P&F INDUSTRIES, INC. REPORTS APPROVAL OF QUARTERLY DIVIDEND PLAN AND DECLARATION OF QUARTERLY DIVIDEND

Rhea-AI Summary

P&F Industries, Inc. (NASDAQ: PFIN) announced a new dividend policy, declaring a cash dividend of $0.20 per share annually, payable quarterly in $0.05 installments. The first payment is set for April 6, 2023, for stockholders of record by March 31, 2023. Future dividends depend on the Board's assessment of their benefit to stockholders and compliance with laws, with the possibility of suspension or cancellation at any time. The company is a manufacturer and importer of air-powered tools and accessories for various markets, signaling a commitment to returning value to shareholders.

Positive

• Establishment of a dividend policy, indicating financial stability.
• Quarterly cash dividend of $0.05 per share enhances shareholder value.

Negative

• Future dividends are subject to the Board's discretion, which may lead to uncertainty.

MELVILLE, N.Y., March 21, 2023 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) today announced that its Board of Directors approved a dividend policy under which the Company intends to declare a cash dividend to the Company's stockholders in the amount of $0.20 per share per annum, payable in equal quarterly installments.  In conjunction therewith, the Company's Board of Directors declared a quarterly cash dividend of $0.05 per share to stockholders of record at the close of business on March 31, 2023.  This dividend is payable on April 6, 2023.

Future dividend declarations are subject to the Board of Directors' continuing determination that the dividend policy is in the best interests of the Company's stockholders and in compliance with applicable law. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time. 

Safe Harbor Statement. 

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 future performance, and those contained in the comments of management, are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to those risks and uncertainties described in the Company's most recent Annual Report on Form 10-K, and its other reports and statements filed by the Company with the Securities and Exchange Commission. These risks could cause the Company's actual results in future periods 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.

About P&F Industries, Inc.

P&F Industries, Inc., through its wholly owned subsidiaries, is a manufacturer and importer of air-powered tools and accessories sold principally to the aerospace, industrial, automotive, and retail markets.  P&F's products are sold under its own trademarks, as well as under the private labels of major manufacturers and retailers.

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SOURCE P&F Industries, Inc.

FAQ

What is the dividend amount for PFIN in 2023?

PFIN declared a cash dividend of $0.20 per share for 2023.

When is the next dividend payment for PFIN?

The next dividend payment is scheduled for April 6, 2023.

How often will PFIN pay dividends?

PFIN intends to pay dividends quarterly.

What factors could affect future dividends for PFIN?

Future dividends depend on the Board's assessment and can be suspended or cancelled.