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P&F Industries Reports Results For The Three And Six-month Periods Ended June 30, 2013



P&F Industries Reports Results For The Three And Six-month Periods Ended June
                                   30, 2013

PR Newswire

MELVILLE, N.Y., Aug. 12, 2013

MELVILLE, N.Y., Aug. 12, 2013 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ:
PFIN)  today announced its results of operations for the three and six-month
periods ended June 30, 2013.

P&F Industries, Inc. is reporting revenue of $19,476,000 and $40,185,000,
respectively, for the three and six-month periods ended June 30, 2013,
compared to $15,241,000 and $29,558,000, respectively, for the same periods in
2012. For the three and six-month periods ended June 30, 2013 the Company is
reporting income before income taxes of $1,404,000 and $2,397,000,
respectively, compared to $823,000 and $1,552,000, respectively, for the same
periods in 2012.  

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer
and President commented, "Despite the on-going sluggishness in the sectors of
the economy we serve, during the second quarter of 2013, we were able to
increase our revenue and pre-tax income 27.8% and 70.6%, respectively,
compared to the second quarter of 2012."  He added, "Our Tools segment revenue
during the second quarter of 2013 increased 36.7% over the same period in
2012, primarily due to the addition of The Home Depot, with our Hardware
segment improving 12.3%.   Our management teams throughout the organization
remain focused on successfully expanding their presence in their respective
markets, without sacrificing quality or customer service."

For the three and six-month periods ended June 30, 2013 the Company's
after-tax income was $875,000 and $1,496,000, respectively, compared to
$796,000 and $1,502,000, respectively, for the same periods in 2012.  Mr.
Horowitz noted, "During the third quarter of 2012, we reversed the valuation
allowance on our federal deferred tax assets, which, thereafter has impacted
our effective tax rates and after-tax earnings.  As a result of the reversal
of the valuation allowance, our effective tax rate for the three and
six-months ended June 30, 2013 were 37.7% and 37.6%, respectively, compared to
3.3% and 3.2%, respectively, for the three and six-month periods ended June
30, 2012. The increase in our effective tax rate reflects the usage of our
deferred tax assets and should not result in any material cash outlay.
 Lastly, we are reporting basic earnings per share for the three and six-month
periods ended June 30, 2013 of $0.24 and $0.41, respectively, compared to
$0.22 and $0.42, respectively, for the same periods in 2012.  Our diluted
earnings per share for the three and six-month periods ended June 30, 2013
were $0.23 and $0.39, respectively, compared to $0.22 and $0.41, respectively
for the same periods in the prior year."

The Company is reporting the following:

An analysis of Florida Pneumatic's revenue for 2013 and 2012 is as follows:

                    Three months ended June 30,
                    2013                        2012                        Increase (decrease)
                    Revenue       Percent of    Revenue       Percent of    $              %
                                  revenue                     revenue
Retail customers    $ 6,789,000   73.3       %  $ 2,594,000   48.0       %  $ 4,195,000    161.7   %
Industrial/catalog    1,782,000   19.3            1,957,000   36.2            (175,000)    (8.9)
Automotive            322,000     3.5             274,000     5.1             48,000       17.5
Other ^1              363,000     3.9             581,000     10.7            (218,000)    (37.5)
Total               $ 9,256,000   100.0      %  $ 5,406,000   100.0      %  $ 3,850,000)   71.2    %

 

                    Six months ended June 30,
                    2013                         2012                         Increase (decrease)
                    Revenue        Percent of    Revenue        Percent of    $              %
                                   revenue                      revenue
Retail customers    $ 15,668,000   75.6       %  $ 5,055,000    46.7       %  $ 10,613,000   210.0   %
Industrial/catalog    3,701,000    17.9            3,965,000    36.7            (264,000)    (6.7)
Automotive            588,000      2.8             578,000      5.3             10,000       1.7
Other ^1              761,000      3.7             1,225,000    11.3            (464,000)    (37.9)
Total               $ 20,718,000   100.0      %  $ 10,823,000   100.0      %  $ 9,895,000)   91.4    %

^1   Consists of revenue from the sale of ^ air tools to the automotive
market, Berkley pipe cutting tools, as well as a line of air filters and other
OEM parts.

