P&F Industries (PFIN) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 12, 2015
Document Information [Line Items]
Entity Registrant Name	P&F INDUSTRIES INC
Entity Central Index Key	75,340
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PFIN
Entity Common Stock, Shares Outstanding		3,614,870
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 865,000	$ 1,011,000
Accounts receivable — net	12,504,000	9,547,000
Inventories	24,910,000	24,335,000
Deferred income taxes — net	1,149,000	1,149,000
Prepaid expenses and other current assets	1,790,000	1,529,000
TOTAL CURRENT ASSETS	41,218,000	37,571,000
PROPERTY AND EQUIPMENT
Land	1,550,000	1,550,000
Buildings and improvements	7,697,000	7,683,000
Machinery and equipment	20,799,000	20,460,000
Property plant and equipment gross	30,046,000	29,693,000
Less accumulated depreciation and amortization	19,949,000	19,101,000
NET PROPERTY AND EQUIPMENT	10,097,000	10,592,000
GOODWILL	12,040,000	11,980,000
OTHER INTANGIBLE ASSETS — net	11,804,000	12,437,000
OTHER ASSETS — net	408,000	514,000
TOTAL ASSETS	75,567,000	73,094,000
CURRENT LIABILITIES
Short-term borrowings	14,916,000	11,817,000
Accounts payable	3,750,000	3,160,000
Accrued liabilities	4,885,000	5,500,000
Current maturities of long-term debt	498,000	3,167,000
TOTAL CURRENT LIABILITIES	24,049,000	23,644,000
Long-term debt, less current maturities	6,246,000	6,493,000
Deferred tax liabilities - net	2,766,000	2,720,000
Other liabilities	237,000	246,000
TOTAL LIABILITIES	33,298,000	33,103,000
SHAREHOLDERS' EQUITY
Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued	0	0
Additional paid-in capital	12,807,000	12,695,000
Retained earnings	30,044,000	27,951,000
Treasury stock, at cost - 554,000 shares at June 30, 2015 and December 31, 2014	(4,566,000)	(4,566,000)
Accumulated other comprehensive loss	(184,000)	(228,000)
TOTAL SHAREHOLDERS' EQUITY	42,269,000	39,991,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	75,567,000	73,094,000
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common stock	4,168,000	4,139,000
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Treasury stock, shares	554,000	554,000
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	7,000,000	7,000,000
Common stock, shares issued	4,168,000	4,139,000
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	2,000,000	2,000,000
Common stock, shares issued	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net revenue	$ 22,560,000	$ 18,268,000	$ 42,386,000	$ 34,200,000
Cost of sales	14,141,000	11,665,000	26,448,000	21,562,000
Gross profit	8,419,000	6,603,000	15,938,000	12,638,000
Selling, general and administrative expenses	6,452,000	5,556,000	12,548,000	10,783,000
Operating income	1,967,000	1,047,000	3,390,000	1,855,000
Other income	(201,000)	0	(201,000)	0
Interest expense	201,000	88,000	393,000	177,000
Income before income taxes	1,967,000	959,000	3,198,000	1,678,000
Income tax expense	655,000	387,000	1,105,000	644,000
Net income	$ 1,312,000	$ 572,000	$ 2,093,000	$ 1,034,000
Basic earnings per share (in dollars per share)	$ 0.36	$ 0.15	$ 0.58	$ 0.28
Diluted earnings per share (in dollars per share)	$ 0.35	$ 0.15	$ 0.56	$ 0.27
Weighted average common shares outstanding:
Basic (in shares)	3,606,000	3,724,000	3,598,000	3,709,000
Diluted (in shares)	3,754,000	3,905,000	3,751,000	3,891,000
Net income	$ 1,312,000	$ 572,000	$ 2,093,000	$ 1,034,000
Other comprehensive income - foreign currency translation adjustment	152,000	0	44,000	0
Total comprehensive income	$ 1,464,000	$ 572,000	$ 2,137,000	$ 1,034,000

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Class A [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Treasury stock [Member]	Accumulated other comprehensive (loss) [Member]
Balance at Dec. 31, 2014	$ 39,991,000	$ 4,139,000	$ 12,695,000	$ 27,951,000	$ (4,566,000)	$ (228,000)
Balance (in shares) at Dec. 31, 2014		4,139,000			(554,000)
Net income	2,093,000	$ 0	0	2,093,000	$ 0	0
Exercise of stock options	65,500	$ 21,500	44,000	0	$ 0	0
Exercise of stock options (in shares)		21,500			0
Restricted common stock compensation	16,500	$ 7,500	9,000	0	$ 0	0
Stock-based compensation	59,000	0	59,000	0	0	0
Foreign currency translation adjustment	44,000	0	0	0	0	44,000
Balance at Jun. 30, 2015	$ 42,269,000	$ 4,168,000	$ 12,807,000	$ 30,044,000	$ (4,566,000)	$ (184,000)
Balance (in shares) at Jun. 30, 2015		4,168,000			(554,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 2,093,000	$ 1,034,000
Non-cash charges:
Depreciation and amortization	850,000	740,000
Amortization of other intangible assets	647,000	116,000
Amortization of debt issue costs	55,000	43,000
Provision for (recovery of) losses on accounts receivable - net	13,000	(124,000)
Stock-based compensation	59,000	144,000
Restricted stock-based compensation	17,000	14,000
Loss on sale of fixed assets	4,000	0
Deferred income taxes	44,000	612,000
Fair value reduction in contingent consideration	(201,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(2,959,000)	(1,132,000)
Inventories	(625,000)	2,017,000
Prepaid expenses and other current assets	(260,000)	100,000
Other assets	51,000	29,000
Accounts payable	581,000	(650,000)
Accrued liabilities	(414,000)	(532,000)
Other liabilities	(8,000)	(8,000)
Total adjustments	(2,146,000)	1,369,000
Net cash (used in) provided by operating activities	(53,000)	2,403,000
Cash Flows from Investing Activities:
Capital expenditures	(372,000)	(446,000)
Proceeds from disposal of assets	12,000	0
Net cash used in investing activities	(360,000)	(446,000)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options	66,000	710,000
Proceeds from short-term borrowings	38,501,000	38,274,000
Repayments of short-term borrowings	(35,402,000)	(30,215,000)
Repayments of term loans	(2,897,000)	(230,000)
Repayments of notes payable	(20,000)	0
Net cash provided by financing activities	248,000	8,539,000
Effect of exchange rate changes on cash	19,000	0
Net (decrease) increase in cash	(146,000)	10,496,000
Cash at beginning of period	1,011,000	413,000
Cash at end of period	865,000	10,909,000
Supplemental disclosures of cash flow information:
Interest	336,000	139,000
Income taxes	$ 716,000	$ 41,000

