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P&F Industries Reports Improved Results For The Three And Nine-Month Periods Ended September 30, 2010

MELVILLE, N.Y., Nov. 10, 2010 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced its results of operations for the three and nine-month periods ended September 30, 2010.

P&F Industries, Inc. reported revenue from continuing operations of $14,267,000 and $38,734,000, respectively, for the three and nine-month periods ended September 30, 2010, compared to $13,144,000 and $39,438,000, respectively, for the same periods in 2009. For the three-month period ended September 30, 2010, the Company reported income after taxes from continuing operations of $632,000, compared to $56,000 during the three-month period ended September 30, 2009. For the nine month period ended September 30, 2010, the Company reported income after tax from continuing operations of $194,000, compared to a loss from continuing operations of $354,000 in the same period a year ago.

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

  For the three month period ended September 30 For the nine month period ended September 30
  2010 2009 2010 2009
Basic and diluted earnings (loss) per common share        
Continuing operations  $ 0.17 $ 0.02 $ 0.05 $ (0.10)
Discontinued operations  0.06 (0.23) (3.44) (0.44)
Net income (loss) $ 0.23 $ (0.21) $ (3.39) $ (0.54)

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President stated, "The improvement in our after tax profit from continuing operations this quarter compared to the same period in 2009, is primarily due to increased revenue and cost reductions throughout our organization that started over a year ago.  It is our objective to maintain the momentum created this quarter into the future." Mr. Horowitz further commented, "I believe the new credit facility entered into with Capital One Leverage Finance, will provide added financial flexibility and stability to the Company, due primarily to greater application of our collateral as well as new extended terms on our long term debt. As a result, I believe the Company will be better positioned to take advantage of opportunities as the economy improves."

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