When comparing the three-month periods ended June 30, 2013 and 2012, The Home
Depot accounted for the majority of the improvement in Florida Pneumatic's
Retail revenue growth.  The Industrial/catalog sector, which had reported
quarter over quarter improvement throughout 2012, had a slight decline in
revenue, due primarily to a softening within the foundries and metal-working
manufacturing sectors, which we believe is likely to continue at least though
the third quarter of 2013.  The improvement in Florida Pneumatic's Automotive
products revenue is due in large part to the release of new products into the
marketplace.  Other revenue during the second quarter of 2013 declined when
compared to the same period in 2012, due to the loss of a large, low gross
margin air filter customer.  Florida Pneumatic's decision to place greater
emphasis on expanding its Retail products and Industrial/catalog lines will
likely continue to negatively impact both its Automotive and Other product
lines.

When comparing the six-month periods ended June 30, 2013 and 2012, the most
significant factor contributing to the increase in Florida Pneumatic's revenue
has been the addition of The Home Depot, which has accounted for much of the
increase to its Retail category.  Industrial/catalog revenue during the first
six months of 2013 has declined due in large part to a weakness with the
specialty distributors, who service various general industries, such as
foundries and metal-working manufacturers, which use abrasive/finishing tools
such as grinders and cutting tools. The decline in revenue during the first
six months of 2013 of Florida Pneumatic's Other product lines is due to the
loss of a large, low margin air filter customer, as well as its decision to
focus on developing and expanding its presence in the retail sector, as well
as its on-going effort to expand its position in the Industrial/catalog
sector. 

Hy-Tech manufactures and markets its own value-added line of air tools and
parts, as well as distributes a complementary line of sockets (in the
aggregate, "ATP").

An analysis of Hy-Tech's revenue for 2013 and 2012 is as follows:

          Three months ended June 30,
          2013                        2012                        Increase (decrease)
          Revenue       Percent of    Revenue       Percent of    $             %
                        revenue                     revenue
ATP       $ 2,568,000   64.7       %  $ 2,917,000   68.4       %  $ (349,000)   (12.0)  %
Hy-Tech     713,000     18.0            431,000     10.1            282,000     65.4
Machine
Major       570,000     14.4            807,000     18.9            (237,000)   (29.4)
customer
Other       114,000     2.9             112,000     2.6             2,000       1.8
Total     $ 3,965,000   100.0      %  $ 4,267,000   100.0      %  $ (302,000)   (7.1)   %

 

          Six months ended June 30,
          2013                        2012                        Increase (decrease)
          Revenue       Percent of    Revenue       Percent of    $             %
                        revenue                     revenue
ATP       $ 5,428,000   66.7       %  $ 5,539,000   65.0       %  $ (111,000)   (2.0)   %
Hy-Tech     1,130,000   13.9            834,000     9.8             296,000     35.5
Machine
Major       1,390,000   17.1            1,903,000   22.3            (513,000)   (27.0)
customer
Other       184,000     2.3             246,000     2.9             (62,000)    (25.2)
Total     $ 8,132,000   100.0      %  $ 8,522,000   100.0      %  $ (390,000)   (4.6)   %

When comparing the second quarter of 2013 to the same period in the prior
year, ATP product revenue declined due primarily to a general softening of the
market, which we believe is due to economic uncertainty on both a national and
global level. Additionally, Hy-Tech Machine products ("Hy-Tech Machine"),
which primarily are marketed to the mining, construction and industrial
manufacturing sectors, also  encountered a sluggish second quarter of 2013.
However, as the result of a special order shipped during the quarter, Hy-Tech
Machine revenue increased over the same period in the prior year.  Revenue
from its Major customer declined, from what we believe to be the result of
both this customer continuing to reduce its world-wide inventory levels,
compounded by the impact of a weak global economy.

When comparing the six-month periods ended June 30, 2013 and 2012, ATP revenue
declined 2.0%.  This decline is the result of a soft second quarter of 2013,
compared to the same period in the prior year. We believe this uncertainty may
continue into the third quarter of 2013. Revenue from its Hy-Tech Machine
products have increased during the six-month period ended June 30, 2013
compared to the same period in 2012, primarily due to a special order shipped
in the second quarter of 2013. Lastly, revenue from Hy-Tech's Major customer
during the six-month period ended June 30, 2013 declined 27.0%, compared to
the same period in 2012.

