P&F Industries (PFIN) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 25, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	P&F INDUSTRIES INC
Entity Central Index Key	75,340
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 20,418,000
Trading Symbol	PFIN
Entity Common Stock, Shares Outstanding		3,592,870

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 927,000	$ 1,011,000
Accounts receivable — net	9,722,000	9,547,000
Inventories - net	23,994,000	24,335,000
Deferred income taxes— net	1,131,000	1,149,000
Prepaid expenses and other current assets	1,124,000	1,529,000
TOTAL CURRENT ASSETS	36,898,000	37,571,000
PROPERTY AND EQUIPMENT
Land	1,550,000	1,550,000
Buildings and improvements	7,746,000	7,683,000
Machinery and equipment	21,529,000	20,460,000
PROPERTY AND EQUIPMENT, GROSS	30,825,000	29,693,000
Less accumulated depreciation and amortization	20,585,000	19,101,000
NET PROPERTY AND EQUIPMENT	10,240,000	10,592,000
GOODWILL	12,027,000	11,980,000
OTHER INTANGIBLE ASSETS — net	11,110,000	12,437,000
OTHER ASSETS — net	303,000	514,000
TOTAL ASSETS	70,578,000	73,094,000
CURRENT LIABILITIES
Short-term borrowings	9,623,000	11,817,000
Accounts payable	3,556,000	3,160,000
Accrued compensation and benefits	1,965,000	2,569,000
Accrued other liabilities	1,996,000	2,931,000
Current maturities of long-term debt	491,000	3,167,000
TOTAL CURRENT LIABILITIES	17,631,000	23,644,000
Long-term debt, less current maturities	6,000,000	6,493,000
Deferred tax liabilities - net	3,077,000	2,720,000
Other liabilities	228,000	246,000
TOTAL LIABILITIES	$ 26,936,000	$ 33,103,000
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued	$ 0	$ 0
Additional paid-in capital	12,884,000	12,695,000
Retained earnings	31,495,000	27,951,000
Treasury stock, at cost - 554,000 shares at December 31, 2015 and 2014	(4,566,000)	(4,566,000)
Accumulated other comprehensive loss	(341,000)	(228,000)
TOTAL SHAREHOLDERS’ EQUITY	43,642,000	39,991,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	70,578,000	73,094,000
Common Class A [Member]
SHAREHOLDERS’ EQUITY
Common stock	4,170,000	4,139,000
Common Class B [Member]
SHAREHOLDERS’ EQUITY
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 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	4,170,000	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 ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net revenue	$ 81,702,000	$ 75,035,000
Cost of sales	51,774,000	47,654,000
Gross profit	29,928,000	27,381,000
Selling, general and administrative expenses	23,969,000	23,064,000
Operating income	5,959,000	4,317,000
Other income	(126,000)	0
Interest expense	715,000	540,000
Income before income taxes	5,370,000	3,777,000
Income tax expense	1,826,000	1,697,000
Net income	$ 3,544,000	$ 2,080,000
Basic earnings per share (in dollars per share)	$ 0.98	$ 0.56
Diluted earnings per share (in dollars per share)	$ 0.94	$ 0.54
Weighted average common shares outstanding:
Basic (in shares)	3,607,000	3,706,000
Diluted (in shares)	3,771,000	3,884,000
Net income	$ 3,544,000	$ 2,080,000
Other comprehensive loss - foreign currency translation adjustment	(113,000)	(228,000)
Total comprehensive income	$ 3,431,000	$ 1,852,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 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, 2013	$ 38,730,000	$ 4,038,000	$ 11,798,000	$ 25,871,000	$ (2,977,000)	$ 0
Balance (in shares) at Dec. 31, 2013		4,038,000			(344,000)
Net income	2,080,000	$ 0	0	2,080,000	$ 0	0
Exercise of stock options	745,000	$ 98,000	653,000	0	$ (6,000)	0
Exercise of stock options (in shares)		98,000			(1,000)
Purchase of common stock	(1,583,000)	$ 0	0	0	$ (1,583,000)	0
Purchase of common stock (in shares)		0			(209,000)
Issuance of restricted common stock	27,000	$ 3,000	24,000	0	$ 0	0
Issuance of restricted common stock (in shares)		3,000			0
Stock-based compensation	220,000	$ 0	220,000	0	$ 0	0
Foreign currency translation adjustment	(228,000)	0	0	0	0	(228,000)
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	3,544,000	$ 0	0	3,544,000	$ 0	0
Exercise of stock options	73,500	$ 23,500	50,000	0	$ 0	0
Exercise of stock options (in shares)		23,500			0
Issuance of restricted common stock	42,500	$ 7,500	35,000	0	$ 0	0
Issuance of restricted common stock (in shares)		7,500			0
Stock-based compensation	86,000	$ 0	86,000	0	$ 0	0
Tax benefit on stock-based compensation	18,000	0	18,000	0	0	0
Foreign currency translation adjustment	(113,000)	0	0	0	0	(113,000)
Balance at Dec. 31, 2015	$ 43,642,000	$ 4,170,000	$ 12,884,000	$ 31,495,000	$ (4,566,000)	$ (341,000)
Balance (in shares) at Dec. 31, 2015		4,170,000			(554,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net income	$ 3,544,000	$ 2,080,000
Non-cash charges:
Depreciation and amortization	1,720,000	1,551,000
Amortization of other intangible assets	1,295,000	718,000
Amortization of debt issue costs	111,000	94,000
Provision for/(recovery of) doubtful accounts	18,000	(90,000)
Stock-based compensation	86,000	220,000
Restricted stock-based compensation	43,000	27,000
(Gain) loss on sale of fixed assets	(2,000)	14,000
Deferred income taxes	382,000	1,458,000
Fair value reduction in contingent consideration	(126,000)	0
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(215,000)	1,233,000
Inventories	223,000	1,670,000
Prepaid expenses and other current assets	401,000	250,000
Other assets	101,000	79,000
Accounts payable	408,000	(318,000)
Accrued compensation and benefits	(595,000)	492,000
Accrued other liabilities	(804,000)	(746,000)
Other liabilities	(17,000)	(16,000)
Total adjustments	3,029,000	6,636,000
Net cash provided by operating activities	6,573,000	8,716,000
Cash Flows from Investing Activities:
Capital expenditures	(1,422,000)	(1,072,000)
Proceeds from disposal of assets	48,000	15,000
Purchase of net assets Air Tool Service Company	0	(7,659,000)
Purchase of Exhaust Technologies, Inc.	0	(10,377,000)
Purchase of Universal Air Tool Company Limited, net of cash acquired of $14,000	0	(1,792,000)
Net cash used in investing activities	(1,374,000)	(20,885,000)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options	73,000	745,000
Purchase of Class A common stock	0	(1,583,000)
Proceeds from short-term borrowings	72,347,000	84,167,000
Repayments of short-term borrowings	(74,541,000)	(72,710,000)
Proceeds from term loan	0	3,000,000
Repayments of term loans	(3,127,000)	(793,000)
Proceeds from notes payable	0	66,000
Repayments of notes payable	(39,000)	(21,000)
Bank financing costs	0	(44,000)
Excess tax benefit on stock-based compensation	18,000	0
Net cash (used in) provided by financing activities	(5,269,000)	12,827,000
Effect of exchange rate changes on cash	(14,000)	(60,000)
Net (decrease) increase in cash	(84,000)	598,000
Cash at beginning of year	1,011,000	413,000
Cash at end of year	927,000	1,011,000
Supplemental disclosures of cash flow information:
Cash paid for: Interest	615,000	415,000
Cash paid for: Income taxes	1,626,000	143,000
Supplemental disclosures of non-cash investing and financing activities:
Exchange of fixed assets	64,000	0
Contingent Consideration on Acquisition	$ 0	$ 425,000

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Acquired from Acquisition	$ 14,000	$ 14,000

