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Toolmaker P&F Industries reports profits

A socket made by OZAT, a subsidiary of

A socket made by OZAT, a subsidiary of P&F Industries, Melville. Photo Credit: OZAT

P&F Industries, a Melville-based tool supplier of equipment for the automotive and housing industries, reports increased profits for its second quarter, with income of $817,000 on sales of $11.6 million compared to $648,000 profit on $12.1 million in the same quarter last year.

The key to the company's improvement was its line of Hy-Tech industrial pneumatic tools, P&F said.

In that division, its second-quarter revenue was $9.4 million compared to $8.6 million in the year-ago quarter; the division showed an increase in revenues for its ATP tools and parts, Eureka syphons, and OZAT socket lines, though sales lagged at its Thaxton line of hydrostatic test plugs.

P&F, with offices on Broadhollow Road, in recent years had seen revenues slide due to the economy's effect on car and home sales.

Through its two wholly-owned subsidiaries, Continental Tool Group Inc. and Countrywide Hardware Inc., P&F makes or imports air-powered tools and builders' hardware which it sells "under their own trademarks, as well as under the private labels of major manufacturers and retailers," the company said.

In its most recent quarterly results, P&F's subsidiary Florida Pneumatic had "basically flat" revenue compared to the year-ago quarter; it makes the product lines Universal Tool, Berkley Pipemaster and Fuji Air Tools.

Another P&F subsidiary, Nationwide Industries Inc., had a slight increase in sales; it supplies custom and stock fencing and railing hardware, window and door components, storm and screen doors.

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