P&F Industries Reports Results for the Three and Nine-Month Periods Ended September 30, 2013

  P&F Industries Reports Results for the Three and Nine-Month Periods Ended
                              September 30, 2013

PR Newswire

MELVILLE, N.Y., Nov. 12, 2013

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

P&F Industries, Inc. is reporting revenue of $20,483,000 and $60,668,000,
respectively, for the three and nine-month periods ended September 30, 2013,
compared to $17,622,000 and $47,180,000, respectively, for the same periods in
2012. For the three and nine-month periods ended September 30, 2013 the
Company is reporting income before income taxes of $1,281,000 and $3,678,000,
respectively, compared to $1,265,000 and $2,817,000, respectively, for the
same periods in 2012.

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer
and President commented, "Despite a continued sluggish economy, third quarter
of 2013 revenue generated by our Tools segment increased 10.9% compared to the
same period in 2012, primarily due to the addition of The Home Depot. I am
also pleased to report that Hardware revenue increased 32.9% over the same
period a year ago."

For the three and nine-month periods ended September 30, 2013 the Company's
after-tax income was $810,000 and $2,306,000, respectively, compared to
$3,567,000 and $5,069,000, 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 gave rise to income tax
benefits of $2,302,000 and $2,252,000, respectively, for the three and
nine-month periods ended September 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."

Mr. Horowitz concluded, "We are reporting basic earnings per share for the
three and nine-month periods ended September 30, 2013 of $0.22 and $0.63,
respectively, compared to $0.98 and $1.40, respectively, for the same periods
in 2012. Our diluted earnings per share for the three and nine-month periods
ended September 30, 2013 were $0.20 and $0.59, respectively, compared to $0.95
and $1.36, respectively for the same periods in the prior year. Again, I wish
to remind you that the reduction in the estimated valuation allowance on our
deferred tax assets in September 2012, generated tax benefits for the three
and nine-month period ended September 30, 2012, which caused our after-tax
income to be inflated. Lastly, as the result of our exiting the kitchen and
bath product line at Nationwide, which will be discussed later, we have
effectively accelerated approximately $7.9 million of deferred tax deductions.
We believe this action will reduce our cash tax payments by approximately
$2,680,000, as the tax liabilities become due."

The Company is reporting the following:

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



                    ThreemonthsendedSeptember30,
                    2013                        2012                       Increase(decrease)
                                  Percentof                 Percentof
                    Revenue       revenue       Revenue      revenue       $            %
Retail customers    $ 8,467,000      78.7    %  $ 6,465,000     69.8    %  $ 2,002,000   31.0   %
Industrial/catalog    1,639,000      15.2         2,094,000     22.6         (455,000)   (21.7)
Automotive            302,000        2.8          260,000       2.8          42,000      16.2
Other ^1              359,000        3.3          445,000       4.8          (86,000)    (19.3)
Total               $ 10,767,000     100.0   %  $ 9,264,000     100.0   %  $ 1,503,000   16.2   %



                    NinemonthsendedSeptember30,
                    2013                        2012                        Increase(decrease)
                                  Percentof                  Percentof
                    Revenue       revenue       Revenue       revenue       $             %
Retail customers    $ 24,134,000     76.6    %  $ 11,520,000     57.4    %  $ 12,614,000   109.5  %
Industrial/catalog    5,341,000      17.0         6,059,000      30.1         (718,000)    (11.9)
Automotive            890,000        2.8          838,000        4.2          52,000       6.2
Other ^1              1,120,000      3.6          1,670,000      8.3          (550,000)    (32.9)
Total               $ 31,485,000     100.0   %  $ 20,087,000     100.0   %  $ 11,398,000   56.7   %



^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 September 30, 2013 and 2012, The
Home Depot ("THD") accounted for the improvement in Florida Pneumatic's Retail
revenue growth. Industrial/catalog revenue declined due primarily to ongoing
softening within the foundries and metal-working manufacturing sectors. 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 third 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 is likely to continue to negatively
impact its other product lines.