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 1—SUMMARY OF ACCOUNTING POLICIES The 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 The Company 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 currently 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”), a developer and distributor of pneumatic tools, through a merger between a newly formed, wholly-owned subsidiary of Florida Pneumatic and ETI. Further, in July 2014, Florida Pneumatic acquired all of the outstanding shares of Universal Air Tool Company Limited (“UAT”), a distributor of pneumatic tools located in High Wycombe, England. UAT markets pneumatic tools to the automotive market sector primarily in the United Kingdom and Ireland. This acquisition provides the Company with direct entry into the European pneumatic tool market for the Company’s entire suite of air tool products. 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”), through a wholly-owned subsidiary of Hy-Tech, and unless otherwise indicated, the operations and results of operations of Hy-Tech herein include ATSCO as of 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, such as 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, and oil 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. See NOTE 12- SUBSEQUENT EVENTS, for discussion relating to the sale of Nationwide. The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the sale price is fixed or determinable, and collectability is reasonably assured. The Company sells its goods on terms which transfer title and risk of loss at a specified location, typically shipping point, port of loading or port of discharge, depending on the final destination of the goods. Revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which occurs either upon shipment by the Company or upon receipt by customers at the location specified in the terms of sale. Other than standard product warranty provisions, the Company’s sales arrangements provide for no other post-shipment obligations. The Company does offer rebates and other sales incentives, promotional allowances or discounts, from time to time and for certain customers, typically related to customer purchase volume, all of which are fixed or determinable and are classified as a reduction of revenue and recorded at the time of sale. The Company periodically evaluates whether an allowance for sales returns is necessary. Historically, the Company has experienced sales returns. If the Company concludes there are potential sales returns, the Company would provide any necessary provision against sales. Expenses for shipping and handling costs are included in selling, general and administrative expenses, and totaled approximately $ 2,384,000 2,081,000 Cash and cash equivalents consist of cash held in bank demand deposits. The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at December 31, 2015 and 2014. The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and short-term debt approximate fair value as of December 31, 2015 and 2014 because of the relatively short-term maturity of these financial instruments. The carrying amounts reported for long-term debt approximate fair value as of December 31, 2015 and 2014 because, in general, the interest rates underlying the instruments fluctuate with market rates. Accounts receivable are customer obligations due under normal trade terms. The Company sells its products to retailers, distributors and original equipment manufacturers involved in a variety of industries. The Company performs continuing credit evaluations of its customers’ financial condition, and although the Company generally does not require collateral, letters of credit may be required from customers in certain circumstances. Management reviews accounts receivable to determine if any receivables will potentially be uncollectible. Factors considered in the determination include, among other factors, number of days an invoice is past due, customer historical trends, available credit ratings information, other financial data and the overall economic environment. Collection agencies may also be utilized if management so determines. The Company records an allowance for doubtful accounts based on specifically identified amounts that are believed to be uncollectible. The Company also records as an additional allowance a certain percentage of aged accounts receivable, based on historical experience and the Company’s assessment of the general financial conditions affecting its customer base. If actual collection experience changes, revisions to the allowance may be required. The Company has a limited number of customers with individually large amounts due at any given balance sheet date. Any unanticipated change in the creditworthiness of any of these customers could have a material effect on the Company’s results of operations in the period in which such changes or events occur. After all reasonable attempts to collect an account receivable have failed, the amount of the receivable is written off against the allowance. Based on the information available, the Company believes that its allowance for doubtful accounts as of December 31, 2015 is adequate. However, actual write-offs might exceed the recorded allowance. The Company places the majority of its cash with its primary bank, Capital One Bank, National Association (“Capital One”), which is insured by the Federal Deposit Insurance Corporation (“FDIC”). Significant concentrations of credit risk may arise from the Company’s cash maintained at Capital One, as from time to time cash balances may exceed the FDIC limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable. Within our Tools segment we have two customers that in the aggregate, as of December 31, 2015 and 2014, accounted for 41.0 43.3 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, possible disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis P&F evaluates its estimates, including those related to collectability of accounts receivable, valuation of inventories, recoverability of goodwill and intangible assets and income taxes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not apparent from other sources. Actual results may differ from those estimates under different assumptions or conditions. Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out method or the weighted average method. The inventory balance, which includes raw materials, labor, and manufacturing overhead costs, is recorded net of an allowance for obsolete or unmarketable inventory. Such allowance is based upon both historical experience and management’s understanding of market conditions and forecasts of future product demand. If the actual amount of obsolete or unmarketable inventory significantly exceeds the estimated allowance, the Company’s cost of sales, gross profit and net earnings would be significantly affected. Property and equipment are stated at cost less accumulated depreciation and amortization. Generally, the Company capitalizes items in excess of $ 1,000 Depreciation of buildings and machinery and equipment is computed by using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over periods ranging from 27.5 31 3 10 In accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”), pertaining to the accounting for the impairment or disposal of long-lived assets, property and equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company’s assessment of recoverability of property and equipment is performed on an entity level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration, if any, are recorded as of the date of the acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and that restructuring costs be expensed in periods subsequent to the acquisition date. Generally, the Company engages third party valuation appraisal firms to assist it in determining the fair values and useful lives of the assets acquired and liabilities assumed. