Clopay Plastics up, building products down in 3Q - Business Courier of Cincinnati:

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Jericho, N.Y.-based reported that, for its third-quartetr that ended in June, sales of Clopayh Plastic Products rose 25 percentgto $121 million and operatingh income nearly doubled to $5.5 milliobn from $2.9 million. The housing slum continued to weigh on ClopayBuilding however, as garage door sales retreatedd 8 percent to $115 millionh and profits fell by half to $2.3 million. Overall, Griffon’sx sales slipped 4 percent to $322 million as the combinede increase at Clopay was more than offsey by a fall in revenud in its defenseelectronics subsidiary. Write-offs associated with its discontinuee home installation business wiped outits profits, resulting in a net loss of $9.
8 or 33 cents per share, compared with net profig of $4.4 million, or 14 cents, in the 2007 Griffon also announced a rights offerint that will give existing shareholders an opportunity to buy up to 20 millio n new shares at a rate of $8.50 each, well beloqw its current market price of about $10. As part of the an affiliate of will also purchase at leasrt 10 million new shares at that pricde and will guarantee the purchase of at least 20 milliom shares inthe offering. The offering is expectec to raisebetween $170 million and $255 million of new equityg for Griffon.