BUSINESS AND SUMMARY OF ACCOUNT

BUSINESS AND SUMMARY OF ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 1 - BUSINESS AND SUMMARY OF ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the management of the Company, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth therein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year. The unaudited consolidated balance sheet information as of December 31, 2014 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Form 10-K”). The interim financial statements contained herein should be read in conjunction with the 2014 Form 10-K. The consolidated financial statements have been reported in U.S. dollars by translating asset and liability amounts of a foreign wholly-owned subsidiary at the closing exchange rate, equity amounts at historical rates and the results of operations and cash flow at the average of the prevailing exchange rates during the periods reported. As a result, the Company is exposed to foreign currency translation gains or losses. These gains or losses are presented in the Company’s consolidated financial statements as “Other comprehensive income (loss) - foreign currency translation adjustments”. The unaudited consolidated financial statements contained herein include the accounts of P&F Industries, Inc. and its subsidiaries, (“P&F” or the “Company”). All significant intercompany balances and transactions have been eliminated. Certain amounts in the financial statements have been reclassified to conform to classifications used in the current year. P&F is a Delaware corporation incorporated on April 19, 1963, that operates in two primary lines of business or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). Tools The Company conducts its Tools business through a wholly-owned subsidiary, Continental Tool Group, Inc. (“Continental”), which in turn operates through its wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation (“Florida Pneumatic”) and Hy-Tech Machine, Inc. (“Hy-Tech”). During the third quarter of 2014, the Company acquired Exhaust Technologies Inc. (“ETI”) and Universal Air Tool Company Limited (“UAT”). Both ETI and UAT are wholly-owned subsidiaries of Florida Pneumatic, and unless otherwise indicated, the operations and results of operations of Florida Pneumatic herein include ETI and UAT as of the respective dates such companies were acquired. Additionally, during the third quarter of 2014, the Company acquired substantially all the assets of Air Tool Service Company (“ATSCO”), which business operates through a wholly-owned subsidiary of Hy-Tech. Unless otherwise indicated, the results of operations of Hy-Tech herein include ATSCO from the date the business was acquired. Florida Pneumatic is engaged in the importation and sale of pneumatic hand tools, primarily for the retail, industrial and automotive markets, and the importation and sale of compressor air filters. Florida Pneumatic also markets, through its Berkley Tool division (“Berkley”), a product line which includes pipe and bolt dies, pipe taps, wrenches, vises and stands, pipe and tubing cutting equipment, hydrostatic test pumps, and replacement electrical components for a widely-used brand of pipe cutting and threading machines. Hy-Tech manufactures and distributes its own line of industrial pneumatic tools. Hy-Tech also produces and markets impact wrenches, grinders, drills, and motors. Further, it also manufactures tools to customer specifications. Its customers include refineries, chemical plants, power generation facilities, heavy construction enterprises, oil and gas and mining companies. In addition, Hy-Tech manufactures an extensive line of pneumatic tool replacement parts that are sold to original equipment manufacturers (“OEMs”), and competitively. It also manufactures and distributes high pressure stoppers for hydrostatic testing fabricated pipe, gears, sprockets, splines and racks and produces a line of siphons. Hardware The Company conducts its Hardware business through a wholly-owned subsidiary, Countrywide Hardware, Inc. (“Countrywide”). Countrywide conducts its business operations through its wholly-owned subsidiary, Nationwide Industries, Inc. (“Nationwide”). Nationwide is an importer and manufacturer of door, window and fencing hardware and accessories, including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Nationwide’s products are sold through in-house sales personnel and manufacturers’ representatives to distributors, retailers and OEM customers. End users of Nationwide’s products include contractors, home builders, pool and patio distributors, OEM/private label customers and general consumers. Management Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s 2014 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In July 2015 the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost or net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adopting this guidance. In May 2014, the FASB issued ASU Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard was to become effective for annual and interim periods in fiscal years beginning after December 15, 2016. In April 2015, the FASB proposed deferring the effective date of ASU 2014-09 for one year, and proposed some modifications to the original provisions. On July 9, 2015, the one year deferral of the effective date was approved, and as such ASU 2014-09 is effective for our first quarter of fiscal year 2018 using either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	NOTE 2 – ACQUISITIONS Exhaust Technologies Inc. On July 1, 2014, the Company acquired ETI, a developer and distributor of pneumatic tools, through a merger between a newly formed wholly-owned subsidiary of Florida Pneumatic and ETI. ETI markets its AIRCAT and NITROCAT brand pneumatic tools primarily to the automotive market. ETI’s business operates through Florida Pneumatic. The purchase price for this acquisition consisted of $ 10,377,000 Universal Air Tool Company Limited On July 29, 2014, the Company acquired all of the outstanding shares of UAT, a distributor of pneumatic tools. UAT, which is located in High Wycombe, England, markets pneumatic tools to the automotive market sector primarily in the United Kingdom and Ireland. The purchase price for this acquisition consisted of approximately $ 1,947,000 250,000 425,000 250,000 224,000 which is subject to further revision based on final results 201,000 Air Tool Service Company On August 13, 2014, a newly formed wholly owned subsidiary of Hy-Tech, acquired substantially all of the assets comprising the business of ATSCO, an Ohio based corporation engaged in the design, manufacture and distribution of pneumatic tools and parts. The purchase price consisted of approximately $ 7,659,000 All three acquisitions are included as a part of the Company’s Tool Business Segment. Three months ended Six months ended June 30, 2014 June 30, 2014 (Unaudited) (Unaudited) Revenue $ 22,105,000 $ 41,959,000 Net income $ 990,000 $ 2,067,000 Earnings per share - basic $ 0.27 $ 0.56 Earnings per share - diluted $ 0.25 $ 0.53 ETI and UAT have been integrated into the business operations of Florida Pneumatic, and ATSCO has been integrated into the business operations of Hy-Tech since their respective dates of acquisition. As such, it is impracticable to determine the specific revenue and earnings directly attributable to any of the acquired businesses.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 3 — EARNINGS PER SHARE Basic earnings per common share is based on the average number of shares of the Company’s Class A Common Stock (“Common Stock”) outstanding for the periods presented. Diluted earnings per common share reflects the effect of shares of the common stock issuable upon the exercise of options, unless the effect on earnings is antidilutive. Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of the common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Common Stock. The average market value for the period is used as the assumed purchase price. Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per common share: Net income $ 1,312,000 $ 572,000 $ 2,093,000 $ 1,034,000 Denominator: For basic earnings per share - weighted average common shares outstanding 3,606,000 3,724,000 3,598,000 3,709,000 Dilutive securities (1) 148,000 181,000 153,000 182,000 For diluted earnings per share - weighted average common shares outstanding 3,754,000 3,905,000 3,751,000 3,891,000 (1) At June 30, 2015 and 2014 and during the six-month periods ended June 30, 2015 and 2014, there were outstanding stock options whose exercise prices were higher than the average market values of the underlying common stock for the period. These options are anti-dilutive and are excluded from the computation of diluted earnings per share. Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Weighted average antidilutive stock options outstanding 182,000 214,000 182,000 257,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 4 - STOCK-BASED COMPENSATION During the three and six month periods ended June 30, 2015, the Company did not grant any Common Stock options. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Life Intrinsic Option Shares Price (Years) Value Outstanding, January 1, 2015 505,000 $ 6.51 4.8 $ 1,232,000 Granted — — — Exercised (21,500) 3.05 Forfeited — — Expired — — Outstanding, June 30, 2015 483,500 $ 6.67 4.2 $ 1,366,000 Vested, June 30, 2015 459,660 $ 6.59 4.1 $ 1,356,000 Weighted Option Shares Date Fair Value Non-vested options, January 1, 2015 61,006 $ 6.14 Granted — Vested (37,166) 5.76 Forfeited — Non-vested options, June 30, 2015 23,840 $ 6.72 The number of shares of Common Stock available for issuance under the 2012 Stock Incentive Plan (the “2012 Plan”) as of June 30, 2015 was 183,267 113,500 370,000 Restricted Stock Pursuant to the 2012 Plan, the Company, on May 20, 2015, issued 1,000 5,000 8.63 43,000 The Company issued 2,500 6.86 833 833 834 100 17,000 Pursuant to the 2012 Plan, the Company, in May 2014, issued 666 3,330 7.43 25,000