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired become known. Goodwill is carried at cost less any impairment charges. Goodwill and intangible assets with indefinite lives are not amortized but are subject to an annual test for impairment at the entity unit level (operating segment or one level below an operating segment) and between annual tests in certain circumstances. In accordance with authoritative guidance issued by the FASB, the Company tests goodwill for impairment on an annual basis. This test occurs in the fourth quarter or more frequently if the Company believes indicators of impairment exist. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair value of the Company’s reporting units with the reporting unit’s carrying amount, including goodwill. The Company generally determines the fair value of its reporting units using the income approach methodology of valuation that includes the expected present value of future cash flows and the market valuation approach. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The measurement of goodwill subsequent to its initial recognition complies with the authoritative guidance issued by the FASB. Intangible assets other than goodwill and intangible assets with indefinite lives are carried at cost less accumulated amortization. Intangible assets are generally amortized on a straight-line basis over their respective useful lives, generally three to twenty years. Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the amount by which the carrying value exceeds the fair value of the asset. The Company offers certain warranties against product defects for periods ranging from one to three years. Certain products carry limited lifetime warranties. The Company’s typical warranties require it to repair or replace the defective products during the warranty period at no cost to the customer. At the time the product revenue is recognized, the Company records a liability for estimated costs under its warranties. The costs are estimated based on revenue and historical experience. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. While the Company believes that its estimated liability for product warranties is adequate and that the judgment applied is appropriate, the estimated liability for the product warranties could differ materially from future actual warranty costs. The Company accounts for income taxes using the asset and liability approach. This approach requires the recognition of current tax assets or liabilities for the amounts refundable or payable on tax returns for the current year, as well as the recognition of deferred tax assets or liabilities for the expected future tax consequences of temporary differences that can arise between (a) the amount of taxable income and pretax financial income for a year, such as from net operating loss carryforwards and other tax credits, and (b) the tax bases of assets or liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates. The impact on deferred tax assets and liabilities of changes in tax rates and laws, if any, is reflected in the consolidated financial statements in the period enacted. Further, we evaluate the likelihood of realizing benefit from our deferred tax assets by estimating future sources of taxable income and the impact of tax planning strategies. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The Company files a consolidated Federal tax return. P&F and certain of its subsidiaries file combined tax returns in New York and Texas. All subsidiaries, other than UAT, file other state and local tax returns on a stand-alone basis. UAT files an income tax return to the taxing authorities in the United Kingdom. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. For tax positions that meet the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50 percent likelihood of being realized upon ultimate settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above, is reflected as a liability for unrecognized tax benefits in the consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income taxes in the consolidated statements of income and comprehensive income. The Company expenses its costs of advertising in the period in which they are incurred. Advertising costs for the years ended December 31, 2015 and 2014 were $ 1,239,000 1,642,000 Basic earnings per common share exclude any dilution. It is based upon the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share reflect the effect of shares of common stock issuable upon the exercise of stock options, unless the effect on earnings is anti-dilutive. Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price. Years Ended December 31, 2015 2014 Numerator: Numerator for basic and diluted income per common share: Net income $ 3,544,000 $ 2,080,000 Denominator: Denominator for basic income per share—weighted average common shares outstanding 3,607,000 3,706,000 Effect of dilutive securities: Stock options 164,000 178,000 Denominator for diluted income per share—adjusted weighted average common shares and assumed conversions 3,771,000 3,884,000 At December 31, 2015 and 2014 and during the years then ended, there were outstanding stock options whose exercise prices were higher than the average market values for the respective periods. These options are anti-dilutive and were excluded from the computation of diluted earnings per share during the years ended December 31, 2015 and 2014. The average anti-dilutive options outstanding for the years ended December 31, 2015 and 2014 were 134,000 219,547 In accordance with GAAP, the Company measures and recognizes compensation expense for all share-based payment awards based on estimated fair values. Share-based compensation expense is included in selling, general and administrative expense on the accompanying consolidated statements of income and comprehensive income. With respect to stock options, GAAP requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statement of income and comprehensive income. The Company records compensation expense ratably over the vesting periods. The Company estimates forfeitures at the time of grant and revises this estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model as its method of valuation for share-based awards granted. As such, the Company’s determination of fair value of share-based payment awards is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, relevant interest rates, and the expected term of the awards. With respect to any issuance of its common stock, the Company determines fair value per share as the closing price of its common stock on the date of the grant of said shares. The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company's international operations are reported as a component of "Accumulated other comprehensive loss" in the Company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the Company’s consolidated statements of income and comprehensive income. Non-monetary assets and liabilities are recorded at historical exchange rates, and the related remeasurement gains or losses are reported as a component of "Accumulated other comprehensive loss" in the Company's consolidated balance sheets. In February 2016, the FASB issued Accounting Standards Update (“ASU”) ASU No. 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The guidance does not change the existing requirement that only permits offsetting within a jurisdiction, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The new guidance is effective in fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively by reclassifying the comparative balance sheet. This ASU is expected to have no impact on the Company’s results of operations. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date In July 2015, the FASB issued ASU 2015-11, S implifying the Measurement of Inventory . The Company does not believe that any recently issued accounting standards, in addition to those referenced above, if adopted, would have a material effect on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 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 $ 1,947,000 250,000 425,000 250,000 224,000 193,435 299,000 299,000 75,000 299,000 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 segment. 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. In connection with these acquisitions, the Company recorded acquisition-related costs in selling, general and administrative expense, that totaled approximately $ 764,000 Twelve months ended December 31, 2014 (Unaudited) Revenue $ 83,355,000 Net income $ 3,075,000 Earnings per share - basic $ 0.83 Earnings per share - diluted $ 0.79

