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P&F Industries' sales jump, net inches higher

P&F Industries Inc., a Melville maker of air-powered tools and residential hardware, Wednesday posted a 12 percent increase in revenue for the third quarter, but a less than 1 percent increase in net income as selling, general and administrative expenses climbed.

Revenue rose to $22.9 million from $20.5 million in the 2013 quarter, but net income inched up to $816,000 from $810,000. Diluted earnings per share for the quarter were flat at 20 cents.

Richard Horowitz, P&F's chairman and chief executive, said that the company plans to close a facility in Ohio and consolidate manufacturing in Cranberry, Pennsylvania.

The company made several acquisitions this year. In July, it bought Exhaust Technologies Inc. of Washington state, for $10.4 million and Universal Air Tool Company Ltd. of the United Kingdom for $1.95 million. In August, it bought Air Tool Service Company of Ohio for $7.7 million.

"We look forward to increased revenue and improved performance from our tools group in 2015, as our three acquisitions assimilate into our existing operations," Horowitz said.

Shares of P&F rose 1.3 percent to $8.10 in late afternoon trading.

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