ACCOUNTS RECEIVABLE AND ALLOWAN

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 5 - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS June 30, 2015 December 31, 2014 Accounts receivable $ 12,663,000 $ 9,693,000 Allowance for doubtful accounts (159,000) (146,000) $ 12,504,000 $ 9,547,000

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 6 - INVENTORIES June 30, 2015 December 31, 2014 Raw material $ 2,302,000 $ 2,014,000 Work in process 1,687,000 1,433,000 Finished goods 20,921,000 20,888,000 $ 24,910,000 $ 24,335,000

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS Consolidated Tools Hardware Balance, January 1, 2015 $ 11,980,000 $ 10,107,000 $ 1,873,000 Adjustment to Acquisition of ATSCO 62,000 62,000 — Currency translation adjustments (2,000) (2,000) — Balance, June 30, 2015 $ 12,040,000 $ 10,167,000 $ 1,873,000 June 30, 2015 December 31, 2014 Accumulated Net book Accumulated Net book Cost amortization value Cost amortization value Other intangible assets: Customer relationships (1) $ 13,203,000 $ 4,969,000 $ 8,234,000 $ 13,194,000 $ 4,551,000 $ 8,643,000 Trademarks and trade names (1) 2,041,000 — 2,041,000 2,035,000 — 2,035,000 Engineering drawings 410,000 139,000 271,000 410,000 120,000 290,000 Licensing 305,000 264,000 41,000 305,000 235,000 70,000 Non-compete agreements (1) 369,000 90,000 279,000 368,000 41,000 327,000 Patents 1,205,000 267,000 938,000 1,205,000 133,000 1,072,000 Totals $ 17,533,000 $ 5,729,000 $ 11,804,000 $ 17,517,000 $ 5,080,000 $ 12,437,000 (1) A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations. Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 $ 323,000 $ 58,000 $ 647,000 $ 116,000 June 30, December 31, 2014 Customer relationships 10.5 10.9 Engineering drawings 8.9 9.2 Licensing 0.7 1.2 Non-compete agreements 3.1 3.6 Patents 5.9 6.1 2016 $ 1,280,000 2017 1,239,000 2018 993,000 2019 961,000 2020 857,000 Thereafter 4,433,000 $ 9,763,000