Our Hardware segment, which currently consists of Nationwide, generates
revenue from the sale of Fencing and Gate hardware, Kitchen and Bath
accessories, OEM products and Patio hardware.

          Three months ended June 30,
          2013                        2012                        Increase
                                                                  (decrease)
          Revenue       Percent of    Revenue       Percent of    $           %
                        revenue                     revenue
Fence
and Gate  $ 4,598,000   73.5       %  $ 4,132,000   74.2       %  $ 466,000   11.3  %
hardware
Kitchen     757,000     12.1            690,000     12.4            67,000    9.7
and Bath
OEM         500,000     8.0             404,000     7.3             96,000    23.8
Patio       400,000     6.4             342,000     6.1             58,000    17.0
Total     $ 6,255,000   100.0      %  $ 5,568,000   100.0      %  $ 687,000   12.3  %

 

          Six months ended June 30,
          2013                         2012                         Increase (decrease)
          Revenue        Percent of    Revenue        Percent of    $             %
                         revenue                      revenue
Fence
and Gate  $ 8,248,000    72.8       %  $ 7,217,000    70.7       %  $ 1,031,000   14.3   %
hardware
Kitchen     1,460,000    12.9            1,533,000    15.0            (73,000)    (4.8)
and Bath
OEM         865,000      7.6             834,000      8.2             31,000      3.7
Patio       762,000      6.7             629,000      6.1             133,000     21.1
Total     $ 11,335,000   100.0      %  $ 10,213,000   100.0      %  $ 1,122,000   11.0   %

When comparing the second quarter of 2013 to 2012, an expanded customer base,
an increase in housing starts, as well as new product releases, continue to be
the significant factors in Nationwide's improvement in their Fence and Gate
hardware revenue. With respect to its Kitchen and Bath product line,
Nationwide was able to increase revenue slightly, despite significant
competitive pressures, which tend to erode this product line's gross profit,
along with the filing for bankruptcy protection by one of its major customers.
The timing of orders for our OEM products tends to fluctuate when analyzing
quarterly data.  As such, while our first quarter of 2013 reflected an OEM
revenue shortfall compared to the first quarter of 2012, we are reporting an
increase during the second quarter of 2013 compared to the same period in the
prior year. Lastly, increased activity in the sale of foreclosed homes
occurring primarily in Florida is the most significant factor contributing to
the increase in Patio revenue.  Nationwide intends to continue its current
growth strategy, which is to develop new products and accessories in the Fence
and Gate hardware line, as well as to continue to expand its national market
campaign.  This action may impact its other product line performance.

Nationwide's revenue for the six-month period ended June 30, 2013 reflects an
increase of $1,122,000, when compared to the same period in 2012. Nearly 92%
of this revenue growth was generated from their Fence and Gate hardware
product line.  As noted above, this improvement is due primarily to the
introduction of new products, growth in new housing starts, along with
expanded marketing efforts.  The filing for bankruptcy protection by one of
Nationwide's major Kitchen and Bath customers, compounded by an overall
softening of this sector, are key factors contributing to the decline in the
Kitchen and Bath product line revenue.  The first six months' revenue from
Nationwide's OEM product line is essentially flat compared to the same period
in the prior year.  Improved inventory levels along with an increase in the
sale of foreclosed units, which tend to require repair / replacement of patio
enclosures have been the key factors contributing to the increase in Patio
revenue for the first six months of 2013, compared to the same period in 2012.

