P&F INDUSTRIES, INC. REPORTS RESULTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022, AND ANNOUNCES SPECIAL DIVIDEND

MELVILLE, N.Y., Nov. 9, 2022 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) today announced its results from operations for the three and nine-month periods ended September 30, 2022. The Company is reporting net revenue of $14,516,000, and $46,347,000, for the three and nine-month periods ended September 30, 2022, compared to $12,985,000, and $40,520,000, for the same periods in 2021.  For the three-month period ended September 30, 2022, the Company is reporting a net loss before income taxes of $346,000, compared to a net loss before income taxes of $841,000 for the three-month period ended September 30, 2021.  For the nine-month period ended September 30, 2022, the Company is reporting a loss before income taxes of $1,005,000, compared to income before taxes of $1,116,000 for the same nine-month period in 2021.  For the three-and nine-month periods ended September 30, 2022, the Company is reporting net losses after-taxes of $237,000 and $876,000, respectively, compared to net loss after-taxes of $733,000 and net income after tax of $1,383,000, respectively, for the three and nine-month periods ended September 30, 2021.  The Company noted that during the second quarter of 2021 it recorded a gain from the forgiveness of its Paycheck Protection Program loan of $2,929,000 by the Small Business Administration in accordance with the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act.  The Company's basic and diluted loss per share for the three-month period ended September 30, 2022, was $0.08, compared to basic and diluted loss per share of $0.23 for the same three-month period in 2021.  For the nine-month period ended September 30, 2022, the Company's basic and diluted loss per share were $0.28, compared to basic earnings per share of $0.44, and diluted earnings per share of $0.43, respectively, driven by the loan forgiveness of $2,929,200, during the second quarter of 2021.

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