When comparing the nine-month periods ended September 30, 2013 and 2012, the
most significant factor contributing to the increase in Florida Pneumatic's
revenue has been the addition of THD, which has accounted for the increase to
its Retail category. Industrial/catalog revenue during the first nine 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 nine
months of 2013 of Florida Pneumatic's Other product lines are due to the loss
of a large, low margin air filter customer. Florida Pneumatic will continue
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:



          ThreemonthsendedSeptember30,
          2013                       2012                       Increase(decrease)
                       Percentof                 Percentof
          Revenue      revenue       Revenue      revenue       $            %
ATP       $ 2,932,000     73.1    %  $ 2,709,000     66.7    %  $ 223,000     8.2    %
Hy-Tech     371,000       9.3          433,000       10.7         (62,000)    (14.3)
Machine
Major       602,000       15.0         871,000       21.4         (269,000)   (30.9)
customer
Other       104,000       2.6          50,000        1.2          54,000      108.0
Total     $ 4,009,000     100.0   %  $ 4,063,000     100.0   %  $ (54,000)    (1.3)  %



          NinemonthsendedSeptember30,
          2013                        2012                        Increase(decrease)
                        Percentof                  Percentof
          Revenue       revenue       Revenue       revenue       $            %
ATP       $ 8,360,000      68.8    %  $ 8,248,000      65.5    %  $ 112,000     1.4    %
Hy-Tech     1,501,000      12.4         1,267,000      10.1         234,000     18.5
Machine
Major       1,991,000      16.4         2,773,000      22.0         (782,000)   (28.2)
customer
Other       288,000        2.4          297,000        2.4          (9,000)     (3.0)
Total     $ 12,140,000     100.0   %  $ 12,585,000     100.0   %  $ (445,000)   (3.5)  %



Third quarter of 2013 ATP revenue increased over the same period in 2012, due
primarily to a significant order shipped to an existing customer during the
third quarter of 2013. Despite the increase over the same period in the prior
year, we believe economic uncertainty at both a national and global level may
impact ATP revenue at least through the end of 2013. Hy-Tech Machine products
("Hy-Tech Machine"), which are primarily marketed to the mining, construction
and industrial manufacturing sectors, encountered a sluggish third quarter of
2013, compared to the third quarter of 2012. Revenue from its Major customer
continues to decline,from what we believe to be the result of this customer's
continuing effort to reduce its world-wide inventory levels, compounded
further by the impact of a weak global economy.

When comparing the nine-month periods ended September 30, 2013 and 2012, ATP
revenue improved slightly, due to current quarter performance. Revenue from
its Hy-Tech Machine products have increased during the nine-month period ended
September 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 nine-month period ended September 30, 2013
declined 28.2%, compared to the same period in 2012, as we believe this
customer is continuing to reduce its world-wide inventory levels, compounded
further by the impact of a weak global economy.

Our Hardware segment, which currently consists only of Nationwide, generates
revenue from the sale of Fencing and gate hardware, Kitchen and Bath
accessories, OEM products and Patio hardware, as follows:



          ThreemonthsendedSeptember 30,
          2013                       2012                         Increase(decrease)
                       Percentof                 Percentof
          Revenue      revenue       Revenue      revenue       $               %
Fence
and gate  $ 4,012,000     70.3    %  $ 3,005,000     70.0    %  $ 1,007,000      33.5 %
hardware
Kitchen     739,000       12.9         638,000       14.8         101,000        15.8
and Bath
OEM         542,000       9.5          396,000       9.2          146,000        36.9
Patio       414,000       7.3          256,000       6.0          158,000        61.7
Total     $ 5,707,000     100.0   %  $ 4,295,000     100.0   %  $ 1,412,000      32.9 %

          NinemonthsendedSeptember 30,
          2013                        2012
                        Percentof                  Percentof      Increase(decrease)
          Revenue       revenue       Revenue       revenue       $                %
Fence
and gate  $ 12,267,000  72.0       %  $ 10,204,000  70.4       %  $ 2,063,000      20.2 %
hardware
Kitchen     2,197,000   12.9            2,181,000   15.0            16,000         0.7
and Bath
OEM         1,404,000   8.2             1,235,000   8.5             169,000        13.7
Patio       1,175,000   6.9             888,000     6.1             287,000        32.3
Total     $ 17,043,000  100.0      %  $ 14,508,000  100.0      %  $ 2,535,000      17.5 %



An expanded customer base, new product releases, as well as an increase in
housing starts continue to be the significant factors in Nationwide's
improvement in their Fence and gate hardware revenue. Two significant factors
contributed to the 36.9% increase in OEM revenue. Firstly, our major OEM
customer increased their orders during the third quarter in an effort to
refill their respective pipeline, and secondly, improvement in the housing
market has driven sales of our window and door accessories. 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.

