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P&F Industries Reports Results For The Three And Six-Month Periods Ended June 30, 2010

MELVILLE, N.Y., Aug. 12, 2010 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced its results of operations for the three and six-month periods ended June 30, 2010.

P&F Industries, Inc. reported revenue from continuing operations of $13,320,000 and $24,467,000, for the three and six-month periods ended June 30, 2010, respectively, compared to $14,073,000 and $26,294,000, for the same periods in 2009. For the three-month period ended June 30, 2010, the Company reported income after taxes from continuing operations of $269,000, compared to a loss after taxes from continuing operations of $71,000 during the three-month period ended June 30, 2009. For the six month period ended June 30, 2010, the Company reported a loss after taxes from continuing operations of $438,000, compared to an after tax loss from continuing operations of $410,000 in the same period a year ago. The Company noted that during the six-month period ended June 30, 2010 it incurred substantial legal and consulting fees primarily due to its efforts to resolve certain banking related issues, which aggregated approximately $555,000.

The Company reported basic and diluted earnings (loss) per common share of:

  For the three month period For the six month period
  ended June 30 ended June 30
  2010 2009 2010 2009
Basic and diluted  earnings (loss) per share        
Continuing operations $ 0.07 $ (0.02) $ (0.12) $ (0.11)
Discontinued operations (3.01) (0.14) (3.49) (0.21)
Net (loss) $ (2.94) $ (0.16) $ (3.61) $ (0.32)

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President, stated, "The after tax profit from continuing operations we are reporting this quarter is due in large part to improved gross margins and the on-going cost reduction efforts put forth by P&F and its operating subsidiaries."

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