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Text: With me on the call is Ron Kramer, our Chairman and Chief Executive Officer.
Such statements are subject to inherent risks and uncertainties that can change as the world changes.
Finally, from today's remarks will adjust for those items that affect comparability between reporting periods.
We're off to a great start in the first half of fiscal 2021 with our second quarter revenue increasing 12%, adjusted EBITDA up 41%, and adjusted earnings per share up 109% compared to the prior year quarter.
These results were driven by continued demand for our comprehensive consumer product categories and supported by a strong housing market and repair and remodel activity.
Our strategic actions to optimize our business remain on plan and we are realizing the early benefits of this work today.
Highlighting this success is our increased cash generation profile coupled with our EBITDA margin expansion in both CPP and HBP, which increased 220 and 190 basis points, respectively over the prior year period.
Our AMES strategic initiative is progressing on plan and on budget.
As previously announced, this investment will consolidate operations, increase automation, support e-commerce growth, and create new data and analytics platform for AMES globally by the end of 2023.
We expect this to further improve margins in the years ahead.
As we move into our second year of managing our business during a global pandemic, we prioritize protecting our employees and we'll continue to do so as restrictions in the United States begin to ease.
Turning to our segments.
In Consumer and Professional Products, we saw continued retail demand across all geographies and product lines.
The AMES strategic initiative remains on schedule for completion by the end of 2023 and we reiterate our expectation to realize annual cash savings of $30 million to $35 million, and inventory reductions of the same magnitude when the benefits of the initiative are fully realized.
In Home and Building Products segment, we continue to see healthy demand for both residential and commercial door products and we continue to see demand outstripping supply.
In Defense Electronics, telephonics revenue and profitability decreased from the prior year primarily driven by reduced volume due to the timing of work performed and deliveries on certain communications and surveillance programs as well as the divestiture of our SEG.
Telephonic's actions to improve its operational efficiency continue with the work to consolidate three facilities into two, which will be completed in our fiscal fourth quarter.
Earlier this month Telephonics was awarded $162 million five-year support contract from Lockheed Martin for our multi-mode maritime surveillance radars for the U.S. Navy's MHR-60R (sic) MH-60R maritime helicopters.
We continue to see additional opportunities for our products in domestic applications as well as through the MH-60 Romeo foreign military sales to countries like South Korea and Greece.
Backlog in the quarter was $354 million with trailing 12-month book-to-bill of 1.1 times.
Turning to our balance sheet.
We continue to have excellent flexibility in our capital structure to execute on organic and acquisition opportunities and return cash to shareholders through our quarterly dividends.
We've delevered to 3.1 times net debt-to-EBITDA marking two full turns of improvement over the prior year period.
Additionally, we have $176 million in cash and $363 million available on our revolving credit facility providing ample liquidity and putting us in an excellent position to capitalize on our active pipeline of acquisition opportunities.
Earlier today, our Board authorized an $0.08 per share dividend payable on June 17, 2021 to shareholders of record on May 20, 2021.
This marks the 39th consecutive quarterly dividend to shareholders, which has grown at an annualized compound rate of 17% since we initiated in 2012.
Griffons evolved over the past decade from a decentralized holding company to a highly centralized operating focus conglomerate.
We see growth through acquisitions driving our future capitalizing on our strong bench of management talent.
And regarding our management, Steve Lynch, the President of Clopay Corporation will retire at the end of our fiscal year.
Steve has served as the President of Clopay with distinction for the past 12 years, and has been part of Clopay since 2001.
During his tenure, Steve navigated Clopay through the financial crisis of 2009 and subsequently has transformed the business into the industry leader it is today through building the company's facilities, equipment products, technologies, people and culture.
Steve will continue working with Clopay as a consultant after his retirement.
And effective with Steve's retirement, Vic Weldon will be appointed the new President of Clopay.
Vic is a 20-year veteran of Clopay having served in leadership roles across the business including supply chain, logistics, sales and operations, and has been Clopay's Chief Operating Officer since 2019.
Vic has played an instrumental role in making Clopay the company that it is today, including leading the integration activities of the Cornell acquisition, which we completed in 2018.
Vic is the ideal candidate to assume the role of President where he can apply his wealth of company, customer and industry knowledge to the role.
We're looking forward to Vic continuing Clopay's success.
I'll start by highlighting our second quarter consolidated performance.