Further, in November 2013, Nationwide entered into an agreement to sell, to an
unrelated third party, all inventory, intangibles and certain fixed assets
attributable to its Kitchen and Bath product line. If Nationwide is unable to
close this transaction, it plans to exit the kitchen and bath business line
through the disposition of such assets prior to December 31, 2013. Factors
considered in reaching this decision include, but were not limited to: (i) tax
incentives, (ii) dwindling net contribution margins, (iii) high levels of
inventory necessary to properly serve the marketplace, (iv) narrow market
penetration, and (v) required changes in product construction necessary to
comply with various regulations.

The exiting of Nationwide's Kitchen and Bath product line will enable us to
accelerate and deduct, for income tax purposes, the balance of the unamortized
intangible assets of approximately $7,900,000, which arose from the
acquisition of Woodmark International, L.P., in 2004. As a result of the
acceleration of this $7,900,000 tax deduction, and further assuming an
effective tax rate of 34.0%, we believe our cash tax payments will be reduced
by approximately $2,680,000, as the tax liability becomes due.

Nationwide's revenue for the nine-month period ended September 30, 2013
reflects an increase of $2,535,000 when compared to the same period in 2012.
More than 81% 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 first nine months' revenue from Nationwide's
OEM product line improved almost 14% compared to the same period a year ago.
This increase in revenue, occurring mostly in the third quarter of 2013 is
essentially due to an increase in purchasing from a major customer within this
product offering, along with an increase in housing starts, which is a driver
for these products. An increase in the sale of foreclosed homes, which tends
to require repair / replacement of patio enclosures, along with an increase in
housing starts, have been the key factors contributing to the increase in
Patio revenue for the first nine months of 2013, compared to the same period
in 2012.

Gross Margins / Profits

 

                    ThreemonthsendedSeptember30,   Increase(decrease)
                    2013               2012            Amount           %
Tools               $   4,930,000      $  4,355,000    $ 575,000        13.2 %
As percent of           33.4        %     32.7       %   0.7       %
respective revenue                                                 pts.
Hardware            $   2,125,000      $  1,682,000    $ 443,000        26.3 %
As percent of           37.2        %     39.2       %   (2.0)     %
respective revenue                                                 pts.
Consolidated        $   7,055,000      $  6,037,000    $ 1,018,000      16.9 %
As percent of           34.4        %     34.3       %   0.1       %
respective revenue                                                 pts.

                   NinemonthsendedSeptember30,   Increase(decrease)
                   2013              2012            Amount             %
Tools              $  15,492,000     $  11,753,000   $ 3,739,000        31.8 %
As percent of
respective            35.5        %     36.0       %   (0.5)     % pts.
revenue
Hardware           $  6,399,000      $  5,572,000    $ 827,000          14.8 %
As percent of
respective            37.5        %     38.4       %   (0.9)     % pts.
revenue
Consolidated       $  21,891,000     $  17,325,000   $ 4,566,000        26.4 %
As percent of
respective            36.1        %     36.7       %   (0.6)     % pts.
revenue



               ThreemonthsendedSeptember30,   Increase(decrease)
               2013               2012            Amount              %
Florida        $    3,289,000     $  2,660,000    $ 629,000           23.6  %
Pneumatic
As percent of
respective          30.5       %     28.7       %   1.8        %pts.
revenue
Hy-Tech        $    1,641,000     $  1,695,000    $ (54,000)          (3.2) %
As percent of
respective          40.9       %     41.7       %   (0.8)      %pts.
revenue
Total Tools    $    4,930,000     $  4,355,000    $ 575,000           13.2  %
As percent of
respective          33.4       %     32.7       %   0.7        %pts.
revenue

