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P&F Industries Reports Year Over Year Increase Of $1.5 Million In After-Tax Income From Continuing Operations

MELVILLE, N.Y., March 29, 2011 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced its results of operations for the year ended December 31, 2010.

P&F Industries Inc. reported revenue from continuing operations of $50,609,000 and $51,157,000, respectively, for the years December 31, 2010 and 2009. For the year ended December 31, 2010, the Company reported income after taxes from continuing operations of $341,000, compared to a loss after taxes from continuing operations of $1,195,000 during the year ended December 31, 2009, resulting in the Company improving its after-tax income by $1,536,000.

The Company reported income after taxes from its discontinued operations of $340,000, for the year ended December 31, 2010, compared to a loss after taxes of $7,265,000 for the same period in 2009.

The Company reported basic and diluted earnings (loss) per common share of:
  For the Twelve Months Ended  December 31,
  2010 2009
Basic earnings (loss) per share    
Continuing operations $0.10 $(0.33)
Discontinued operations 0.09 (2.01)
Net income (loss) $0.19 $(2.34)
Diluted earnings (loss) per share    
Continuing operations $0.10 $(0.33)
Discontinued operations 0.09 (2.01)
Net income (loss) $0.19 $(2.34)
Weighted average common shares outstanding:  
Basic   3,615,000 3,615,000
Diluted   3,634,000 3,615,000

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 year compared to the same period in 2009, despite a modest decline in revenue, highlights the impact our long-term strategic efforts to improve overall gross margins and cost containment activities had during 2010.  Additionally, the new credit facility entered into during the fourth quarter of 2010 with Capital One Leverage Finance should provide added financial flexibility and stability to the Company, due primarily to greater use of our assets as collateral, as well as new extended terms on our long term debt. I am confident that our current strategy and new banking partner should enable us to take advantage of future opportunities as the economy improves." 

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