Telephonics Receives $1.7 Million NASA Contract

Telephonics
Corporation, a wholly owned subsidiary of the Griffon Corporation, 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, 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.