P&F Industries Completes Sale of Real Property
P & F Industries, Inc. - Class A (PFIN)
US:NASDAQ Investor Relations:
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Company Research
Source: PR Newswire
MELVILLE, N.Y., June 19, 2019 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) announced that effective June 18, 2019, its subsidiary, Florida Pneumatic Manufacturing Corporation, completed the sale of real property located in Jupiter, Florida in which it conducts its principal operations (the "Jupiter Facility"). The Jupiter Facility was purchased by Jupiter Warehouse Holdings LLC, an unrelated third party, for a final purchase price of $9.2 million. After broker fees and other expenses relating to the sale and the Florida Pneumatic's new lease, the Company received approximately $8.7 million. Upon the closing, the Company paid off its term loans with a total principal amount of approximately $413,000, with the balance of the net proceeds paying down the Company's revolver loan balance. The Company expects to report a pre-tax gain from the sale of the Jupiter Facility of approximately $7.8 million.Florida Pneumatic plans to continue to house its primary operations at the Jupiter F
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