Investor Relations| P & F INDUSTRIES, INC. ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS
Harriet Fried/Klea Theoharis
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P & F INDUSTRIES, INC. ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS
Quarter Impacted by One-Time Events
According to Richard Horowitz, Chairman, "Although we are not pleased with the decreased earnings this quarter, the causes are both one-time events. Even given the occurrence of these events, P&F experienced its second best second quarter in the Company's history. The customer that reduced its purchasing has done so periodically to decrease inventory to desirable levels and we expect orders to return to normal in the near future. In addition, the new computer system installation at Green Manufacturing is now complete and will enable us to schedule factory operations efficiently."
P & F Industries, Inc., through its three wholly owned subsidiaries, Florida Pneumatic, Green Manufacturing and Embassy Industries, manufactures and/or imports air-powered tools, hydraulic cylinders and 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 press release contains "forward-looking statements" within the meaning of the federal securities laws. It is important to note that these statements involve a number of risks, uncertainties and other factors that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Additional information concerning such matters is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1998, and other documents subsequently filed by the Company with the Securities and Exchange Commission, all of which are available from the Securities and Exchange Commission.
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