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 8 - DEBT SHORT-TERM LOANS The Company entered into a Loan and Security Agreement in October 2010, as amended (“Credit Agreement”), with Capital One Business Credit Corp., formerly known as Capital One Leverage Finance Corporation, as agent and lender (“COBC”). The Credit Agreement expires December 19, 2017 (the “Maturity Date”). The Credit Agreement provides for a Revolver Loan (“Revolver”), borrowings which are secured by the Company’s accounts receivable, mortgages on its real property located in Cranberry, PA, Jupiter, FL and Tampa, FL (“Real Property”), inventory and equipment. P&F and certain of its subsidiaries are borrowers under the Credit Agreement, and their obligations are cross-guaranteed by certain other subsidiaries. Revolver borrowings bear interest at either LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement (“Base Rate”), or a combination of the two, plus the Applicable Margin (the “Applicable Margin”), as defined in the Credit Agreement. The interest rate, either LIBOR or Base Rate, which is added to the Applicable Margin, is at the option of the Company, subject to limitations on the number of LIBOR borrowings. In August 2014, the Company entered into an Amended and Restated Loan and Security Agreement (the “Restated Loan Agreement”) with COBC. The Restated Loan Agreement, among other things, amended the Credit Agreement by: (1) increasing the total amount of the credit facility from $ 29,423,000 33,657,000 20,000,000 22,000,000 At June 30, 2015 and December 31, 2014, the balance of Revolver borrowings outstanding was $ 14,916,000 11,817,000 2.50 1.50 2.25 1.25 The Company is required to provide COBC with, among other things, monthly financial statements, monthly borrowing base certificates and certificates of compliance with various financial covenants. The Company believes it is in compliance with all covenants under the Restated Loan Agreement. As part of the Restated Loan Agreement, if an event of default occurs, the interest rate would increase by 2% per annum during the period of default, in addition to other remedies provided to COBC. LONG-TERM The Restated Loan Agreement also provides for Term Loan A, which is secured by mortgages on the Real Property, accounts receivable, inventory and equipment. Term Loan A borrowings can be at either LIBOR, or at the Base Rate, as defined in the Restated Loan Agreement, or a combination of the two plus the Applicable Margins, which for LIBOR and Base Rate borrowings at June 30, 2015 and December 31, 2014 were 3.0 2.0 Additionally, the Restated Loan Agreement provided for a Term Loan B, pursuant to which the Company borrowed the maximum principal amount of $ 3,000,000 3.25 2.25 2,417,000 The Company borrowed $ 380,000 519,000 3.00 2.00 June 30, 2015 December 31, 2014 Term Loan A - $23,000 payable monthly January 2013 through December 2017, balance due December 19, 2017. $ 6,300,000 $ 6,440,000 Term Loan B - $83,000 payable monthly September 2014 through March 2015. — 2,667,000 Capex Term Loan - $6,000 payable monthly May 2012 through April 2017. 140,000 178,000 Capex Term Loan - $9,000 payable monthly October 2012 through September 2017. 234,000 285,000 Other 70,000 90,000 6,744,000 9,660,000 Less: current maturities 498,000 3,167,000 $ 6,246,000 $ 6,493,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 9 - RELATED PARTY TRANSACTIONS The president of one of the Company’s subsidiaries is part owner of one of the subsidiary’s vendors. During the three and six-month periods ended June 30, 2015, the Company purchased approximately $ 142,000 323,000 154,000 417,000 57,000 103,000 3,000 5,000 7,000 11,000

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 10 - BUSINESS SEGMENTS P&F operates in two primary lines of business, or segments: Tools and Hardware. For reporting purposes, Florida Pneumatic and Hy-Tech are combined in the Tools segment, while Nationwide is currently the only subsidiary in the Hardware segment. As of and for the three months ended June 30, 2015 Consolidated Tools Hardware Revenues from unaffiliated customers $ 22,560,000 $ 16,058,000 $ 6,502,000 Segment operating income $ 3,426,000 $ 2,031,000 $ 1,395,000 General corporate expense (1,459,000) Other income 201,000 Interest expense (201,000) Earnings before income taxes $ 1,967,000 Segment assets $ 73,904,000 $ 61,859,000 $ 12,045,000 Corporate assets 1,663,000 Total assets $ 75,567,000 Long-lived assets, including $46,000 at corporate $ 33,941,000 $ 29,363,000 $ 4,532,000 As of and for the three months ended June 30, 2014 Consolidated Tools Hardware Revenues from unaffiliated customers $ 18,268,000 $ 12,693,000 $ 5,575,000 Segment operating income $ 2,676,000 $ 1,358,000 $ 1,318,000 General corporate expense (1,629,000) Interest expense (88,000) Income before income taxes $ 959,000 Segment assets $ 48,573,000 $ 35,728,000 $ 12,845,000 Corporate assets 13,261,000 Total assets $ 61,834,000 Long-lived assets, including $33,000 at corporate $ 16,471,000 $ 11,836,000 $ 4,602,000 Six months ended June 30, 2015 Consolidated Tools Hardware Revenues from unaffiliated customers $ 42,386,000 $ 30,617,000 $ 11,769,000 Segment operating income $ 6,291,000 $ 3,939,000 $ 2,352,000 General corporate expense (2,901,000) Other income 201,000 Interest expense (393,000) Income before income taxes $ 3,198,000 Six months ended June 30, 2014 Consolidated Tools Hardware Revenues from unaffiliated customers $ 34,200,000 $ 23,884,000 $ 10,316,000 Segment operating income $ 4,895,000 $ 2,686,000 $ 2,209,000 General corporate expense (3,040,000) Interest expense (177,000) Income before income taxes $ 1,678,000 Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenue: North America $ 21,242,000 $ 18,023,000 $ 39,971,000 $ 33,723,000 Europe 1,000,000 109,000 1,886,000 153,000 All Other 318,000 136,000 529,000 324,000 Total Revenue $ 22,560,000 $ 18,268,000 $ 42,386,000 $ 34,200,000 Long-Lived Assets: North America $ 32,766,000 $ 16,471,000 Europe 1,175,000 — Total Long-Lived Assets $ 33,941,000 $ 16,471,000