ACCOUNTS RECEIVABLE AND ALLOWAN

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 3—ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable—net consists of: December 31, 2015 December 31, 2014 Accounts receivable $ 9,886,000 $ 9,693,000 Allowance for doubtful accounts (164,000) (146,000) $ 9,722,000 $ 9,547,000

INVENTORIES-NET

INVENTORIES-NET	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	NOTE 4—INVENTORIES-NET Inventories consist of: December 31, 2015 December 31, 2014 Raw materials $ 2,128,000 $ 2,014,000 Work in process 1,395,000 1,433,000 Finished goods 20,471,000 20,888,000 $ 23,994,000 $ 24,335,000

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 5—GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets with indefinite lives are tested annually or whenever events or circumstances indicate the carrying value of these assets may not be recoverable. In accordance with authoritative guidance issued by the FASB, the Company performed an annual impairment test of goodwill and indefinite-lived intangible assets during the fourth quarter based on conditions as of November 30, 2015. The impairment testing is performed in two steps: (i) The Company compares the fair value of a reporting unit with its carrying value, and (ii) if there is impairment, the Company measures the amount of impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The revised fair value of a reporting unit is allocated to the assets and liabilities of the business unit to arrive at an implied fair value of goodwill, based upon known facts and circumstances, as if the acquisition occurred at that time. In 2015, with respect to Florida Pneumatic and Hy-Tech, the Company determined the fair value using the income approach methodology of valuation, which considers the expected present value of future cash flows. As an integral part of the valuation process the Company utilizes its latest cash flows forecasts for the next four fiscal years, and then applies projected minimal growth for all remaining years, based upon available statistical data and management’s estimates. The result of the Company’s Step one impairment test for both Florida Pneumatic and Hy-Tech determined that the fair value of each reporting unit exceeded the carrying value and, as such, no impairment to Goodwill and other intangible assets was recorded in 2015. With respect to Nationwide, the Company performed a qualitative impairment analysis on its goodwill. The Company determined that Nationwide’s fair value exceeded its reported book value at November 30, 2015. As such, no impairment was indicated and no further testing was required. Consolidated Tools Hardware Balance, January 1, 2014 $ 5,150,000 $ 3,277,000 $ 1,873,000 Acquisition of ETI, UAT and ATSCO 6,845,000 6,845,000 — Currency translation adjustments (15,000) (15,000) — Balance December 31, 2014 11,980,000 10,107,000 1,873,000 Adjustment to Acquisition of ATSCO 62,000 62,000 — Currency translation adjustments (15,000) (15,000) — Balance, December 31, 2015 $ 12,027,000 $ 10,154,000 $ 1,873,000 December 31, 2015 December 31, 2014 Accumulated Net book Accumulated Net book Cost amortization value Cost amortization value Other intangible assets: Customer relationships(1) $ 13,185,000 $ 5,386,000 $ 7,799,000 $ 13,194,000 $ 4,551,000 $ 8,643,000 Trademarks and trade names(1) 2,015,000 — 2,015,000 2,035,000 — 2,035,000 Engineering drawings 410,000 159,000 251,000 410,000 120,000 290,000 Licensing 305,000 293,000 12,000 305,000 235,000 70,000 Non-compete agreements(1) 362,000 134,000 228,000 368,000 41,000 327,000 Patents 1,205,000 400,000 805,000 1,205,000 133,000 1,072,000 Totals $ 17,482,000 $ 6,372,000 $ 11,110,000 $ 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. As of December 31, 2015, the Company has no accumulated impairment losses. December 31, 2015 December 31, 2014 Customer relationships 10.0 10.9 Trademarks and trade names — — Engineering drawings 8.5 9.2 Licensing 0.3 1.2 Non-compete agreements 2.7 3.6 Patents 5.8 6.1 Amortization expense for intangible assets was approximately $ 1,295,000 718,000 2016 $ 1,247,000 2017 1,115,000 2018 974,000 2019 940,000 2020 769,000 Thereafter 4,050,000 $ 9,095,000 There were no impairment charges recorded for the years ended December 31, 2015 and 2014.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 6—DEBT SHORT-TERM 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”). COBC’s rights and obligations as agent and lender were subsequently assigned to, and assumed by Capital One, National Association, and for the purposes of this Report the lender and agent under the Credit Agreement and any amendments and/or restatements thereto shall be referred to as “Capital One”. As of December 31, 2015, the Credit Agreement was to expire on December 19, 2017, (the “Maturity Date”). The Credit Agreement provides for a Revolver Loan (“Revolver”), borrowings under 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. At the Company’s option, Revolver borrowings bear interest at either LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement (“Base Rate”), 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. Contemporaneously with the ATSCO acquisition described in Note 2, the Company, on August 13, 2014, entered into an Amended and Restated Loan and Security Agreement, (the “Restated Loan Agreement”), with Capital One. 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 December 31, 2015 and 2014, the balance of Revolver borrowings outstanding was $ 9,623,000 11,817,000 2.00 1.25 2.25 1.25 LIBOR Base Rate Range of Applicable Margins added to Revolver borrowings during: 2015 2.00 points to 2.50 points 1.00 points to 1.50 points 2014 1.50 points to 2.25 points 0.50 points to 1.25 points The Company is required to provide Capital One 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 two percent per annum during the period of default, in addition to other remedies provided to Capital One. 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 borrowings at December 31, 2015 and 2014 was 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 2,417,000 The Company borrowed $ 380,000 519,000 3.00 2.00 December 31, 2015 December 31, 2014 Term Loan A - $23,000 payable monthly January 2013 through December 2017, balance due December 19, 2017. $ 6,160,000 $ 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. 101,000 178,000 Capex Term Loan - $9,000 payable monthly October 2012 through September 2017. 182,000 285,000 Other 48,000 90,000 6,491,000 9,660,000 Less current maturities 491,000 3,167,000 $ 6,000,000 $ 6,493,000 The aggregate amounts of long-term debt scheduled to mature in each of the years ended December 31, are approximately as follows: 2016—$ 491,000 6,000,000 247,000 274,000 Effective February 11, 2016, the Company entered into the Consent and Second Amendment to the Amended and Restated Loan and Security Agreement with Capital One. See NOTE 12 – SUBSEQUENT EVENTS for further discussion.

