Griffon Corporation (NYSE:GFF) Q2 2023 Earnings Conference Call May 3, 2023 8:30 AM ET

Company Participants

Ron Kramer - Chairman and CEO

Brian Harris - CFO

Conference Call Participants

Bob Labick - CJS Securities

Tim Wojs - Baird

Noah Merkousko - Stephens

Sam Darkatsh - Raymond James

Operator

Good morning, ladies and gentlemen, and welcome to the Griffon Corporation Fiscal Second Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded on Wednesday, May 3, 2023.

I would now like to turn the conference over to Mr. Brian Harris, Chief Financial Officer. Please go ahead, sir.

Brian Harris

Thank you, [Ines]. Good morning, everyone. With me on the call is Ron Kramer, our Chairman and Chief Executive Officer. Our call is being recorded and will be available for playback. The detail of which are in our press release issued earlier today. As in the past, our comments will include forward-looking statements about the company's performance based on our views of Griffon's businesses and the environments in which they operate. Such statements are subject to inherent risks and uncertainties that can change as the world changes. Please see the cautionary statements in today's press release and in our various Securities and Exchange Commission filings. Finally, some of today's remarks will adjust for those items that affect comparability between reporting periods. These items are explained in our non-GAAP reconciliations included in our press release.

Now, I'll turn the call over to Ron.

Ron Kramer

Thanks, Brian. Good morning, everyone, and thanks for joining us.

This is the first earnings call we've hosted since we initiated our strategic alternatives review process. So, we have a lot to discuss. Let me start by commenting on our strategic review process and its conclusion before reviewing our operating results, expectations for the year, and go-forward strategy.

We publicly announced the commencement of this process in May of 2022, but actually, the process began even earlier in January of 2022, when we formed our committee on strategic considerations and engaged our advisers, Goldman Sachs and Dechert.

The committee on strategic considerations, which was comprised solely of independent members of our Board, was given the mandate to work with our advisers to evaluate a comprehensive range of strategic alternatives to maximize shareholder value including a possible sale, merger, divestiture, or recapitalization.

Over the remainder of 2022 and into 2023, Griffon and its advisers thoroughly explored many types of strategic alternatives and engaged with a wide variety of potential counterparties with the goal of finding strategic alternatives that would provide compelling value for Griffon shareholders.