Revenue increased by 12% to $635 million and adjusted EBITDA increased 41% to $67.8 million, both in comparison to the prior year quarter.
Adjusted EBITDA margin increased 220 basis points to 10.7%.
Gross profit on a GAAP basis for the quarter was $170 million, increasing 12% over the prior year quarter.
Excluding restructuring-related charges, gross profit was $174 million increasing 13.2% over the prior year quarter with gross margin increasing 30 basis points to 27.4%.
Second quarter GAAP selling, general, administrative expenses were $127 million compared to $226 million in the prior year quarter.
Excluding restructuring-related charges from both periods selling, general and administrative expenses were $123 million or 19.3% of revenue compared to $122 million or 21.5% in the prior year quarter.
Second quarter GAAP net income was $17 million or $0.32 per share compared to the prior year period of $1 million or $0.02 per share.
Excluding items that affect comparability from both periods, current quarter adjusted net income was $25 million or $0.48 per share compared to $10 million in the prior year or $0.23 per share.
Corporate and unallocated expenses excluding depreciation were $12 million in the current year quarter in line with the prior year second quarter.
Our effective tax rate excluding items that affect comparability from all periods for the quarter was 30% and for the year-to-date period it was 31.1%.
Capital spending was $12 million in the second quarter compared to $9 million in the prior year quarter.
Depreciation and amortization totaled $15.9 million for the second quarter compared to $15.7 million in the prior year second quarter.
Regarding our segment performance, Q2 revenue for CPP and HBP increased over the prior-year quarter by 21% and 16%, respectively while DE decreased 26% or 19% excluding the impact of SEG disposition.
Adjusted EBITDA for CPP and HBP increased over the prior year by 50% and 31%, respectively, Defense Electronics decreased 48%.
During the second quarter AMES incurred pre-tax restructuring-related charges were approximately $7.5 million supporting the AMES strategic initiative, capital expenditure supporting the initiative was $3.2 million in the quarter.
At Telephonics, we are executing on our efficiency initiatives.
We have reduced headcount and we expect to complete the consolidation of our three Long Island-based facilities into two company-owned facilities by the end of this fiscal year.
The total cost for the facility consolidation will be approximately $4 million, which will primarily consist of capital expenditures occurring in 2021.
Regarding our balance sheet and liquidity, as of March 31, 2021, we had net debt of $883 million and leverage of 3.1 times as calculated based on our debt covenants.
This is a two turn reduction from our prior year second quarter and a 0.3 turn reduction from our fiscal year-end.
As a reminder, Griffon uses cash in the first six months of its fiscal year, which will be more than offset by the generation of significant cash flow in the second half of the year.
Our cash and equivalents were $176 million and debt outstanding was $1.06 billion.
Borrowing availability under the revolving credit facility was $360 million subject to certain loan covenants.
So regarding our 2021 guidance, as most of you know, we typically provide guidance once a year during our November earnings call and generally do not update that guidance during the course of the year.
The guidance provided on our November call was revenue of approximately $2.4 billion and adjusted EBITDA, excluding unallocated one-time charges related to AMES and Telephonics initiative of $285 million or better.
With our second quarter behind us, we are continuing to see healthy demand for products across our portfolio, recovery in consumer activity and a strong housing market are contributing to a constructive macroeconomic environment and homeowner focus on outdoor living and repair and remodel projects continue.
While we are seeing the expected headwinds from cost inflation, some supply chain disruptions and a tight labor market, we are managing through those effects.
As a result of our substantial outperformance in the first half of the year and with consideration to this year's Q3 and Q4 comparatives to strong prior year quarter results, we are expecting our fiscal 2021 performance will be substantially above our original guidance and in line with our trailing-12 months.
That produced approximately $2.5 billion of revenue and $320 million of adjusted EBITDA, excluding unallocated and one-time charges.
We expect continued growth in the second half of fiscal 2021 driven by a strengthening global economy, a strong housing and repair and remodel environment coupled with our industry-leading product portfolio.
We are active in evaluating potential acquisitions and opportunities to invest in our existing businesses and are actively exploring ways to further diversify and grow.
We're pleased with the progress we've made on driving long-term shareholder value however, there still are significant benefits to come from completing our strategic initiatives.
Operator, we'll take any questions.

user
compname reports q2 earnings per share of $0.32.
q2 earnings per share $0.32.
q2 revenue rose 12 percent to $634.8 million.
q2 adjusted earnings per share $0.48.

assistant