STOCK OPTIONS - STOCK COMPENSAT

STOCK OPTIONS - STOCK COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 7—STOCK OPTIONS – STOCK COMPENSATION At the Annual Meeting of Stockholders held May 23, 2012 (the “Annual Meeting”), the Company’s stockholders approved the P&F Industries, Inc. 2012 Stock Incentive Plan (the “2012 Plan”). The 2012 Plan authorizes the issuance, to employees, consultants and non-employee directors of nonqualified stock options, stock appreciation rights, restricted stock, performance shares, performance units, and other stock-based awards. In addition, employees are eligible to be granted incentive stock options under the 2012 Plan. The 2012 Plan is currently administered by the compensation committee of the Company’s Board of Directors (the “Committee”). The aggregate number of shares of the Company’s Class A Common Stock (“Common Stock”) that may be issued under the 2012 Plan may not exceed 325,000 The maximum number of shares of Common Stock with respect to which any award of stock options, stock appreciation rights or other Appreciation Award that may be granted under the 2012 Plan during any fiscal year to any eligible employee or consultant will be 100,000 65,000 165,000 1,000,000 35,000 With respect to stock options, the Committee will determine the number of shares of Common Stock subject to each option, the term of each option, which may not exceed ten years (or five years in the case of an incentive stock option granted to a 10% stockholder), the exercise price, the vesting schedule (if any), and the other material terms of each option. No stock option may have an exercise price less than the fair market value of the Common Stock at the time of grant (or, in the case of an incentive stock option granted to a 10% stockholder, 110% of fair market value). The 2012 Plan, which terminates in May 2022, is the successor to the Company’s 2002 Stock Incentive Plan (“Previous Plan”) – see below. Stock option awards made under the Previous Plan will continue in effect and remain governed by the provisions of that plan. The Company’s Previous Plan authorized the issuance to employees and directors of options to purchase a maximum of 1,100,000 100 There were no Common Stock options granted in 2015 or 2014. Number Weighted Aggregate of Exercise Price Intrinsic Shares per share Value Outstanding, January 1, 2014 633,188 $ 6.76 Granted — — Exercised (97,688) 7.69 Expired (30,500) 7.99 Outstanding, December 31, 2014 505,000 6.51 Granted — — Exercised (23,500) 3.11 Expired (24,500) 16.50 Outstanding, December 31, 2015 457,000 $ 6.15 $ 1,431,000 Vested, December 31, 2015 433,160 $ 6.04 $ 1,416,000 All options that expired in 2015 and 2014 were issued under the Previous Plan. December 31, 2015 2014 Weighted Weighted Option Grant-Date Option Grant-Date Shares Fair Value Shares Fair Value Non-vested shares, beginning of year 61,006 $ 6.14 121,500 $ 5.38 Granted — — — Vested (37,166) 5.76 (60,494) 4.62 Forfeited — — — Non-vested shares, end of year 23,840 $ 6.72 61,006 $ 6.14 Stock-based compensation expense recognized for the years ended December 31, 2015 and 2014 was approximately $ 86,000 220,000 Options Outstanding Options Exercisable Weighted Average Weighted Weighted Average Remaining Average Remaining Weighted Number Contractual Exercise Number Contractual Average outstanding Life (Years) Price exercisable Life (Years) Exercise Price 85,500 1.5 $ 11.20 85,500 1.5 $ 11.20 170,000 2.5 $ 4.16 170,000 2.5 $ 4.16 32,500 5.0 $ 3.05 32,500 5.0 $ 3.05 55,500 5.4 $ 4.56 55,500 5.4 $ 4.56 2,000 6.4 $ 4.48 2,000 6.4 $ 4.48 40,000 6.5 $ 4.95 40,000 6.5 $ 4.95 71,500 7.3 $ 8.21 47,660 7.3 $ 8.21 457,000 4.0 $ 6.15 433,160 3.8 $ 6.04 Other Information As of December 31, 2015, the Company had approximately $ 16,000 0.29 At December 31, 2015 and 2014, there were 183,267 194,517 113,500 343,500 Restricted Stock The Company, in May 2015, granted 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, granted 666 3,330 7.43 25,000 Treasury Stock On October 14, 2014, the Company acquired 208,325 7.60 1,583,000

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8—INCOME TAXES Years Ended December 31, 2015 2014 Current: Federal $ 1,293,000 $ 123,000 State and local 137,000 109,000 Foreign 14,000 7,000 Total current 1,444,000 239,000 Deferred: Federal 328,000 1,830,000 State and local 67,000 208,000 Reversal of State and Local Valuation Allowance — (574,000) Foreign (13,000) (6,000) Total deferred 382,000 1,458,000 Totals $ 1,826,000 $ 1,697,000 The Company has state net operating loss carryforwards of $ 7,500,000 2033 December 31, 2015 2014 Deferred tax assets—current: Bad debt reserves $ 57,000 $ 52,000 Inventory reserves 1,084,000 1,066,000 Warranty and other reserves 183,000 220,000 1,324,000 1,338,000 Deferred tax (liabilities)—current: Prepaid expenses (193,000) (189,000) Net deferred tax assets—current $ 1,131,000 $ 1,149,000 Deferred tax assets—non-current Federal net operating loss $ — $ 206,000 State net operating loss 143,000 208,000 Tax credits — 243,000 Stock-based compensation 531,000 521,000 Other 107,000 95,000 781,000 1,273,000 Deferred tax liabilities—non-current: Depreciation (1,005,000) (1,036,000) Intangibles (2,675,000) (2,864,000) Goodwill (178,000) (93,000) (3,858,000) (3,993,000) Net deferred tax liabilities—non-current $ (3,077,000) $ (2,720,000) Years ended December 31, 2015 2014 United State operations $ 5,220,000 $ 3,777,000 International operations 150,000 — Income before tax $ 5,370,000 $ 3,777,000 U.S. federal income taxes have not been provided on approximately $ 150,000 Years ended December 31, 2015 2014 Federal income tax computed at statutory rates 34.0 % 34.0 % (Decrease) increase in taxes resulting from: State and local taxes, net of Federal tax benefit 2.5 4.1 Change in valuation allowance — (10.0) Permanent differences - net (1.2) 5.1 Foreign rate differential (0.9) — Reversal of liabilities (1) — 11.3 Other (0.4) 0.4 Income tax expense 34.0 % 44.9 % (1) As the result of the expiration of various state statute of limitations pertaining to approximately $ 1.2 Balance January 1, 2014 $ — Additions for tax positions related to current year acquisition 866,000 Interest accrual 14,000 Balance at January 1, 2015 880,000 Lapse of statute of limitations (469,000) Interest accrual 21,000 Balance December 31, 2015 $ 432,000 In connection with one of the acquisitions that occurred in 2014, the Company, in accordance with the ASC 740-10, recorded in Accrued liabilities an uncertain tax position of $ 432,000 The Company files a consolidated Federal tax return. The Company and certain of its subsidiaries file tax returns in various U.S. state jurisdictions. Its foreign subsidiary, UAT, files in the United Kingdom. With few exceptions, the years that remain subject to examination are the years ended December 31, 2012 through December 31, 2014. During the prior year, the Company received notification from the Internal Revenue Service of an examination for the year ended December 31, 2013. As of December 31, 2015, no significant preliminary audit findings were received by the Company and no reserves have been recorded. Interest and penalties, if any, related to income tax liabilities are included in income tax expense.