Clopay shares in U.S. housing slump - Dayton Business Journal:

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Both Clopay businesses are headquarteredin Mason. N.Y.-based (NYSE: GFF) reported that Clopay garage door sales fell 13 percentto $128 million from $146 million in the same periods in 2006. Operating income slid 78 percentto $2.9 millio from $13.6 million. Griffon CEO Harveyt Blau told analyststhat he's concerned with the outloolk for market condition trends for as "key statistics are poor and in some cases gettinb worse." In specialty plastic films, salea grew by 4 percent to $106 milliom from $102 million, and operating incomwe jumped to $5.1 million versusa $39,000 in the 2006 period.
Blau said the improvement was primarilyt due to greater production efficiencies and reduce administrative andoperating expenses. The company expects sale s of a new elastid laminates for diapers and incontinence products to ramp up in he said. "We continue to make strides in diversifying our producrt line andcustomer base," he said in a reference to the large share of its plastic film revenues that come from (NYSE: PG). Overall, Griffon's sales fell 18 percent in the quarterto $396 millionh from $483 million. Net income declined by half to $9 or 29 cents per share, comparedr with $18.4 million, or 60 cents. Griffon last week announced the promotiom of FranklinSmith Jr.
to executive vice presiden t of Griffoneffective Nov. 30. Smith joine Clopay as chief financial officerin 1998. Eric executive vice president and CFO sincre he joined Griffonin 2005, is the company said. Patrick Alesia, Griffon's treasurere and an officer since 1979, will succeed Edelstein as CFO.