               NinemonthsendedSeptember30,   Increase(decrease)
               2013              2012            Amount               %
Florida        $  10,370,000     $  6,463,000    $ 3,907,000          60.5  %
Pneumatic
As percent of
respective        32.9        %     32.2       %   0.7         %pts.
revenue
Hy-Tech        $  5,122,000      $  5,290,000    $ (168,000)          (3.2) %
As percent of
respective        42.2        %     42.0       %   0.2         %pts.
revenue
Total Tools    $  15,492,000     $  11,753,000   $ 3,739,000          31.8  %
As percent of
respective        35.5        %     36.0       %   (0.5)       %pts.
revenue



Product mix and greater overhead absorption were the key contributing factors
to the slight increase in Florida Pneumatic's third quarter of 2013 margins,
compared to the same period a year ago. The increase in Retail revenue was
the key factor in the increase in gross profit. Hy-Tech's gross margin
decrease was due largely to less overhead absorption.

Florida Pneumatic's gross margin for the first nine months of 2013 increased
slightly, when compared to the same period in 2012. As with the quarterly
results, the year-to-date up-tick in gross margin is due largely to product
mix and greater warehouse efficiencies. However, it was the increase in
Florida Pneumatic's total revenue of nearly $11.4 million that drove the $3.9
million, year-over-year improvement in gross profit. For the nine-month period
ended September 30, 2013, Hy-Tech was able to improve its gross margin
percentage primarily through product mix, as well as through improved cost of
manufacturing. However, lower revenue caused its gross profit to decline.

The decline in gross margin at Nationwide during the third quarter of 2013,
compared to the same period in 2012 is primarily due to: (i) certain product
cost increases for which Nationwide is unable to pass through to its
customers, and (ii) incremental air-freight costs incurred to meet higher
customer demand. However, as the result of increased revenue, gross profit
increased $443,000 or 26.3%, during the third quarter of 2013, compared to the
same period in 2012.

Similar to the three-month results, Nationwide's gross margin declined during
the nine-month period ended September 30, 2013, compared to the same period in
the prior year. Overall product mix, cost increases, additional freight costs,
and competitive pricing pressures were contributing factors to the decline.
However, as Nationwide was able to improve its revenue during the nine-month
period ended September 30, 2013, over the same period in 2012, it increased
its total gross profit $827,000, or 14.8%.

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 third quarter of 2013, our SG&A was $5,680,000, or 27.7% as a
percentage of revenue, compared to $4,646,000, or 26.4% of revenue during the
same three-month period in 2012. The most significant items contributing to
the increase are variable costs, which aggregate to $752,000. Variable costs
include among other things, commissions, warranty costs, freight out and
advertising/promotional fees. Most of this increase is associated with the
additional Retail revenue generated at Florida Pneumatic. Compensation, which
is comprised of base salaries and wages, associated payroll taxes, employee
benefits and accrued performance-based bonus incentives, increased $143,000,
when compared to the three-month periods ended September 30, 2013 and 2012.
Further, part of the increase in our SG&A this quarter compared to the same
quarter in 2012, is non-cash stock based compensation expense, which increased
$53,000. Lastly, professional fees, including legal, accounting and other
services increased by $115,000, the majority of which relates to expenses
incurred in connection with a potential acquisition. However, we do not expect
this activity will result in a transaction. The aforementioned increases were
partially offset by reductions in depreciation and amortization expenses of
$95,000.

Our SG&A for the nine-month period ended September 30, 2013 was $17,892,000,
compared to $14,107,000 incurred during the same period in 2012.Stated as a
percentage of revenue, our SG&A for the first nine months of 2013 was 29.5%,
down from 29.9%, during the same period in the prior year. As noted earlier in
the discussion, primarily the result of increased Retail revenue at Florida
Pneumatic from sales to THD, our variable expenses, which include commissions,
warranty costs, freight out and advertising and promotional expenses,
increased an aggregate amount of $2,892,000. 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 THD.
Compensation includes wages, associated payroll taxes and employee benefits
and performance-based bonus incentives, which are driven primarily by net
earnings, increased $505,000. Partially offsetting the increases were
reductions in our depreciation and amortization costs of $405,000. Further,
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 September 19, 2012, which did
not occur in 2013.