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 9—COMMITMENTS AND CONTINGENCIES (a) The Company maintains a contributory defined contribution plan that covers all eligible employees. All contributions to this plan are discretionary. Amounts recognized as expense for contributions to this plan were $ 397,000 373,000 (b) At December 31, 2015 and 2014, the Company had open purchase order commitments totaling approximately $ 14,898,000 15,637,000 (c) From time to time, we may be a defendant or co-defendant in actions brought about in the ordinary course of conducting our business. We are not currently a defendant or co-defendant in any such action. (d) The Company leases certain facilities and equipment through 2021. Generally, the facility leases carry renewal provisions and require the Company to pay maintenance costs. Rental payments may be adjusted for increases in taxes and insurance above specified amounts. Operating lease expense for 2015 and 2014 was $ 418,000 360,000 2016 $ 358,000 2017 179,000 2018 149,000 2019 114,000 2020 92,000 Thereafter 6,000 $ 898,000

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 10—BUSINESS SEGMENTS The Company has organized its business into two reportable business segments: “Tools” and “Hardware”. The Company is organized around these two distinct product segments, each of which has very different end users. For reporting purposes, Florida Pneumatic, and Hy-Tech are combined in the Tools segment, with Nationwide being the sole entity reported in the Hardware segment. The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those described in Note 1. Year ended December 31, 2015 Consolidated Tools Hardware Net revenues from unaffiliated customers $ 81,702,000 $ 60,312,000 $ 21,390,000 Segment operating income $ 11,270,000 $ 7,376,000 $ 3,894,000 General corporate expense (5,311,000) Other income 126,000 Interest expense (715,000) Income before income taxes $ 5,370,000 Segment assets $ 68,952,000 $ 58,694,000 $ 10,258,000 Corporate assets 1,626,000 Total assets $ 70,578,000 Long-lived assets, including $49,000 of corporate assets $ 33,377,000 $ 28,832,000 $ 4,496,000 Depreciation and amortization expense, including $16,000 of corporate expense $ 1,720,000 $ 1,455,000 $ 249,000 Amortization of other intangible assets expense $ 1,295,000 $ 1,237,000 $ 58,000 Year ended December 31, 2014 Consolidated Tools Hardware Net revenues from unaffiliated customers $ 75,035,000 $ 56,114,000 $ 18,921,000 Segment operating income $ 10,313,000 $ 6,715,000 $ 3,598,000 General corporate expense (5,996,000) Interest expense (540,000) Income before income taxes $ 3,777,000 Segment assets $ 71,394,000 $ 60,366,000 $ 11,028,000 Corporate assets 1,700,000 Total assets $ 73,094,000 Long-lived assets, including $51,000 of corporate assets $ 35,009,000 $ 30,326,000 $ 4,632,000 Depreciation and amortization expense, including $11,000 of corporate expense $ 1,551,000 $ 1,336,000 $ 204,000 Amortization of other intangible assets expense $ 718,000 $ 661,000 $ 57,000 There was no impairment charge recorded in 2015 or 2014. Year ended December 31, 2015 2014 Revenue: North America $ 77,834,000 $ 72,881,000 Europe 2,989,000 1,563,000 All other 879,000 591,000 Total Revenue $ 81,702,000 $ 75,035,000 Long-Lived Assets: North America $ 32,320,000 $ 33,782,000 Europe 1,057,000 1,227,000 Total Long-Lived Assets $ 33,377,000 $ 35,009,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 11—RELATED PARTY TRANSACTIONS The president of one of the Company’s subsidiaries is part owner of one of that subsidiary’s vendors. During the years ended December 31, 2015 and 2014, the Company purchased approximately $ 690,000 964,000 63,000 103,000 7,000 27,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 12—SUBSEQUENT EVENTS On February 11, 2016 (the “Closing Date”), Countrywide, P&F, Nationwide and Argosy NWI Holdings, LLC, a Delaware limited liability company (“Argosy”), entered into a Stock Purchase and Redemption Agreement (the “Stock Purchase and Redemption Agreement”), pursuant to which, among other things, after giving effect to certain contributions and redemptions of Nationwide’s common shares, (“Nationwide Shares”) Argosy acquired all of the outstanding Nationwide Shares from Countrywide (the “Acquisition”). The Acquisition was effective as of 11:59 p.m. on the Closing Date. Pursuant to the Stock Purchase and Redemption Agreement, the purchase price for the Nationwide Shares acquired in the Acquisition was approximately $ 22.2 877,000 1,955,000 400,000 Effective as of the Closing Date, the Company and the president of Nationwide, entered into a purchase agreement (the “Purchase Agreement”), pursuant to which, among other things the Company acquired (i) 30,000 254,940 6,667 16,597 Contemporaneously with the Acquisition and the Repurchase, the Company entered into the Consent and Second Amendment to the Amended and Restated Loan and Security Agreement, effective as of February 11, 2016 (the “Amendment”), with Capital One. The Amendment amended the Restated Loan Agreement, dated as of August 13, 2014 (the “Loan Agreement”). The Amendment, among other things: (i) provided CONA’s consent to the transactions contemplated by the Stock Purchase and Redemption Agreement and the Repurchase and (ii) amended the Restated Loan Agreement by: (a) reducing the aggregate Commitment (as defined in the Restated Loan Agreement) to $11,600,000; (b) reducing the Term Loan A to $100,000; (c) reducing the Revolver Commitment to $10,000,000 (less the new Term Loan A balance of $100,000); (d) reducing the Capex Loan 1,600,000 In connection with the Acquisition, effective as of the Closing Date, Countrywide, as landlord, and Nationwide, as tenant, entered into a new lease (the “Lease”) relating to the Tampa, Florida real property (the “Premises”). The Lease provides for, among other things, a seven-year term commencing on the Closing Date and an annual base rent of approximately $ 252,000 Lastly, effective as on the Closing Date, Countrywide and Nationwide entered into an Option and Right of First Refusal Agreement relating to the Premises, pursuant to which Countrywide granted a purchase option to Nationwide relating to the Premises if such option is initiated within 60 days following the Closing Date, in addition to the right of first refusal relating to certain offers made by third parties during the five-year period following the Closing Date. The following unaudited pro-forma financial information gives effect to the sale of Nationwide as if it were consummated January 1, 2014. Year ended December 31, 2015 2014 (Unaudited) (Unaudited) Net revenue $ 60,313,000 $ 56,114,000 Income before income taxes $ 2,681,000 $ 1,181,000 Income tax expense 822,000 1,023,000 Net income $ 1,859,000 $ 158,000 Earnings per share-basic $ 0.52 $ 0.04 Earnings per share-diluted $ 0.49 $ 0.04 During 2014, the Company was required to recognize a gain for tax purposes due to the expiration of various state statute of limitations pertaining to approximately $ 1,200,000 On March 8, 2016, the Company’s Board of Directors announced that it declared a special, one-time cash dividend of $ 0.50 1,800,000 0.20 0.05 April 14, 2016

