October 15, 2008
P&F Industries reports profits up, revenues down
P&F Industries, Inc. Monday announced that its profits were up for the first quarter of 2008 compared to the same period in the year earlier, but that revenues had dropped for the three-month period ended March 31, 2008.
The Melville-based company, which imports, manufactures, and sells pneumatic hand tools, reported revenue of $24.3 million in the first quarter of 2008, ending March 31, compared to $25.0 million for the same period in 2007.
The company reported net earnings of $362,000 for the quarter, compared to $126,000 reported for the same period a year earlier. Earnings per share grew from 3 cents to 10 cents.
Richard Horowitz, the company's Chairman of the Board, Chief Executive Officer and President said, ``Although P&F's overall results from operations continue to feel the pressure of the downward trend in new housing starts, particularly in the Southwest region of the United States, our results for the first quarter of 2008 reflect our on-going commitment to improve the Company's net income through our continuing, concerted efforts to reduce costs wherever possible, as well as having the benefit of a full quarter of Hy-Tech's earnings.''
Horowitz added, ``While our Hardware segment remains in the grips of the slowdown in new housing starts, our tools segment appears more stable at this time.''
Get breaking news | Most popular stories | Dining and Travel deals all via e-mail!
Copyright © 2008, Newsday Inc.
-
KAS CARPET
-
NRF FUNDING CORP
Business blogs
Classifieds
-
Jobs -
Real Estate -
Cars
Strangers in your house
The pros and cons of open houses.
Open house horror stories | Community Guide
LI Auto Show
The newest cars, trucks, SUV's vehicles and crossovers will pack the Nassau Coliseum this week.
Popular stories
- Judge orders no bond at Casey Anthony's initial appearance
- Manager: Janet Jackson returning to her 'Rock Witchu' tour after bout of vertigo
- Driver slams car into St. James store
- Cell phone call nets three robbery suspects
- Many questions about death of Rangers prospect