BUSINESS AND SUMMARY OF ACCOU17

BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the management of the Company, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth therein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year. The unaudited consolidated balance sheet information as of December 31, 2014 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Form 10-K”). The interim financial statements contained herein should be read in conjunction with the 2014 Form 10-K. The consolidated financial statements have been reported in U.S. dollars by translating asset and liability amounts of a foreign wholly-owned subsidiary at the closing exchange rate, equity amounts at historical rates and the results of operations and cash flow at the average of the prevailing exchange rates during the periods reported. As a result, the Company is exposed to foreign currency translation gains or losses. These gains or losses are presented in the Company’s consolidated financial statements as “Other comprehensive income (loss) - foreign currency translation adjustments”.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The unaudited consolidated financial statements contained herein include the accounts of P&F Industries, Inc. and its subsidiaries, (“P&F” or the “Company”). All significant intercompany balances and transactions have been eliminated. Certain amounts in the financial statements have been reclassified to conform to classifications used in the current year. The Company P&F is a Delaware corporation incorporated on April 19, 1963, that operates in two primary lines of business or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). Tools The Company conducts its Tools business through a wholly-owned subsidiary, Continental Tool Group, Inc. (“Continental”), which in turn operates through its wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation (“Florida Pneumatic”) and Hy-Tech Machine, Inc. (“Hy-Tech”). During the third quarter of 2014, the Company acquired Exhaust Technologies Inc. (“ETI”) and Universal Air Tool Company Limited (“UAT”). Both ETI and UAT are wholly-owned subsidiaries of Florida Pneumatic, and unless otherwise indicated, the operations and results of operations of Florida Pneumatic herein include ETI and UAT as of the respective dates such companies were acquired. Additionally, during the third quarter of 2014, the Company acquired substantially all the assets of Air Tool Service Company (“ATSCO”), which business operates through a wholly-owned subsidiary of Hy-Tech. Unless otherwise indicated, the results of operations of Hy-Tech herein include ATSCO from the date the business was acquired. Florida Pneumatic is engaged in the importation and sale of pneumatic hand tools, primarily for the retail, industrial and automotive markets, and the importation and sale of compressor air filters. Florida Pneumatic also markets, through its Berkley Tool division (“Berkley”), a product line which includes pipe and bolt dies, pipe taps, wrenches, vises and stands, pipe and tubing cutting equipment, hydrostatic test pumps, and replacement electrical components for a widely-used brand of pipe cutting and threading machines. Hy-Tech manufactures and distributes its own line of industrial pneumatic tools. Hy-Tech also produces and markets impact wrenches, grinders, drills, and motors. Further, it also manufactures tools to customer specifications. Its customers include refineries, chemical plants, power generation facilities, heavy construction enterprises, oil and gas and mining companies. In addition, Hy-Tech manufactures an extensive line of pneumatic tool replacement parts that are sold to original equipment manufacturers (“OEMs”), and competitively. It also manufactures and distributes high pressure stoppers for hydrostatic testing fabricated pipe, gears, sprockets, splines and racks and produces a line of siphons. Hardware The Company conducts its Hardware business through a wholly-owned subsidiary, Countrywide Hardware, Inc. (“Countrywide”). Countrywide conducts its business operations through its wholly-owned subsidiary, Nationwide Industries, Inc. (“Nationwide”). Nationwide is an importer and manufacturer of door, window and fencing hardware and accessories, including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Nationwide’s products are sold through in-house sales personnel and manufacturers’ representatives to distributors, retailers and OEM customers. End users of Nationwide’s products include contractors, home builders, pool and patio distributors, OEM/private label customers and general consumers. Management Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s 2014 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently issued Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In July 2015 the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost or net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adopting this guidance. In May 2014, the FASB issued ASU Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard was to become effective for annual and interim periods in fiscal years beginning after December 15, 2016. In April 2015, the FASB proposed deferring the effective date of ASU 2014-09 for one year, and proposed some modifications to the original provisions. On July 9, 2015, the one year deferral of the effective date was approved, and as such ASU 2014-09 is effective for our first quarter of fiscal year 2018 using either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	The following unaudited pro-forma combined financial information gives effect to the acquisition of ETI, UAT and ATSCO as if they were consummated January 1, 2014. This unaudited pro-forma financial information is presented for information purposes only, and is not intended to present actual results that would have been attained had the acquisitions been completed as of January 1, 2014 (the beginning of the earliest period presented) or to project potential operating results as of any future date or for any future periods. Three months ended Six months ended June 30, 2014 June 30, 2014 (Unaudited) (Unaudited) Revenue $ 22,105,000 $ 41,959,000 Net income $ 990,000 $ 2,067,000 Earnings per share - basic $ 0.27 $ 0.56 Earnings per share - diluted $ 0.25 $ 0.53

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table sets forth the elements of basic and diluted earnings per common share: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per common share: Net income $ 1,312,000 $ 572,000 $ 2,093,000 $ 1,034,000 Denominator: For basic earnings per share - weighted average common shares outstanding 3,606,000 3,724,000 3,598,000 3,709,000 Dilutive securities (1) 148,000 181,000 153,000 182,000 For diluted earnings per share - weighted average common shares outstanding 3,754,000 3,905,000 3,751,000 3,891,000 (1)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The weighted average of anti-dilutive stock options outstanding was as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Weighted average antidilutive stock options outstanding 182,000 214,000 182,000 257,000

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following is a summary of the changes in outstanding options during the six-month period ended June 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Life Intrinsic Option Shares Price (Years) Value Outstanding, January 1, 2015 505,000 $ 6.51 4.8 $ 1,232,000 Granted — — — Exercised (21,500) 3.05 Forfeited — — Expired — — Outstanding, June 30, 2015 483,500 $ 6.67 4.2 $ 1,366,000 Vested, June 30, 2015 459,660 $ 6.59 4.1 $ 1,356,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]	The following is a summary of changes in non-vested options for the six months ended June 30, 2015: Weighted Option Shares Date Fair Value Non-vested options, January 1, 2015 61,006 $ 6.14 Granted — Vested (37,166) 5.76 Forfeited — Non-vested options, June 30, 2015 23,840 $ 6.72

ACCOUNTS RECEIVABLE AND ALLOW21

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Accounts receivable - net consists of: June 30, 2015 December 31, 2014 Accounts receivable $ 12,663,000 $ 9,693,000 Allowance for doubtful accounts (159,000) (146,000) $ 12,504,000 $ 9,547,000

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of: June 30, 2015 December 31, 2014 Raw material $ 2,302,000 $ 2,014,000 Work in process 1,687,000 1,433,000 Finished goods 20,921,000 20,888,000 $ 24,910,000 $ 24,335,000