Gross Margins / Profits
                  Three months ended June 30,     Increase (decrease)
                  2013            2012            Amount              %
Tools             $ 4,744,000     $ 3,566,000     $ 1,178,000          33.0  %
As percent of
respective          35.9       %    36.9       %    (1.0)     pts. 
revenue
Hardware          $ 2,358,000     $ 2,111,000     $ 247,000            11.7  %
As percent of
respective          37.7       %    37.9       %    (0.2)     pts. 
revenue
Consolidated      $ 7,102,000     $ 5,677,000     $ 1,425,000          25.1  %
As percent of
respective          36.5       %    37.2       %    (0.7)     pts. 
revenue
                  Six months ended June 30,       Increase (decrease)
                  2013            2012            Amount              %
Tools             $ 10,562,000    $ 7,398,000     $ 3,164,000          42.8  %
As percent of
respective          36.6       %    38.2       %    (1.6)     pts.
revenue
Hardware          $ 4,274,000     $ 3,890,000     $ 384,000            9.9   %
As percent of
respective          37.7       %    38.1       %    (0.4)     pts.
revenue
Consolidated      $ 14,836,000    $ 11,288,000    $ 3,548,000          31.4  %
As percent of
respective          36.9       %    38.2       %    (1.3)     pts. 
revenue
                  Three months ended June 30,     Increase (decrease)
                  2013            2012            Amount               %
Florida Pneumatic $ 3,035,000     $ 1,791,000     $ 1,244,000          69.5  %
As percent of
respective          32.8       %    33.1       %    (0.3)     %  pts.
revenue
Hy-Tech           $ 1,709,000     $ 1,775,000     $ (66,000)           (3.7) %
As percent of
respective          43.1       %    41.6       %    1.5        % pts.
revenue
Total Tools       $ 4,744,000     $ 3,566,000     $ 1,178,000          33.0  %
As percent of
respective          35.9       %    36.9       %    (1.0)      % pts.
revenue
                  Six months ended June 30,       Increase (decrease)
                  2013            2012            Amount               %
Florida Pneumatic $ 7,081,000     $ 3,802,000     $ 3,279,000          86.2  %
As percent of
respective          34.2       %    35.1       %    (0.9)      % pts.
revenue
Hy-Tech           $ 3,481,000     $ 3,596,000     $ (115,000)          (3.2) %
As percent of
respective          42.8       %    42.2       %    0.6       % pts.
revenue
Total Tools       $ 10,562,000    $ 7,398,000     $ 3,164,000          42.8  %
As percent of
respective          36.6       %    38.2       %    (1.6)      % pts.
revenue

 

Additional Retail revenue at Florida Pneumatic, which generates lower gross
margins compared to its other product lines, effectively lowered its overall
gross margin, when comparing the second quarter of 2013 to the same period in
2012.  During the second quarter of 2012, Florida Pneumatic recorded a charge
of $133,000, representing the estimated amount of unpaid import duty relating
to certain products imported during the period from January 1, 2009 through
June 19, 2012, which did not occur in the second quarter of 2013.   Gross
margin for Florida Pneumatic's other product lines had little or no change.
However, the increase in Retail revenue drove gross profit higher by
$1,244,000.  The change in Hy-Tech's gross margin was due largely to product /
customer mix, as well as improved cost of manufacturing.  

Florida Pneumatic's gross margin for the first six months of 2013 declined,
when compared to the same period in 2012.  A significant factor in this
decline was the additional Retail revenue, which tends to generate lower gross
margins compared to its other product lines. During the second quarter of
2012, Florida Pneumatic incurred the $133,000 charge to its gross margin, as
discussed above.   Gross margins for Florida Pneumatic's other product lines
had little or no change.  For the six-month period ended June 30, 2013,
Hy-Tech was able to improve its gross margin primarily through product mix, as
well as through improved cost of manufacturing.  However, slightly lower
revenue caused its gross profit to decline.

Gross margin at Nationwide during the second quarter of 2013 declined 0.2
percentage point when compared to the same period in 2012.  This decline is
primarily due to: (i) product / customer mix and (ii) certain product cost
increases for which Nationwide is unable to pass through to its customers. 
However, as the result of increased revenue, gross profit increased $247,000
during the second quarter of 2013 compared to the same period in 2012.

Similar to the three-month results, Nationwide's gross margin declined during
the six-month period ended June 30, 2013, compared to the same period in the
prior year.  Overall product mix, cost increases from overseas, and
competitive pricing pressure were contributing factors to the decline. 
However, as Nationwide was able to improve its total revenue this period over
the same period in 2012, it increased its total gross profit $384,000, or
nearly 10%.  

