Telephonics Corporation Supplies Its Advanced APS-143C(V)3 Radar System for the EADS-CASA CN-235 Persuader MPA in Support of the SASEMAR (Spanish Maritime Safety Agency) Program.

FARMINGDALE, N.Y. -- Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE: GFF), announced today they have received a contract award valued at $3.4M from the Military Transport Aircraft Division of EADS-CASA (Madrid, Spain) for the supply of 3 ship sets of its advanced APS-143C(V)3 Maritime Surveillance Radar with options for initial spares and in-service support for the Spanish Maritime Safety Agency (SASEMAR). The first system will be delivered in September 2006.

This high performance version of Telephonics' APS-143 radar, designated as APS-143C(V)3, was selected as well by the U.S. Coast Guard for the Integrated Deepwater System (IDS) Program earlier this year. The APS-143 radar will be integrated on the FITS (Fully Integrated Tactical System), mission system designed and developed by EADS-CASA, and it will be a major element of the CN-235 Maritime Patrol Aircraft, playing a key role in fulfilling the demanding maritime search & rescue and surveillance mission requirements. The high end performance and reliability of the APS-143C(V)3 radar ensures that SASEMAR will receive an operationally superior and cost effective solution for their mission needs.

With its open systems architecture configuration, various versions of the APS-143 multi-mode radar are currently deployed on numerous rotary and fixed wing platforms meeting a variety of missions.

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

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, mass transit communications, 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 a 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.

(C) 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.