Exhibit 99.2
P&F INDUSTRIES REVISES TABLE CONTAINED IN
PREVIOUSLY ISSUED PRESS RELEASE
MELVILLE, N.Y., August 19, 2009 - P&F Industries, Inc. (Nasdaq: PFIN) yesterday issued a press release entitled “P&F Industries Reports Results for the Three and Six-Month Periods Ended June 30, 2009”. Such press release contained a typographical error in the “Cost of sales” line item for the three-month period ended June 30, 2009 in a supplemental table. The revised table follows.
P&F Industries, Inc.
Joseph A. Molino, Jr.
Chief Financial Officer
631-694-9800
www.pfina.com
P & F INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS
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| Three months ended June 30, |
| Six months ended June 30, |
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(In thousands of $, except per share data) |
| 2009 |
| 2008 |
| 2009 |
| 2008 |
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| (Unaudited) |
| (Unaudited) |
| (Unaudited) |
| (Unaudited) |
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Net revenue |
| $ | 18,528 |
| $ | 25,554 |
| $ | 34,090 |
| $ | 49,879 |
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Cost of sales |
| 13,817 |
| 17,499 |
| 24,748 |
| 34,151 |
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Gross profit |
| 4,711 |
| 8,055 |
| 9,342 |
| 15,728 |
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Selling, general and administrative expenses |
| 5,288 |
| 6,702 |
| 10,343 |
| 13,191 |
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Operating (loss) income |
| (577 | ) | 1,353 |
| (1,001 | ) | 2,537 |
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Interest expense – net |
| 362 |
| 452 |
| 671 |
| 1,010 |
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(Loss) earnings before income taxes |
| (939 | ) | 901 |
| (1,672 | ) | 1,527 |
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Income taxes (benefit) expense |
| (374 | ) | 406 |
| (501 | ) | 670 |
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Net (loss) earnings |
| $ | (565 | ) | $ | 495 |
| $ | (1,171 | ) | $ | 857 |
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(Loss) earnings per common share: |
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| �� |
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Basic: |
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Net (loss) earnings per common share |
| $ | (0.16 | ) | $ | 0.14 |
| $ | (0.32 | ) | $ | 0.24 |
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Diluted: |
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Net (loss) earnings per common share |
| $ | (0.16 | ) | $ | 0.13 |
| $ | (0.32 | ) | $ | 0.23 |
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Weighted average common shares outstanding: |
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Basic |
| 3,614,562 |
| 3,637,277 |
| 3,614,562 |
| 3,637,370 |
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Diluted |
| 3,614,562 |
| 3,713,440 |
| 3,614,562 |
| 3,694,338 |
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# End #