Investor Relations| P & F Industries, Inc. Reports Record First Quarter 2000 Results
Harriet Fried/Klea Theoharis
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P & F Industries, Inc. Reports Record First Quarter 2000 Results
Revenue Up 14.8%, Net Income Increases 12.0%
Revenues for the first quarter of 2000 rose 14.8% to $20.8 million, from $18.1 million for the first quarter of 1999. Net income for the quarter rose 12.0% to $1.1 million, or diluted earnings per share of $0.29, compared to net income of $961,407, or diluted earnings per share of $0.26 for the comparable period of 1999.
During the quarter, Florida Pneumatic Manufacturing Corporation experienced significant improvement in demand for pneumatic tools and related products. Revenues increased 13.3%, as a result of strong sales to its two largest customers.
Revenues from hydraulic cylinders at Green Manufacturing increased 15.5%, led by sales to the tow truck/wrecker and refuse markets. In addition to the positive revenue results at Green, a new, more sophisticated ERP system was installed in March that will allow for the refinement of the pricing structure to improve margins and better utilize human and capital resources.
Embassy Industries' heating division experienced sales growth of 20.6%, primarily as a result of sales of radiant heating products, which increased 48% quarter over quarter, and commercial grade heating products for office building installations. Sales at the Franklin hardware division increased 15.1% during the first quarter. The increase was the result of orders from Home Depot, which expanded the number of its stores that carry Franklin products to 115 from 90 last year.
Richard Horowitz, Chairman of the Board, President and CEO of P&F Industries stated, "The strength exhibited in all of P&F's subsidiaries during the quarter was the result of a combination of factors, including strong and expanding relationships with our existing customers, orders from new customers and operating improvements in some divisions. In addition, we were particularly encouraged by P&F's results given the fact that we once again had to address a significant strengthening of the Japanese Yen during the quarter."
P & F Industries, Inc., through its three wholly owned subsidiaries, Florida Pneumatic Manufacturing Corporation, Green Manufacturing, Inc. and Embassy Industries, Inc. manufactures and/or imports air-powered tools, hydraulic cylinders, baseboard and radiant heating products. The Company also imports various security hardware items and compressor air filters, markets a line of pipe-cutting and threading tools and makes heavy-duty pipe wrenches. P&F's products are sold under their own trademarks as well as under the private labels of major manufacturers and retailers.
This is a "Safe-Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those related to the Company's performance for the year 2000, are based upon the Company's historical performance and on current plans, estimates and expectations. They are subject to various risks and uncertainties, including, but not limited to, the impact of competition, product demand and pricing. These risks could cause the Company's actual results for the 2000 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. CONSOLIDATED BALANCE SHEETS & SUMMARY OF EARNINGS (PDF)
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