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

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Both Clopay businesses are headquarteredin Mason. Jericho, N.Y.-basex (NYSE: GFF) reported that Clopay garage door salexs fell 13 percentto $128 millio n from $146 million in the same period in 2006. Operatingy income slid 78 percentto $2.9 millionb from $13.6 million. Griffon CEO Harvey Blau told analystxthat he's concerned with the outlook for marke t condition trends for as "key statistics are poor and in some cases gettinfg worse." In specialty plastic sales grew by 4 percenyt to $106 million from $102 million, and operatiny income jumped to $5.
1 million versus $39,000 in the 2006 Blau said the improvement was primarilyg due to greater production efficiencies and reducecd administrative and operating expenses. The company expectes sales of a new elastic laminates for diapers and incontinence products to ramp upin 2008, he "We continue to make strides in diversifying our product line and customer base," he said in a reference to the largs share of its plastic film revenuesw that come from PG). Overall, Griffon's sales fell 18 percent in the quarterdto $396 million from $483 million. Net incomr declined by half to $9 million, or 29 cente per share, compared with $18.
4 million, or 60 Griffon last week announced the promotio of FranklinSmith Jr. to executive vice presidenft of Griffoneffective Nov. 30. Smithj joined Clopay as chief financial officerein 1998. Eric Edelstein, executive vice president and CFO sincer he joined Griffonin 2005, is retiring, the company Patrick Alesia, Griffon's treasurer and an officer since will succeed Edelstein as CFO.