Telephonics Corporation Announces Contract from Boeing for B-52H Digital Audio Intercommunication System.

FARMINGDALE, N.Y. -- Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today that they have received a contract from Boeing Integrated Defense Systems, Wichita, Kansas to supply a digital audio intercommunication system for the U.S. Air Force B-52H Stratofortress aircraft. The contract, under the Boeing B-52H Combat Network Communications Technology (CONECT) program, consists of a design and development phase valued at over $5 million and a production phase, which could exceed $20 million, scheduled to begin in 2009.

Under this contract, Telephonics will supply its Secure Digital Intercommunication (SDI) system to provide the flight deck and mission crew audio routing and intercommunication capability, replacing an existing, obsolete system with its new all-digital audio system. As part of its effort, Telephonics will qualify the SDI system to the rigorous environmental and mission requirements of the B-52. Designed to provide interfaces to both legacy radios as well as future network-centric Internet Protocol communications, the SDI system is currently deployed on a wide range of military platforms, including strategic, surveillance and tactical fixed wing aircraft as well as rotary wing aircraft and unmanned aerial vehicle ground control stations.

"This program will further extend the life, capabilities, and the utility of this extremely important platform for the United States Air Force. Telephonics is proud to be part of Boeing's B-52 CONECT program team and to continue its commitment to provide advanced communication technology to our Nation's critical military assets," said Phil Nicholas, President, Telephonics Communication Systems Division.

Work on this program will be performed at the Telephonics facilities in Farmingdale, NY.

About Telephonics

A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' (www.telephonics.com) broad based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into two operating divisions: Communications Systems, specializing in aircraft intercommunications, wireless and audio products; and Command Systems, specializing in traffic management systems, maritime surveillance radar and aerospace electronics; and one wholly-owned subsidiary, TLSI. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets.

About Griffon Corporation

In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also an international leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon's building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.

Forward Looking Statements

``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as ``anticipate,'' ``believe,'' ``estimate,'' ``expect,'' ``intend,'' and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

2006 Telephonics Corporation. 815 Broad Hollow Road, Farmingdale, NY 11735. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.