P&F Industries (PFIN) 8-K/A Results of Operations and Financial Condition

P&F INDUSTRIES REVISES TABLE CONTAINED IN

PREVIOUSLY ISSUED PRESS RELEASE

MELVILLE, N.Y., March 31, 2011 - P&F Industries, Inc. (Nasdaq: PFIN)issued a press release on March 29, 2010 entitled “P&F Industries Reports Year over Year Increase of $1.5 Million in After Tax Income from Continuing Operations”. The Company has revised such press release to reflect a reclassification of certain debt from short-term to long-term. As such, the “Current maturities of long-term debt”, “Total current liabilities“ and “Long-term debt, less current maturities” line items as of December 31, 2010 have been revised, as reflected in the  December 31, 2010 balance sheet contained in the following table:

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 BALANCE SHEETS

In Thousand $	December 31, 2010
Assets
Cash	$	874
Accounts receivable - net		6,986
Inventories - net		18,430
Deferred income taxes - net		233
Income tax refund receivable		-0-
Prepaid expenses and other current assets		417
Assets of discontinued operations		23
Total Current Assets		26,963
Property and equipment		25,370
Less accumulated depreciation and amortization		13,599
Net property and equipment		11,771
Goodwill		5,150
Other intangible assets - net		2,300
Deferred income taxes – net		1,874
Assets of discontinued operations		-0-
Other assets – net		837
Total assets	$	48,895
Liabilities and Shareholders’ Equity
Short-term borrowings	$	9,996
Accounts payable		1,673
Other accrued liabilities		3,115
Current liabilities of discontinued operations		27
Current maturities of long-term debt		406
Total current liabilities		15,217
Long-term debt, less current maturities		6,973
Long-term Liabilities of discontinued operations		306
Total liabilities		22,496
Total shareholders' equity		26,399
Total Liabilities and Stockholders’ Equity	$	48,895