P&F Industries points to growth of tool-segment
P&F Industries, Inc. reported a strong finish to the full-year period ended Dec. 31, 2013, with an especially large boost in Tools revenue that the company attributes to its entry into The Home Depot.
"Our consolidated 2013 revenue increased 27.0% when compared to 2012's revenue," said chairman, CEO and president Richard Horowitz.
For the three-month period ended Dec. 31, revenue was $15.4 million, up 21.3% year-over-year. Income for the quarter was $919,000, more than double that of the same period a year before.
Full-year 2013 revenue came in at $76.1 million, up from $59.9 million in 2012. Net income was $3.2 million, down from $5.4 million the year before.
"Although we are reporting an increase in our income before income taxes of approximately $1.3 million, our net income after taxes declined," added Horowitz. "As the result of a lapse of the statute of limitations on an uncertain tax position, during the fourth quarter of 2013 we realized a tax benefit of $329,000. As a result, our net income after taxes for the 2013 fiscal fourth quarter was $919,000, compared to $342,000 in the same period in 2012."