Press Releases

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


Revenues Increased 44%, Net Income Up 23%
FARMINGDALE, NY, May 6, 1999 , P & F Industries, Inc. (Nasdaq NM: PFINA) today announced record results from operations for the first quarter ended March 31, 1999.

Revenues for the first quarter of 1999 increased 44% to $18.1 million from $12.5 million for the first quarter of 1998, while net income for the first quarter of 1999 increased 23% to $961,407 compared to $780,869 for the first quarter of 1998. Diluted earnings per share were $0.26 versus $0.22 in the comparable 1998 period.

Richard A. Horowitz, Chairman of the Board, President and CEO of P&F Industries, said, "We are very excited about our first quarter financial performance because it is the direct result of significant sales increases across several product lines:

* Florida Pneumatic continues to receive significantly increased orders from its second largest customer, continuing last year's trend;
* The Franklin division of Embassy has succeeded in placing more hardware products with Home Depot. Home Depot, a new account gained in the third quarter of 1998, has grown to become Franklin's largest customer;
* Embassy's baseboard sales to existing customers were very strong;
* At the Berkley Tool division of Florida Pneumatic, sales were fueled by the successful introduction of a new product targeted to the professional plumber; and
* Green Manufacturing, our hydraulic cylinder subsidiary acquired during the third quarter of 1998 and representing 29% of our first quarter consolidated revenues, realized particularly strong sales to the highway maintenance industry."

Mr. Horowitz continued, "Looking ahead, we see continuing progress as both Green and Embassy gain market share for their respective product lines. Market share gains have been a strategic focus of the Company during the past several quarters and that focus is yielding significant results. Another development that bodes well for our future performance is the new equipment we installed at Green to improve production flexibility and customer responsiveness, both of which are significant competitive factors."

"We believe the combination of market share gains, improved manufacturing facilities and processes, as well as acquisitions that complement our existing products lines, will enable us to continue to achieve financial success."

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. CONSOLIDATED BALANCE SHEETS AND SUMMARY OF EARNINGS (PDF)

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