Welcome to our dedicated page for P&F Industries news (Ticker: PFIN), a resource for investors and traders seeking the latest updates and insights on P&F Industries stock.
P&F Industries, Inc. (NASDAQ: PFIN), through its subsidiaries, is a leading designer, importer, and seller of pneumatic hand tools catering primarily to the retail, industrial, automotive, and aerospace markets within the United States. The company markets its products under well-known brand names such as Florida Pneumatic, Universal Tool, Jiffy Air Tool, AIRCAT, and NITROCAT. Additionally, P&F Industries serves retailers, distributors, manufacturers, and private label customers through in-house sales personnel and manufacturers' representatives.
P&F Industries' product portfolio includes sanders, grinders, drills, saws, and impact wrenches. The company is also engaged in the design, manufacture, and distribution of heavy-duty pneumatic impact tools, grinders, air motors, hydro-pneumatic riveters, hydrostatic test plugs, impact sockets, custom gears, accessories, and various replacement parts under the ATP, NUMATX, Thaxton, and Quality Gear brands.
Despite a decline in revenue, the company's financial performance has shown significant improvement. For the three-month period ending June 30, 2023, P&F Industries reported net income before taxes of $356,000, compared to $55,000 for the same period in 2022. The company's consolidated revenue for this quarter decreased by 9.2%, mainly due to a reduction in Florida Pneumatic's stock-keeping units at retail outlets. However, stronger gross margins and lower operating expenses contributed to higher net income, signifying robust operational efficiencies.
On October 13, 2023, P&F Industries entered into a definitive agreement to be acquired by ShoreView Industries for $13.00 per share in an all-cash transaction. This acquisition, expected to close in the fourth quarter of 2023, is anticipated to provide significant premium cash value to shareholders and afford the company enhanced financial and operational flexibility as a private entity.
The company continues to grapple with trends and uncertainties such as international supply chain delays and inflationary pressures but remains optimistic about the future. Notably, P&F Industries has been proactive in addressing these challenges through improved pricing strategies and manufacturing efficiencies.
P&F Industries remains committed to serving its diverse customer base and aims to further develop new technologies, including cordless power tools for the automotive aftermarket and aerospace sectors. The company's recent development of a cordless installation tool for the aerospace market is a testament to its innovation and forward-thinking approach.
P&F Industries (NASDAQ: PFIN) reported a slight increase in net revenue for Q1 2022, reaching $14.02 million, up from $13.95 million in Q1 2021. However, the company faced a net loss before taxes of $714,000, compared to $377,000 a year earlier. Basic and diluted loss per share rose to $0.19. The integration of the acquired Jackson Gear business is ongoing, incurring $150,000 in costs this quarter. Challenges such as increased ocean freight costs and pandemic impacts continue to hurt profit margins, but a price increase implemented in April 2022 aims to offset these costs.
P&F Industries, Inc. (NASDAQ GM: PFIN) will release its financial results for the quarter ended March 31, 2022, before market opening on May 12, 2022. A conference call is scheduled for the same day at 11:00 a.m. Eastern time. The company will implement new measures to streamline the Q&A portion, limiting each caller's time to 20 minutes. Interested parties can join the call at 1-888-394-8218, and a replay will be available on the company’s website approximately 24 hours later.
P&F Industries is a leading manufacturer of air-powered tools and accessories.
P&F Industries reported fiscal year 2021 net revenue of $53.55 million, up 9.0% from $49.14 million in 2020. The company achieved a net income after taxes of $2.29 million, reversing a $4.95 million loss in 2020. Key factors include $2.93 million PPP loan forgiveness and $2.03 million from the Employee Retention Credit. Florida Pneumatic's revenue rose 8.4%, with Hy-Tech increasing 11.1%. However, challenges such as rising inflation and supply chain disruptions persist, affecting future outlook.
P&F Industries plans to release its financial results for the year ending December 31, 2022, on March 29, 2022, before market opening. A conference call is scheduled for 11:00 a.m. Eastern time on the same day. Investors can dial in at 888-394-8218 to participate. For those unable to join live, a replay will be available on the company's website about 24 hours later. P&F is a prominent manufacturer and importer of air-powered tools and accessories, catering to sectors such as aerospace, industrial, and automotive markets.
P&F Industries, Inc. (NASDAQ: PFIN) announced the acquisition of Jackson Gear Company on January 15, 2022, for $2.3 million in cash plus the assumption of certain obligations. This acquisition enhances P&F's gear product offerings, expected to double the size of its Power Transmission Group (PTG). According to CEO Richard Horowitz, the integration of Jackson Gear will create operational efficiencies over the next six to twelve months. This strategic move strengthens P&F's position in the air tools and accessories market.
P&F Industries reported a consolidated revenue of $12,985,000 for Q3 2021, up 4.7% year-over-year, with a nine-month total of $40,520,000, a 8.7% increase. Despite a net loss before taxes of $841,000 for Q3, net income for the nine-month period was $1,116,000. The company experienced a significant revenue increase in Hy-Tech's OEM product lines, up 91.3% in Q3, while facing supply chain challenges that affected retail and automotive sectors. Additionally, the forgiveness of a $2,929,200 Paycheck Protection Program loan positively impacted income.
P&F Industries plans to announce its financial results for the three and nine months ending September 30, 2021, on November 11, 2021, before the market opens. A conference call will begin at 11:00 a.m. Eastern time on the same day, with a dial-in number of 1-866-337-5532. Those unable to attend the live event can access a replay via the company's website approximately 24 hours later. P&F Industries, through its subsidiaries, is a prominent manufacturer and importer of air-powered tools primarily serving the aerospace, industrial, automotive, and retail sectors.
P&F Industries reported strong financial results for Q2 2021, with net revenue reaching $13,589,000, up 18% from $11,520,000 in Q2 2020. The company also posted a net income before taxes of $2,334,000, compared to a loss of $3,195,000 a year earlier. The forgiveness of a $2.9 million PPP loan positively impacted earnings. Notably, Florida Pneumatic, a subsidiary, saw a 31.6% increase in retail revenue, although aerospace sales were down 10.3%. SG&A expenses rose due to higher variable costs and a ransomware attack. Overall, the company shows signs of recovery from COVID-19 impacts.
P&F Industries, Inc. (NASDAQ GM: PFIN) will announce results for the three and six-month periods ending June 30, 2021, on August 12, 2021, before market opening. A conference call is scheduled for 11:00 a.m. Eastern time the same day, with a dial-in number of 800-367-2403. For those who miss the live broadcast, a replay will be available on the Company’s website approximately 24 hours later. P&F Industries is a prominent manufacturer of air-powered tools and accessories for various markets.
P&F Industries, Inc. (NASDAQ:PFIN) announced the full forgiveness of its $2,929,200 Paycheck Protection Program (PPP) loan on June 9, 2021. This approval from the U.S. Small Business Administration allows the company to eliminate the principal and interest associated with the loan. Chairman Richard Horowitz expressed gratitude for the financial support that aided in retaining employees and maintaining operations during the COVID-19 pandemic.
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