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P&F Industries Reports Results For The Three And Six-Month Periods Ended June 30, 2012

MELVILLE, N.Y., Aug. 13, 2012 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced its results of operations for the three and six-month periods ended June 30, 2012.

P&F Industries, Inc. is reporting revenue from continuing operations of $15,241,000 and $29,558,000, respectively, for the three and six-month periods ended June 30, 2012, compared to $14,164,000 and $27,617,000, respectively, for the same periods in 2011. For the three and six-month periods ended June 30, 2012 the Company is reporting income from continuing operations before income taxes of $839,000 and $1,577,000, respectively, compared to $828,000 and $1,307,000, respectively, for the same periods in 2011. Additionally, for the three and six-month periods ended June 30, 2012 the Company is reporting after-tax income from continuing operations of $812,000 and $1,527,000, respectively, compared to after-tax income from continuing operations of $828,000 and $1,307,000, respectively, for the same periods in 2011.

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

  For the three month period For the six month period ended
  ended June 30 June 30
  2012 2011 2012 2011
         
Basic earnings (loss) per common share        
Continuing operations $0.23 $0.23 $0.43 $0.36
Discontinued operations (0.01) -- (0.01) (0.01)
Net earnings per common share $0.22 $0.23 $0.42 $0.35
         
Diluted earnings (loss) per common share        
Continuing operations $0.23 $0.22 $0.42 $0.35
Discontinued operations (0.01) -- (0.01) (0.01)
Net earnings per common share $0.22 $0.22 $0.41 $0.34

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President commented, "During the second quarter of 2012, despite the sluggish economic environment, we continued the positive momentum generated in the first quarter, as highlighted by the increase in revenue at both our Tools and Hardware segments. Most notable was the 18.3% increase in revenue at Nationwide Industries.  Our management teams throughout our subsidiaries remain focused on successfully expanding their presence in their respective markets, without sacrificing quality or customer service."

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