GOODWILL AND OTHER INTANGIBLE23

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The changes in the carrying amount of goodwill by segment are as follows: Consolidated Tools Hardware Balance, January 1, 2015 $ 11,980,000 $ 10,107,000 $ 1,873,000 Adjustment to Acquisition of ATSCO 62,000 62,000 — Currency translation adjustments (2,000) (2,000) — Balance, June 30, 2015 $ 12,040,000 $ 10,167,000 $ 1,873,000
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Other intangible assets were as follows: June 30, 2015 December 31, 2014 Accumulated Net book Accumulated Net book Cost amortization value Cost amortization value Other intangible assets: Customer relationships (1) $ 13,203,000 $ 4,969,000 $ 8,234,000 $ 13,194,000 $ 4,551,000 $ 8,643,000 Trademarks and trade names (1) 2,041,000 — 2,041,000 2,035,000 — 2,035,000 Engineering drawings 410,000 139,000 271,000 410,000 120,000 290,000 Licensing 305,000 264,000 41,000 305,000 235,000 70,000 Non-compete agreements (1) 369,000 90,000 279,000 368,000 41,000 327,000 Patents 1,205,000 267,000 938,000 1,205,000 133,000 1,072,000 Totals $ 17,533,000 $ 5,729,000 $ 11,804,000 $ 17,517,000 $ 5,080,000 $ 12,437,000 (1) A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations. The weighted average amortization period for intangible assets was as follows: June 30, December 31, 2014 Customer relationships 10.5 10.9 Engineering drawings 8.9 9.2 Licensing 0.7 1.2 Non-compete agreements 3.1 3.6 Patents 5.9 6.1
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Amortization expense for each of the next five years and thereafter is estimated to be as follows: 2016 $ 1,280,000 2017 1,239,000 2018 993,000 2019 961,000 2020 857,000 Thereafter 4,433,000 $ 9,763,000 Amortization expense for intangible assets subject to amortization was as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 $ 323,000 $ 58,000 $ 647,000 $ 116,000

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Long-term debt: June 30, 2015 December 31, 2014 Term Loan A - $23,000 payable monthly January 2013 through December 2017, balance due December 19, 2017. $ 6,300,000 $ 6,440,000 Term Loan B - $83,000 payable monthly September 2014 through March 2015. — 2,667,000 Capex Term Loan - $6,000 payable monthly May 2012 through April 2017. 140,000 178,000 Capex Term Loan - $9,000 payable monthly October 2012 through September 2017. 234,000 285,000 Other 70,000 90,000 6,744,000 9,660,000 Less: current maturities 498,000 3,167,000 $ 6,246,000 $ 6,493,000

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those referred to in Note 1. As of and for the three months ended June 30, 2015 Consolidated Tools Hardware Revenues from unaffiliated customers $ 22,560,000 $ 16,058,000 $ 6,502,000 Segment operating income $ 3,426,000 $ 2,031,000 $ 1,395,000 General corporate expense (1,459,000) Other income 201,000 Interest expense (201,000) Earnings before income taxes $ 1,967,000 Segment assets $ 73,904,000 $ 61,859,000 $ 12,045,000 Corporate assets 1,663,000 Total assets $ 75,567,000 Long-lived assets, including $46,000 at corporate $ 33,941,000 $ 29,363,000 $ 4,532,000 As of and for the three months ended June 30, 2014 Consolidated Tools Hardware Revenues from unaffiliated customers $ 18,268,000 $ 12,693,000 $ 5,575,000 Segment operating income $ 2,676,000 $ 1,358,000 $ 1,318,000 General corporate expense (1,629,000) Interest expense (88,000) Income before income taxes $ 959,000 Segment assets $ 48,573,000 $ 35,728,000 $ 12,845,000 Corporate assets 13,261,000 Total assets $ 61,834,000 Long-lived assets, including $33,000 at corporate $ 16,471,000 $ 11,836,000 $ 4,602,000 Six months ended June 30, 2015 Consolidated Tools Hardware Revenues from unaffiliated customers $ 42,386,000 $ 30,617,000 $ 11,769,000 Segment operating income $ 6,291,000 $ 3,939,000 $ 2,352,000 General corporate expense (2,901,000) Other income 201,000 Interest expense (393,000) Income before income taxes $ 3,198,000 Six months ended June 30, 2014 Consolidated Tools Hardware Revenues from unaffiliated customers $ 34,200,000 $ 23,884,000 $ 10,316,000 Segment operating income $ 4,895,000 $ 2,686,000 $ 2,209,000 General corporate expense (3,040,000) Interest expense (177,000) Income before income taxes $ 1,678,000
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Revenue and long-lived assets by geographic region were as follows: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenue: North America $ 21,242,000 $ 18,023,000 $ 39,971,000 $ 33,723,000 Europe 1,000,000 109,000 1,886,000 153,000 All Other 318,000 136,000 529,000 324,000 Total Revenue $ 22,560,000 $ 18,268,000 $ 42,386,000 $ 34,200,000 Long-Lived Assets: North America $ 32,766,000 $ 16,471,000 Europe 1,175,000 — Total Long-Lived Assets $ 33,941,000 $ 16,471,000

ACQUISITIONS (Details)

ACQUISITIONS (Details) - Jun. 30, 2014 - USD ($)	Total	Total
Business Acquisition [Line Items]
Revenue	$ 22,105,000	$ 41,959,000
Net income	$ 990,000	$ 2,067,000
Earnings per share - basic (in dollars per share)	$ 0.27	$ 0.56
Earnings per share - diluted (in dollars per share)	$ 0.25	$ 0.53

ACQUISITIONS (Details Textual)

ACQUISITIONS (Details Textual)	Aug. 13, 2014USD ($)	Jul. 29, 2015USD ($)	Jul. 29, 2015GBP (£)	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015GBP (£)	Jun. 30, 2014USD ($)
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset					$ 201,000		$ 0
Exhaust Technologies Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred					10,377,000
Universal Air Tool Company Limited [Member]
Business Acquisition [Line Items]
Business Combination Contingent Consideration Fair Value | £						£ 250,000
Business Combination, Consideration Transferred					1,947,000
Business Combination, Consideration Transferred, Other		$ 425,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset		$ 224,000		$ 201,000	$ 201,000
Universal Air Tool Company Limited [Member] | Foreign Exchange [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred | £			£ 250,000
Air Tool Service Company [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 7,659,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator for basic and diluted earnings per common share:
Net income		$ 1,312,000	$ 572,000	$ 2,093,000	$ 1,034,000
Denominator:
Denominator for basic earnings per share weighted average common shares outstanding		3,606,000	3,724,000	3,598,000	3,709,000
Dilutive securities	[1]	148,000	181,000	153,000	182,000
Denominator for diluted earnings per share weighted average common shares outstanding		3,754,000	3,905,000	3,751,000	3,891,000
[1]	Dilutive securities consist of “in the money” stock options.

