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Last update: Mar 28, 2023
MELVILLE, N.Y., March 28, 2023 /PRNewswire/ -- P&F Industries, Inc. (NASDAQ: PFIN) today announced its results from operations for the year ended December 31, 2022. The Company is reporting net revenue of $59,041,000 for the year ended December 31, 2022, compared to $53,554,000, for the same period in 2021. For the year ended December 31, 2022, the Company is reporting a net loss before income taxes of $1,852,000, compared to net income before income taxes of $2,288,000 for the year ended December 31, 2021. The Company noted that during 2021 it recorded as Other Income 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, and an additional $2,028,000 of Other Income related to the Employee Retention Credits, also provided by the CARES Act. It further pointed out that its full year 2022 loss from operation was $1,482,000, an improvement of $1,115,000, compared to the operating loss of $2,597,000 in 2021.
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