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P&F INDUSTRIES REPORTS IMPROVED RESULTS FOR THE THREE AND SIX-MONTH PERIODS ...
P&F INDUSTRIES REPORTS IMPROVED RESULTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2011MELVILLE, N.Y., August 11, 2011 - P&F Industries, Inc. (NASDAQ: PFIN) today announced its results of operations for the three and six-month periods ended June 30, 2011.
P&F Industries, Inc. is reporting revenue from continuing operations of $14,164,000 and $27,617,000, respectively for the three and six-month periods ended June 30, 2011, compared to $13,320,000 and $24,467,000, respectively, for the same periods in 2010. Additionally, for the three and six-month periods ended June 30, 2011 the Company is reporting after-tax income from continuing operations of $828,000 and $1,307,000, respectively, compared to after-tax income from continuing operations of $269,000 for the three-month period ended June 30, 2010 and an after-tax loss from continuing operations of $438,000 for the six-month period ended June 30, 2010. As a result, the Company is reflecting improvements of $559,000 and $1,745,000, respectively, when comparing the three and six-month periods ended June 30, 2011 and 2010.
The Company reported basic and diluted earnings (loss) per common share of:
Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President commented, "During the second quarter of 2011, we continued the positive momentum generated in the first quarter, despite a very sluggish economic environment. As the result of the efforts put forth at all three subsidiaries, I am pleased to report that for the fourth consecutive quarter, both revenue and pre-tax profits have improved compared to the prior year."
The Company is reporting second quarter 2011 revenue of $9,459,000 at its Tools segment, compared to $8,695,000 for the same period in 2010. Hy-Tech, which focuses on the industrial sector of the pneumatic tools market, improved its revenue $762,000 during the second quarter of 2011 compared to the same period in 2010. When comparing the three-month periods ended June 30, 2011 and 2010, revenue increased at all of Hy-Tech's product lines, except for Thaxton, which accounts for less than 10% of Hy-Tech's total revenues.
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