Selling and general and administrative expenses

Selling, general and administrative expenses ("SG&A") include salaries and
related costs, commissions, travel, administrative facilities, communications
costs and promotional expenses for our direct sales and marketing staff,
administrative and executive salaries and related benefits, legal, accounting
and other professional fees, general corporate overhead and certain
engineering expenses.

During the second quarter of 2013, our SG&A was $5,580,000, or 28.7% as a
percentage of revenue, compared to $4,721,000, or 31.0% of revenue during the
same three-month period in 2012.  The most significant items contributing to
the increase are the incremental variable costs associated with the additional
Retail revenue generated at Florida Pneumatic, which includes among other
things, commissions, warranty costs, freight out and advertising/promotional
fees, aggregating $871,000.  Further, our second quarter of 2013 SG&A
compensation, which is comprised of base salaries and wages, associated
payroll taxes and employee benefits and accrued performance-based bonus
incentives increased $190,000, when compared to the same period in the prior
year.  The aforementioned increases were partially offset by reductions in
depreciation and amortization expenses of $163,000, and accrued estimated
potential penalties, interest and related fees and expenses of $167,000,
recorded during the second quarter of 2012 in connection with unpaid import
duty relating to certain products imported by Florida Pneumatic during the
period from January 1, 2009 through June 19, 2012, which did not reoccur in
the second quarter of 2013. 

Our SG&A for the six-month period ended June 30, 2013 was $12,212,000,
compared to $9,461,000 incurred during the same period in 2012.  Stated as a
percentage of revenue, our SG&A for the first six months of 2013 was 30.4%,
compared to 32.0%, during the same period in the prior year. As noted earlier,
this is primarily the result of increased Retail revenue at Florida Pneumatic
from sales to The Home Depot, our variable expenses, which include
commissions, warranty costs, freight out and advertising and promotional
expenses, increased an aggregate amount of $2,112,000. Additionally, included
in our first quarter 2013 SG&A, was a one-time marketing fee of $700,000
incurred by Florida Pneumatic in connection with the initial roll-out to The
Home Depot.  Compensation, which includes wages, associated payroll taxes and
employee benefits and performance-based bonus incentives, which are driven
primarily by net earnings, increased $367,000. Partially offsetting the
previous increases were reductions in our depreciation and amortization costs
of $310,000. Further, as discussed above during the second quarter of 2012, we
recorded a charge of $167,000 for estimated potential penalties and related
fees and expenses in connection with unpaid import duty relating to certain
products imported by Florida Pneumatic during the period from January 1, 2009
through June 19, 2012, which did not occur in 2013.

Interest

Our net interest expense during the second quarter of 2013 was $118,000,
compared to $133,000 for the same period in the prior year.  Significant
factors affecting interest expense was a reduction in the applicable loan
margins that are added to both our LIBOR (London InterBank Offered Rate) or
Base Rate, as defined in the Credit Agreement, borrowings.  The impact of the
lower interest rates were countered by an increase in the average balance of
our short-term borrowings during the second quarter of 2013, compared to the
same period in the prior year.  The average balance of short-term borrowings
during the second quarter of 2013 was $8,720,000, compared to $6,645,000,
during the same three-month period in 2012.  

Interest expense for the six-month period ended June 30, 2013 was $227,000,
compared to $275,000 for the same period in 2012.  Similar to our results for
the quarterly analysis, this reduction is due to a reduction in the applicable
loan margins that added to our LIBOR or Base Rate, borrowings, countered by an
increase in the average balance of our short-term borrowings during the first
six months of 2013, which was $7,986,000 compared to $6,383,000, during the
same period in 2012.

Income Taxes

At the end of each interim reporting period, the Company estimates its
effective tax rate expected to be applied for the full year. This estimate is
used to determine the income tax provision on a year-to-date basis and may
change in subsequent interim periods. During the third quarter of 2012 we
reversed the valuation allowance on our federal deferred tax assets. Prior to
this reversal, in lieu of recording a tax expense, we adjusted the then in
place valuation allowance, thus creating minimal effective tax rates that
would have been applied to our pretax income. With the valuation allowance
removed, current and future tax provisions will more significantly impact our
after-tax earnings, as well as our earnings per share. As a result, our
effective tax rate for the three and six-months ended June 30, 2013 were 37.7%
and 37.6%, respectively, compared to 3.3% and 3.2%, respectively, for the
three and six-month periods ended June 30, 2012.  The effective tax rate for
all periods differed from the U.S. federal statutory rate of 34% primarily due
to state taxes and nondeductible expenses.

