Telephonics Receives $1.7 Million NASA Contract.

Business Editors

FARMINGDALE, N.Y.--(BUSINESS WIRE)--Jan. 22, 2003

Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE: GFF), announced a $1.7 million contract award from Dyncorp to deliver its advanced APS-143B(V)3 OceanEye(TM) Surveillance Radar to perform range surveillance missions for NASA and the U.S Navy at the Goddard Space Center at Wallops Island, Virginia.

"Telephonics software re-configurable APS-143B(V)3 represents the most advanced technology for maritime surveillance missions available today," states Larry Rytter, President, Command Systems Division.

Engineered for optimum target detection, tracking, classification and identification, the APS-143B(V)3 will replace the earlier Telephonics APS-128D radar and become the primary sensor installed on a Beech 100 Maritime Patrol Aircraft. Utilizing its data link functionality, the Ocean Eye Radar will provide target data to the Command Center during tactical missions conducted from Wallops Island. According to Rytter, "The APS-143B(V)3 enhanced detection performance and data link capability will significantly enhance range surveillance missions at NASA and US Navy test ranges," states Rytter.

Work on this program will be performed at Telephonics' facilities in Farmingdale and Huntington, NY. Delivery is scheduled for 2003.

About Telephonics Corporation

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 air traffic management systems, and maritime surveillance radar and aerospace electronics; and two wholly-owned subsidiaries, TLSI and the newly formed Telephonics Wireless. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets. The goal of Telephonics Wireless is to provide innovative wireless data infrastructure products that fundamentally increase the speed, capacity and performance of wireless communication networks.

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.

Visit www.telephonics.com for additional information.

(C) 2003 Telephonics Corporation. 815 Broad Hollow Road, Farmingdale, NY 11735. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.