Telephonics profit up on cost-cutting
About 35 workers 65 or older accepted the voluntary retirement packages, Joseph Battaglia, president and chief executive of the maker of radar and telecommunications systems, said on Monday, Oct. 20, 2014. This is a Telephonics facility in Huntington on Dec. 15, 2011. Credit: Steve Pfost
A voluntary early retirement plan helped Farmingdale-based Telephonics Corp. increase its earnings during the most recent quarter, the company said.
The defense and industrial electronics maker had a profit of $15.6 million on revenue of $104.5 million for the quarter ended Dec. 31. That’s up from $12.4 million on revenue of $98.2 million in the same quarter last year.
In addition to staff reductions through retirements, Telephonics boosted the bottom line through cost-cutting in sales and administrative expenses.
A subsidiary of Griffon Corp., Telephonics designs, develops and manufactures radar and other communication and sensor systems.
“Telephonics has remained a strong and steady leader in its markets,” Ron Kramer, Griffon’s chief executive, said in a Tuesday news release.
He added that “the new, streamlined, more flexible organizational structure recently implemented at Telephonics . . . will facilitate our strategy to deliver growth and value to our customers and our shareholders.”
Griffon, headquartered in Manhattan, is a holding company with four wholly owned subsidiaries. The other three are Ames True Temper, a maker of hand tools for landscaping; Clopay Building Products, a garage door maker; and Clopay Plastic Products, which makes films and laminates.
Photo: A Huntington facility of Telephonics Corp.
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