EARNINGS PER SHARE (Details 1)

EARNINGS PER SHARE (Details 1) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average antidilutive stock options outstanding (in shares)	182,000	214,000	182,000	257,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Forfeited	0
Weighted Average Exercise Price per share, Forfeited (in dollars per share)	$ 0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding	505,000
Number of Shares, Granted	0
Number of Shares, Exercised	(21,500)
Number of Shares, Expired	0
Number of Shares, Outstanding	483,500	505,000
Number of Shares, Vested, June 30, 2015	459,660
Weighted Average Exercise Price per share, Outstanding (in dollars per share)	$ 6.51
Weighted Average Exercise Price per share, Granted (in dollars per share)	0
Weighted Average Exercise Price per share, Exercised (in dollars per share)	3.05
Weighted Average Exercise Price per share, Expired (in dollars per share)	0
Weighted Average Exercise Price per share, Outstanding (in dollars per share)	6.67	$ 6.51
Weighted Average Exercise Price per share, Vested, June 30, 2015 (in dollars per share)	$ 6.59
Weighted Average Remaining ContractualLife, Outstanding Period (Years)	4 years 2 months 12 days	4 years 9 months 18 days
Weighted Average Remaining Contractual Life, Vested, June 30, 2015 (Years)	4 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 1,366,000	$ 1,232,000
Aggregate Intrinsic Value, Vested, June 30, 2015 (in dollars)	$ 1,356,000

STOCK-BASED COMPENSATION (Det31

STOCK-BASED COMPENSATION (Details 1) - 6 months ended Jun. 30, 2015 - Employee Stock Option [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option Shares, Nonvested shares, beginning of period	61,006
Option Shares, Granted	0
Option Shares, Vested	(37,166)
Option Shares, Forfeited	0
Option Shares, Nonvested shares, end of period	23,840
Weighted Average Grant-Date Fair Value, Non-vested shares, beginning of period (in dollars per share)	$ 6.14
Weighted Average Grant-Date Fair Value, Vested (in dollars per share)	5.76
Weighted Average Grant-Date Fair Value, Non-vested shares, end of period (in dollars per share)	$ 6.72

STOCK-BASED COMPENSATION (Det32

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	1 Months Ended		6 Months Ended
	May. 20, 2015	May. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense			$ 17,000	$ 14,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			100.00%
Restricted Stock [Member] | First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			833
Restricted Stock [Member] | Second Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			833
Restricted Stock [Member] | Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			834
Restricted Stock [Member] | Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 6.86
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			2,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 6.86
Incentive Stock Option Plan 2002 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance			370,000
Incentive Stock Option Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			183,267
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance			113,500
Incentive Stock Option Plan 2012 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	5,000	3,330
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,000
Incentive Stock Option Plan 2012 [Member] | Restricted Stock [Member] | May 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense			$ 43,000
Incentive Stock Option Plan 2012 [Member] | Restricted Stock [Member] | May 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock or Unit Expense			$ 25,000
Incentive Stock Option Plan 2012 [Member] | Restricted Stock [Member] | Non-employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance		666
Incentive Stock Option Plan 2012 [Member] | Restricted Stock [Member] | Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 8.63	$ 7.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 8.63	$ 7.43

ACCOUNTS RECEIVABLE AND ALLOW33

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 12,663,000	$ 9,693,000
Allowance for doubtful accounts	(159,000)	(146,000)
Accounts Receivable, Net, Current, Total	$ 12,504,000	$ 9,547,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Raw material	$ 2,302,000	$ 2,014,000
Work in process	1,687,000	1,433,000
Finished goods	20,921,000	20,888,000
Inventory, Gross	$ 24,910,000	$ 24,335,000

GOODWILL AND OTHER INTANGIBLE35

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Goodwill	$ 12,040,000	$ 11,980,000
Consolidated [Member]
Goodwill	12,040,000	11,980,000
Adjustment to Acquisition of ATSCO	62,000
Currency translation adjustments	(2,000)
Tools [Member]
Goodwill	10,167,000	10,107,000
Adjustment to Acquisition of ATSCO	62,000
Currency translation adjustments	(2,000)
Hardware [Member]
Goodwill	1,873,000	$ 1,873,000
Adjustment to Acquisition of ATSCO	0
Currency translation adjustments	$ 0

GOODWILL AND OTHER INTANGIBLE36

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Other intangible assets:
Cost		$ 17,533,000	$ 17,517,000
Accumulated amortization		5,729,000	5,080,000
Net book value		11,804,000	12,437,000
Customer relationships [Member]
Other intangible assets:
Cost	[1]	13,203,000	13,194,000
Accumulated amortization	[1]	4,969,000	4,551,000
Net book value	[1]	$ 8,234,000	$ 8,643,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years 6 months	10 years 10 months 24 days
Trademarks and trade names [Member]
Other intangible assets:
Cost	[1]	$ 2,041,000	$ 2,035,000
Accumulated amortization	[1]	0	0
Net book value	[1]	2,041,000	2,035,000
Engineering drawings [Member]
Other intangible assets:
Cost		410,000	410,000
Accumulated amortization		139,000	120,000
Net book value		$ 271,000	$ 290,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years 10 months 24 days	9 years 2 months 12 days
Licensing [Member]
Other intangible assets:
Cost		$ 305,000	$ 305,000
Accumulated amortization		264,000	235,000
Net book value		$ 41,000	$ 70,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 months 12 days	1 year 2 months 12 days
Non-compete agreements [Member]
Other intangible assets:
Cost	[1]	$ 369,000	$ 368,000
Accumulated amortization	[1]	90,000	41,000
Net book value	[1]	$ 279,000	$ 327,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		3 years 1 month 6 days	3 years 7 months 6 days
Patents [Member]
Other intangible assets:
Cost		$ 1,205,000	$ 1,205,000
Accumulated amortization		267,000	133,000
Net book value		$ 938,000	$ 1,072,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years 10 months 24 days	6 years 1 month 6 days
[1]	A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations.