Interest

Our net interest expense during the third quarter of 2013 was $94,000,
compared to $126,000 for the same period in the prior year. A significant
factor affecting interest expense was our average balance of short-term
borrowings during the third quarter of 2013, which was $4,290,000, compared to
$5,438,000, during the same three-month period in 2012. Additionally, there
was a reduction in the applicable loan margins that are added to both our
LIBOR (London InterBank Offered Rate) and Base Rate borrowings, as defined in
the Credit Agreement. See Liquidity and Capital Resources and Note 9 – Debt
to the Condensed Consolidated Financial Statements for further discussion on
the applicable margin rate reductions.

Interest expense for the nine-month period ended September 30, 2013 was
$321,000, compared to $401,000 for the same period in 2012.The reduction in
our nine-month interest expense is due to lower applicable loan margins, which
more than offset the increase in our average balance of our short-term
borrowings during the first nine months of 2013, which was $6,740,000 compared
to $6,065,000, during the same period in 2012.

Income Taxes

At the end of each interim reporting period, we estimate our 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. Our effective tax rate for the three and
nine-months ended September 30, 2013 were 36.8% and 37.3%, respectively.

During the third quarter of 2012 we eliminated the valuation allowance on our
federal deferred tax assets. Prior to this elimination, 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, future tax provisions will significantly
impact after-tax earnings, as well as earnings per share. The elimination of
the valuation allowance at September 30, 2012, gave rise to income tax
benefits of $2,302,000 and $2,252,000, respectively, for the three and
nine-month periods ended September 30, 2012. As a result, our effective tax
rates for the three and nine-month period ended September30, 2012, were not
directly correlated to the amount of our pretax income and are not comparable
to the effective tax rate for the same periods in 2013. We still maintain a
full valuation allowance on certain state deferred tax assets.

OTHER INFORMATION

P&F Industries has scheduled a conference call for today, November 12, 2013,
at 11:00 A.M., Eastern Time to discuss its third quarter of 2013 results.
Investors and other interested parties can listen to the call by dialing
866-337-6663, 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 November 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 $)                          September 30, 2013 December 31, 2012
                                         (Unaudited)        (NOTE 1)
Assets
Cash                                     $     475      $       695
Accounts receivable - net                12,055             6,675
Inventories - net                        23,146             24,073
Deferred income taxes - net              1,139              1,139
Prepaid expenses and other current       839                547
assets
Total current assets                     37,654             33,129
Net property and equipment               10,354             11,102
Goodwill                                 5,150              5,150
Other intangible assets - net            1,560              1,752
Deferred income taxes – net              2,113              3,211
Other assets – net                       694                813
Total assets                             $  57,525        $     55,157
Liabilities and Shareholders' Equity
Short-term borrowings                    $   2,290       $      2,793
Accounts payable                         4,934              4,843
Accrued liabilities                      4,847              4,332
Current maturities of long-term debt     460                460
Total current liabilities                12,531             12,428
Long-term debt, less current maturities  7,018              7,363
Other Liabilities                        266                278
Total liabilities                        19,815             20,069
Total shareholders' equity               37,710             35,088
Total liabilities and shareholders'      $ 57,525           $    55,157
equity



NOTE-1
The unaudited consolidated condensed balance sheet information as of
December31, 2012 was derived from the audited consolidated financial
statements included in the Company's Annual Report on Form10-K for the year
ended December31, 2012.



P & F INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                          Three months ended        Nine months ended
                          September 30,             September 30,
(In Thousand $)           2013         2012         2013         2012
                          (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Net revenue               $   20,483   $  17,622    $  60,668    $  47,180
Cost of sales                 13,428      11,585       38,777       29,855
Gross profit                  7,055       6,037        21,891       17,325
Selling, general and          5,680       4,646        17,892       14,107
admin expenses
Operating income              1,375       1,391        3,999        3,218
Interest expense              94          126          321          401
Income before income          1,281       1,265        3,678        2,817
taxes
Income tax expense            471         (2,302)      1,372        (2,252)
Net income                $   810      $  3,567     $  2,306     $  5,069





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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