{"id":492967,"date":"2021-05-13T08:06:48","date_gmt":"2021-05-13T12:06:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pf-industries-inc-reports-improved-results-for-the-three-month-period-march-31-2021\/"},"modified":"2021-05-13T08:06:48","modified_gmt":"2021-05-13T12:06:48","slug":"pf-industries-inc-reports-improved-results-for-the-three-month-period-march-31-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pf-industries-inc-reports-improved-results-for-the-three-month-period-march-31-2021\/","title":{"rendered":"P&F Industries, Inc. Reports Improved Results For The Three-Month Period March 31, 2021"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n MELVILLE, N.Y.<\/span>, May 13, 2021<\/span> \/PRNewswire\/ —\u00a0P&F Industries, Inc. (NASDAQ: PFIN) today announced its results from operations for the three-month period ended March 31, 2021<\/span>. The Company is reporting net revenue of $13,945,000<\/span>, compared to $13,350,000<\/span> reported in the same period in 2020. \u00a0Additionally, the Company is reporting a loss before income taxes of $377,000<\/span>, compared to a loss of $1,263,000<\/span>, for the same period in 2020. \u00a0After giving effect to income taxes, the Company is reporting a loss of $307,000<\/span>, compared to $758,000<\/span> for the first quarter of 2020.<\/p>\n

\n Richard Horowitz<\/span>, the Company’s Chairman of the Board, Chief Executive Officer and President commented, “In the first quarter of 2021, the world was still in the throes of this horrific, global COVID-19 pandemic. \u00a0It is therefore somewhat difficult to compare to the first quarter of 2020, when for the most part, the harsh effects of pandemic had not yet begun to be felt. \u00a0Despite the aforementioned, our results this quarter improved, compared to a year ago. That being said, during the first quarter of 2021, we began to see indications in several markets we serve that the COVID-19 pandemic might be behind us. \u00a0Specifically, Florida Pneumatic’s total first quarter 2021 revenue improved $871,000<\/span>, or 8.7% over the same three-month period in 2020, even though most of the prior period did not include the full effects of the pandemic. Revenue increases ranged between 27% and 28% in Automotive, Retail, and Industrial products sales, which were partially offset by a decrease in Aerospace revenue of 41%. \u00a0This decline was driven primarily by weak demand from Boeing and other commercial and military aircraft manufacturers. \u00a0Improvement at Hy-Tech is occurring slower, with first quarter 2021 revenue declining $276,000<\/span> or 8.3%, compared to same period in 2020.\u00a0 However, Hy-Tech’s first quarter 2021, is 57% greater than its fourth quarter 2020 revenue and its gross margin also significantly improved, this quarter, compared to the fourth quarter of 2020. \u00a0Further, we are encouraged by the increase in customer orders being received at Hy-Tech, and its current level of open orders. \u00a0This strong demand should prove beneficial for the balance of 2021 and beyond. \u00a0Our selling, general and administrative expenses declined approximately $700,000<\/span>, driven by lower compensation costs and costs incurred in 2020 related to the relocation of the gear manufacturing businesses not recurring. Lastly, again considering the impact of the pandemic, our consolidated gross margin was down only 0.4 percentage points, with a slight decline in Hy-Tech gross margin, partially offset by improved gross margin at Florida Pneumatic.”<\/p>\n

Mr. Horowitz added, “We are cautiously optimistic about future growth; however, COVID-19 remains a global issue. We intend to do our utmost to continue to serve our customers, while ensuring the health and safety of our employees.\u00a0 Through persistence by all of our employees, as well as the loyalty of our customers, we made it through very difficult times, and firmly believe that when this pandemic truly is behind us, we will be well positioned to take advantage of an economic recovery.\u00a0\u00a0<\/p>\n

Mr. Horowitz concluded his remarks by stating, “Primarily due to the COVID-19 pandemic and its effect on our results, our\u00a0Board of Directors has\u00a0determined to continue its suspension of our quarterly cash dividend for the time being. The Board intends to evaluate the dividend policy going forward based on all of the relevant facts, and we look forward to resuming dividends as soon as possible.”<\/p>\n

The Company will be reporting the following.<\/p>\n

\n OVERVIEW<\/b>\u00a0\u00a0<\/p>\n

During the first quarter of 2021, significant factors that impacted our results of operations were the:<\/p>\n