,467 |
| 58,467 |
| 59,097 |
| 59,097 |
| 59,420 |
| 59,420 |
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