Telephonics Corporation announces award of additional $13.3 million from Syracuse Research Corporation

Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today the incremental award of an additional $13.3 Million in funding from Syracuse Research Corporation (SRC) for Turnkey production of a SRC product. This brings the total funding to Telephonics on the program to over $195 Million. The fulfillment of the awards to date will be completed by the 1st quarter of Fiscal Year 2007. SRC is an independent, not-for-profit research and development leader focused on technology programs of national significance. "This award validates the continuing success of this program and our commitment to support SRC with the challenging demands of this effort", emphasized Mr. Donald C. Pastor, Executive Vice President of Operations for Telephonics Corporation.