Press Releases

Lippert/Heilshorn & Assoc., Inc.
Harriet Fried/Klea Theoharis
Investors Relations
212-838-3777 or


Quarter Impacted by One-Time Events
FARMINGDALE, NY, July 7, 1999 , P & F Industries, Inc. (Nasdaq NM: PFINA) today announced that preliminary results from operations for the second quarter ended June 30, 1999 would be impacted by two one-time events. During the quarter, a major customer at the Company's Florida Pneumatic subsidiary temporarily slowed its purchasing to reduce inventory levels and a new computer system at the Company's Green Manufacturing subsidiary caused manufacturing delays that resulted in decreased sales. As a result, revenue for the second quarter of 1999 is expected to be between $16.9 million and $17.2 million, compared with $12.0 million for the second quarter of 1998. Revenue for the second quarter of 1998 does not include any revenue from Green which was acquired in September 1998. Net income for the second quarter of 1999 is expected to be between $700,000 and $825,000 versus $950,009 for the second quarter of 1998. Diluted earnings per share are expected to be between $0.18 and $0.22 versus $0.25 in the comparable 1998 period.

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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