Investor Relations| P & F INDUSTRIES, INC. REPORTS RECORD SECOND QUARTER RESULTS
Harriet Fried/Klea Theoharis
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P & F INDUSTRIES, INC. REPORTS RECORD SECOND QUARTER RESULTS
NET INCOME INCREASES 95%
Revenues for the second quarter of 1998 increased 13% to $11,997,372 from $10,643,323 in the 1997 period, while net income increased 95% to $950,009 from $487,038. Basic earnings per share rose to $0.29 from $0.16 in the second quarter of 1997 and diluted earnings per share rose to $0.25 from $0.14. P & F experienced higher gross profits in the second quarter due to a more profitable product mix and an increase in the value of the dollar against the yen.
For the six months ended June 30, 1998, consolidated revenues increased 24% to $24,538,496 from $19,861,131 in the first half of 1997. Net income for the first half was $1,730,878 versus $848,512 in 1997, representing a 104% increase. Basic earnings per share were $0.54 compared to $0.28 and diluted earnings per share were $0.47 for the period versus $0.24 in the same period last year.
Last week, P & F announced the signing of a new credit facility agreement which will allow the Company to not only fund their current needs, but will provide capital to pursue additional opportunities.
Richard A. Horowitz, Chairman of the Board, President and Chief Executive Officer of P & F, stated, "We are very excited to report the continuation of our strong net earnings growth that began in the first quarter. During the second quarter, our Florida Pneumatic subsidiary continued to enjoy strong growth in its industrial and catalog group."
"At the Franklin division of Embassy we have attained a solid foothold at Home Depot Northeast and are working with Home Depot to develop additional opportunities for this account. We are confident that our ability to be responsive will allow us to create a long-term, mutually beneficial partnership with this very important customer."
In summary, Mr. Horowitz stated, "We are making progress toward achieving all of our milestones for 1998 and we are confident that their achievement will allow P & F to continue its growth and create additional opportunities for the Company."
P & F Industries, Inc., through its two wholly-owned subsidiaries, manufactures and imports air-powered tools 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, such as Tradesman and Franklin, as well as under the private labels of major retailers.
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