P&F Industries, Inc. Reports Results For The Year Ended December 31, 2019
P & F Industries, Inc. - Class A (PFIN)
US:NASDAQ Investor Relations:
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Company Research
Source: PR Newswire
MELVILLE, N.Y., March 30, 2020 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) today announced its results from operations for the year ended December 31, 2019. The Company is reporting net revenue of $58,674,000, compared to $64,995,000 reported in 2018. Additionally, the Company is reporting 2019 income before income taxes of $6,708,000, compared to $1,109,000 in 2018. Included in the current year's income before income before taxes is a $7,817,000 gain realized during the second quarter from the sale of the Company's Jupiter, Florida facility. After giving effect to income taxes, the Company is reporting 2019 net income of $4,911,000, compared to $856,000 for 2018.Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President commented, "The net decline in our revenue was due primarily to an approximate $5.7 million decline in our retail revenue, much of which was due to shipments to The Home Depot of pneumatic air tools and accessories in the
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