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The 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 The Company 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 currently 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”), a developer and distributor of pneumatic tools, through a merger between a newly formed, wholly-owned subsidiary of Florida Pneumatic and ETI. Further, in July 2014, Florida Pneumatic acquired all of the outstanding shares of Universal Air Tool Company Limited (“UAT”), a distributor of pneumatic tools located in High Wycombe, England. UAT markets pneumatic tools to the automotive market sector primarily in the United Kingdom and Ireland. This acquisition provides the Company with direct entry into the European pneumatic tool market for the Company’s entire suite of air tool products. 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”), through a wholly-owned subsidiary of Hy-Tech, and unless otherwise indicated, the operations and results of operations of Hy-Tech herein include ATSCO as of 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, such as 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, and oil 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. See NOTE 12- SUBSEQUENT EVENTS, for discussion relating to the sale of Nationwide.
Basis of Accounting, Policy [Policy Text Block]	Basis of Financial Statement Presentation The Company prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”).
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been provided, the sale price is fixed or determinable, and collectability is reasonably assured. The Company sells its goods on terms which transfer title and risk of loss at a specified location, typically shipping point, port of loading or port of discharge, depending on the final destination of the goods. Revenue recognition from product sales occurs when all factors are met, including transfer of title and risk of loss, which occurs either upon shipment by the Company or upon receipt by customers at the location specified in the terms of sale. Other than standard product warranty provisions, the Company’s sales arrangements provide for no other post-shipment obligations. The Company does offer rebates and other sales incentives, promotional allowances or discounts, from time to time and for certain customers, typically related to customer purchase volume, all of which are fixed or determinable and are classified as a reduction of revenue and recorded at the time of sale. The Company periodically evaluates whether an allowance for sales returns is necessary. Historically, the Company has experienced sales returns. If the Company concludes there are potential sales returns, the Company would provide any necessary provision against sales.
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Costs Expenses for shipping and handling costs are included in selling, general and administrative expenses, and totaled approximately $ 2,384,000 2,081,000
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents consist of cash held in bank demand deposits. The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at December 31, 2015 and 2014.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and short-term debt approximate fair value as of December 31, 2015 and 2014 because of the relatively short-term maturity of these financial instruments. The carrying amounts reported for long-term debt approximate fair value as of December 31, 2015 and 2014 because, in general, the interest rates underlying the instruments fluctuate with market rates.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are customer obligations due under normal trade terms. The Company sells its products to retailers, distributors and original equipment manufacturers involved in a variety of industries. The Company performs continuing credit evaluations of its customers’ financial condition, and although the Company generally does not require collateral, letters of credit may be required from customers in certain circumstances. Management reviews accounts receivable to determine if any receivables will potentially be uncollectible. Factors considered in the determination include, among other factors, number of days an invoice is past due, customer historical trends, available credit ratings information, other financial data and the overall economic environment. Collection agencies may also be utilized if management so determines. The Company records an allowance for doubtful accounts based on specifically identified amounts that are believed to be uncollectible. The Company also records as an additional allowance a certain percentage of aged accounts receivable, based on historical experience and the Company’s assessment of the general financial conditions affecting its customer base. If actual collection experience changes, revisions to the allowance may be required. The Company has a limited number of customers with individually large amounts due at any given balance sheet date. Any unanticipated change in the creditworthiness of any of these customers could have a material effect on the Company’s results of operations in the period in which such changes or events occur. After all reasonable attempts to collect an account receivable have failed, the amount of the receivable is written off against the allowance. Based on the information available, the Company believes that its allowance for doubtful accounts as of December 31, 2015 is adequate. However, actual write-offs might exceed the recorded allowance.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk The Company places the majority of its cash with its primary bank, Capital One Bank, National Association (“Capital One”), which is insured by the Federal Deposit Insurance Corporation (“FDIC”). Significant concentrations of credit risk may arise from the Company’s cash maintained at Capital One, as from time to time cash balances may exceed the FDIC limits. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable. Within our Tools segment we have two customers that in the aggregate, as of December 31, 2015 and 2014, accounted for 41.0 43.3
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, possible disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis P&F evaluates its estimates, including those related to collectability of accounts receivable, valuation of inventories, recoverability of goodwill and intangible assets and income taxes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not apparent from other sources. Actual results may differ from those estimates under different assumptions or conditions.