OTHER INFORMATION

P&F Industries has scheduled a conference call for today, August 12, 2013, at
11:00 A.M., Eastern Time to discuss its second quarter of 2013 results.
Investors and other interested parties can listen to the call by dialing
866-548-2699, or via a live web cast accessible at www.pfina.com. To listen to
the web cast, please register and download audio software at the site at least
15 minutes prior to the call.  For those who cannot listen to the live
broadcast, a replay of the call will also be available on the Company's
web-site beginning on or about August 14, 2013.

P&F Industries, Inc., through its two wholly owned operating subsidiaries,
Continental Tool Group, Inc. and Countrywide Hardware, Inc., manufactures
and/or imports air-powered tools sold principally to the industrial, retail
and automotive markets, and various residential hardware such as kitchen and
bath hardware, fencing hardware and door and window hardware primarily to the
housing industry.  P&F's products are sold under their own trademarks, as well
as under the private labels of major manufacturers and retailers.

Safe Harbor Statement. This is a Safe-Harbor Statement under the Private
Securities Litigation Reform Act of 1995. Any forward-looking statements
contained herein, including those related to the Company's future performance,
and those contained in the comments of management, are based upon the
Company's historical performance and on current plans, estimates and
expectations, which are subject to various risks and uncertainties, including,
but not limited to, the strength of the retail, industrial, housing and other
markets in which the Company operates, the impact of competition, product
demand, supply chain pricing, the Company's debt and debt service requirements
and those other risks and uncertainties described in the Company's most recent
Annual Report on Form 10-K, and its other reports and statements filed by the
Company with the Securities and Exchange Commission. These risks could cause
the Company's actual results for the 2013 fiscal year and beyond to differ
materially from those expressed in any forward-looking statement made by or on
behalf of the Company. Forward-looking statements speak only as of the date on
which they are made, and the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.      

P & F INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousand $)                            June 30, 2013 December 31, 2012
                                           (Unaudited)   (NOTE 1)
Assets
Cash                                       $         905 $              695
Accounts receivable - net                  11,928        6,675
Inventories - net                          23,292        24,073
Deferred income taxes - net                1,139         1,139
Prepaid expenses and other current assets  838           547
Total current assets                       38,102        33,129
Net property and equipment                 10,616        11,102
Goodwill                                   5,150         5,150
Other intangible assets - net              1,618         1,752
Deferred income taxes – net                2,427         3,211
Other assets – net                         745           813
Total assets                               $    58,658   $          55,157
Liabilities and Shareholders' Equity
Short-term borrowings                      $      6,613  $           2,793
Accounts payable                           3,751         4,843
Accrued liabilities                        3,632         4,332
Current maturities of long-term debt       460           460
Total current liabilities                  14,456        12,428
Long-term debt, less current maturities    7,133         7,363
Other Liabilities                          270           278
Total liabilities                          21,859        20,069
Total shareholders' equity                 36,799        35,088
Total liabilities and shareholders' equity $ 58,658      $       55,157

NOTE-1

The unaudited consolidated condensed balance sheet information as of
December 31, 2012 was derived from the audited consolidated financial
statements included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2012.

P & F INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF INCOME
                        Three months ended June 30, Six months ended June 30,
(In Thousand $)         2013          2012          2013          2012
                        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Net revenue             $    19,476   $    15,241   $    40,185   $   29,558
Cost of sales           12,374        9,564         25,349        18,270
Gross profit            7,102         5,677         14,836        11,288
Selling, general and    5,580         4,721         12,212        9,461
admin expenses
Operating income        1,522         956           2,624         1,827
Interest expense        118           133           227           275
Income before income    1,404         823           2,397         1,552
taxes
Income tax expense      529           27            901           50
Net income              $    875      $    796      $    1,496    $   1,502

 

SOURCE P&F Industries, Inc.

Website: http://www.pfina.com
Contact: P&F Industries, Inc., Joseph A. Molino, Jr., Chief Financial Officer,
631-694-9800, www.pfina.com
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