GOODWILL AND OTHER INTANGIBLE37

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 323,000	$ 58,000	$ 647,000	$ 116,000

GOODWILL AND OTHER INTANGIBLE38

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 3)	Jun. 30, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
2,016	$ 1,280,000
2,017	1,239,000
2,018	993,000
2,019	961,000
2,020	857,000
Thereafter	4,433,000
Finite-Lived Intangible Assets, Net	$ 9,763,000

DEBT (Details)

DEBT (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 6,744,000	$ 9,660,000
Less: current maturities	(498,000)	(3,167,000)
Long-term Debt and Capital Lease Obligations	6,246,000	6,493,000
Other Segments [Member]
Debt Instrument [Line Items]
Long-term Debt	70,000	90,000
Term Loan A [Member]
Debt Instrument [Line Items]
Long-term Debt	6,300,000	6,440,000
Term Loan B [Member]
Debt Instrument [Line Items]
Long-term Debt	0	2,667,000
Capex Term Loan One [Member]
Debt Instrument [Line Items]
Long-term Debt	140,000	178,000
Capex Term Loan Two [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 234,000	$ 285,000

DEBT (Details Textual)

DEBT (Details Textual) - USD ($)	1 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2012	Mar. 31, 2012	Jun. 30, 2015	Dec. 31, 2014
Capex Term Loan [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Long-term Debt	$ 519,000	$ 380,000
Capex Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%
Capex Term Loan [Member] | Base Rate Borrowing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.00%
Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 23,000
Debt Instrument, Frequency of Periodic Payment			monthly
Debt Instrument, Date of First Required Payment			Jan. 1, 2013
Debt Instrument, Maturity Date			Dec. 19, 2017
Term Loan A [Member] | Base Rate Borrowing [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%	2.00%
Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Frequency of Periodic Payment			monthly
Debt Instrument, Date of First Required Payment			Sep. 1, 2014
Debt Instrument, Maturity Date			Mar. 1, 2015
Debt Instrument, Payment Terms			36 consecutive monthly payments of $83,000, with additional mandatory repayments each year equal to 50% of the Companys Excess Cash Flow (as defined in the Restated Loan Agreement) for such year
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 2,417,000
Debt Instrument, Face Amount			$ 3,000,000
Term Loan B [Member] | Base Rate Borrowing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.25%	2.25%
Capex Term Loan One [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 6,000
Debt Instrument, Frequency of Periodic Payment			monthly
Debt Instrument, Date of First Required Payment			May 1, 2012
Debt Instrument, Maturity Date			Apr. 1, 2017
Capex Term Loan Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 9,000
Debt Instrument, Frequency of Periodic Payment			monthly
Debt Instrument, Date of First Required Payment			Oct. 1, 2012
Debt Instrument, Maturity Date			Sep. 1, 2017
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 22,000,000	$ 20,000,000
Long-term Line of Credit			$ 14,916,000	$ 11,817,000
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate Borrowing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.50%	1.25%
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate Borrowing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.50%	2.25%
Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 33,657,000	$ 29,423,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 142,000	$ 154,000	$ 323,000	$ 417,000
Accounts Payable, Related Parties, Current	57,000		57,000		$ 103,000
Revenue from Related Parties	$ 3,000	$ 7,000	$ 5,000	$ 11,000

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$ 22,560,000	$ 18,268,000	$ 42,386,000	$ 34,200,000
Segment operating income	1,967,000	1,047,000	3,390,000	1,855,000
Other income	201,000	0	201,000	0
Interest expense	(201,000)	(88,000)	(393,000)	(177,000)
Income before income taxes	1,967,000	959,000	3,198,000	1,678,000
Total assets	75,567,000		75,567,000		$ 73,094,000
Long-lived assets, including June 30 (2015: $46,000) (2014: $33,000) at corporate	33,941,000	16,471,000	33,941,000	16,471,000
Consolidated [Member]
Segment Reporting Information [Line Items]
Total assets	75,567,000	61,834,000	75,567,000	61,834,000
Consolidated [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenue	22,560,000	18,268,000	42,386,000	34,200,000
Segment operating income	3,426,000	2,676,000	6,291,000	4,895,000
General corporate expense	(1,459,000)	(1,629,000)	(2,901,000)	(3,040,000)
Other income			201,000
Interest expense	(201,000)	(88,000)	(393,000)	(177,000)
Income before income taxes	1,967,000	959,000	3,198,000	1,678,000
Total assets	73,904,000	48,573,000	73,904,000	48,573,000
Long-lived assets, including June 30 (2015: $46,000) (2014: $33,000) at corporate	33,941,000	16,471,000	33,941,000	16,471,000
Consolidated [Member] | Corporate Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,663,000	13,261,000	1,663,000	13,261,000
Tools [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenue	16,058,000	12,693,000	30,617,000	23,884,000
Segment operating income	2,031,000	1,358,000	3,939,000	2,686,000
Total assets	61,859,000	35,728,000	61,859,000	35,728,000
Long-lived assets, including June 30 (2015: $46,000) (2014: $33,000) at corporate	29,363,000	11,836,000	29,363,000	11,836,000
Hardware [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Revenue	6,502,000	5,575,000	11,769,000	10,316,000
Segment operating income	1,395,000	1,318,000	2,352,000	2,209,000
Total assets	12,045,000	12,845,000	12,045,000	12,845,000
Long-lived assets, including June 30 (2015: $46,000) (2014: $33,000) at corporate	$ 4,532,000	$ 4,602,000	$ 4,532,000	$ 4,602,000

BUSINESS SEGMENTS (Details 1)

BUSINESS SEGMENTS (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue and long-lived assets by geographic region were as follows:
Revenue	$ 22,560,000	$ 18,268,000	$ 42,386,000	$ 34,200,000
Long-Lived Assets	33,941,000	16,471,000	33,941,000	16,471,000
North America [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	21,242,000	18,023,000	39,971,000	33,723,000
Long-Lived Assets	32,766,000	16,471,000	32,766,000	16,471,000
Europe [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	1,000,000	109,000	1,886,000	153,000
Long-Lived Assets	1,175,000	0	1,175,000	0
All Other Geographic Regions [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	$ 318,000	$ 136,000	$ 529,000	$ 324,000