Inventory, Policy [Policy Text Block]	Inventories Inventories are valued at the lower of cost or market. Cost is determined by the first-in, first-out method or the weighted average method. The inventory balance, which includes raw materials, labor, and manufacturing overhead costs, is recorded net of an allowance for obsolete or unmarketable inventory. Such allowance is based upon both historical experience and management’s understanding of market conditions and forecasts of future product demand. If the actual amount of obsolete or unmarketable inventory significantly exceeds the estimated allowance, the Company’s cost of sales, gross profit and net earnings would be significantly affected.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment and Depreciation and Amortization Property and equipment are stated at cost less accumulated depreciation and amortization. Generally, the Company capitalizes items in excess of $ 1,000 Depreciation of buildings and machinery and equipment is computed by using the straight-line method over the estimated useful lives of the assets. Buildings are depreciated over periods ranging from 27.5 31 3 10
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-Lived Assets In accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”), pertaining to the accounting for the impairment or disposal of long-lived assets, property and equipment and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company’s assessment of recoverability of property and equipment is performed on an entity level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Business Combinations Policy [Policy Text Block]	Acquisitions The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired, liabilities assumed, and contingent consideration, if any, are recorded as of the date of the acquisition at their respective fair values. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred and that restructuring costs be expensed in periods subsequent to the acquisition date. Generally, the Company engages third party valuation appraisal firms to assist it in determining the fair values and useful lives of the assets acquired and liabilities assumed. The Company records a preliminary purchase price allocation for its acquisitions and finalizes purchase price allocations as additional information relative to the fair values of the assets acquired become known.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill, Intangible and Long-Lived Assets Goodwill is carried at cost less any impairment charges. Goodwill and intangible assets with indefinite lives are not amortized but are subject to an annual test for impairment at the entity unit level (operating segment or one level below an operating segment) and between annual tests in certain circumstances. In accordance with authoritative guidance issued by the FASB, the Company tests goodwill for impairment on an annual basis. This test occurs in the fourth quarter or more frequently if the Company believes indicators of impairment exist. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The performance of the test involves a two-step process. The first step of the impairment test involves comparing the fair value of the Company’s reporting units with the reporting unit’s carrying amount, including goodwill. The Company generally determines the fair value of its reporting units using the income approach methodology of valuation that includes the expected present value of future cash flows and the market valuation approach. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The second step of the goodwill impairment test involves comparing the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The measurement of goodwill subsequent to its initial recognition complies with the authoritative guidance issued by the FASB. Intangible assets other than goodwill and intangible assets with indefinite lives are carried at cost less accumulated amortization. Intangible assets are generally amortized on a straight-line basis over their respective useful lives, generally three to twenty years. Long-lived assets and certain identifiable intangible assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets and certain identifiable intangible assets that management expects to hold and use is based on the amount by which the carrying value exceeds the fair value of the asset.
Standard Product Warranty, Policy [Policy Text Block]	Warranty Liability The Company offers certain warranties against product defects for periods ranging from one to three years. Certain products carry limited lifetime warranties. The Company’s typical warranties require it to repair or replace the defective products during the warranty period at no cost to the customer. At the time the product revenue is recognized, the Company records a liability for estimated costs under its warranties. The costs are estimated based on revenue and historical experience. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary. While the Company believes that its estimated liability for product warranties is adequate and that the judgment applied is appropriate, the estimated liability for the product warranties could differ materially from future actual warranty costs.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company accounts for income taxes using the asset and liability approach. This approach requires the recognition of current tax assets or liabilities for the amounts refundable or payable on tax returns for the current year, as well as the recognition of deferred tax assets or liabilities for the expected future tax consequences of temporary differences that can arise between (a) the amount of taxable income and pretax financial income for a year, such as from net operating loss carryforwards and other tax credits, and (b) the tax bases of assets or liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates. The impact on deferred tax assets and liabilities of changes in tax rates and laws, if any, is reflected in the consolidated financial statements in the period enacted. Further, we evaluate the likelihood of realizing benefit from our deferred tax assets by estimating future sources of taxable income and the impact of tax planning strategies. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The Company files a consolidated Federal tax return. P&F and certain of its subsidiaries file combined tax returns in New York and Texas. All subsidiaries, other than UAT, file other state and local tax returns on a stand-alone basis. UAT files an income tax return to the taxing authorities in the United Kingdom. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. For tax positions that meet the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50 percent likelihood of being realized upon ultimate settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above, is reflected as a liability for unrecognized tax benefits in the consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income taxes in the consolidated statements of income and comprehensive income.
Advertising Costs, Policy [Policy Text Block]	Advertising The Company expenses its costs of advertising in the period in which they are incurred. Advertising costs for the years ended December 31, 2015 and 2014 were $ 1,239,000 1,642,000
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share Basic earnings per common share exclude any dilution. It is based upon the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share reflect the effect of shares of common stock issuable upon the exercise of stock options, unless the effect on earnings is anti-dilutive. Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price. Years Ended December 31, 2015 2014 Numerator: Numerator for basic and diluted income per common share: Net income $ 3,544,000 $ 2,080,000 Denominator: Denominator for basic income per share—weighted average common shares outstanding 3,607,000 3,706,000 Effect of dilutive securities: Stock options 164,000 178,000 Denominator for diluted income per share—adjusted weighted average common shares and assumed conversions 3,771,000 3,884,000 At December 31, 2015 and 2014 and during the years then ended, there were outstanding stock options whose exercise prices were higher than the average market values for the respective periods. These options are anti-dilutive and were excluded from the computation of diluted earnings per share during the years ended December 31, 2015 and 2014. The average anti-dilutive options outstanding for the years ended December 31, 2015 and 2014 were 134,000 219,547
Compensation Related Costs, Policy [Policy Text Block]	Share-Based Compensation In accordance with GAAP, the Company measures and recognizes compensation expense for all share-based payment awards based on estimated fair values. Share-based compensation expense is included in selling, general and administrative expense on the accompanying consolidated statements of income and comprehensive income. With respect to stock options, GAAP requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statement of income and comprehensive income. The Company records compensation expense ratably over the vesting periods. The Company estimates forfeitures at the time of grant and revises this estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company uses the Black-Scholes option-pricing model as its method of valuation for share-based awards granted. As such, the Company’s determination of fair value of share-based payment awards is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, relevant interest rates, and the expected term of the awards. With respect to any issuance of its common stock, the Company determines fair value per share as the closing price of its common stock on the date of the grant of said shares.
Foreign Currency Translation [Policy Text Block]	Foreign Currency Translation The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the Company's international operations are reported as a component of "Accumulated other comprehensive loss" in the Company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the Company’s consolidated statements of income and comprehensive income. Non-monetary assets and liabilities are recorded at historical exchange rates, and the related remeasurement gains or losses are reported as a component of "Accumulated other comprehensive loss" in the Company's consolidated balance sheets.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) ASU No. 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The guidance does not change the existing requirement that only permits offsetting within a jurisdiction, companies are still prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The new guidance is effective in fiscal years beginning after December 15, 2016, including interim periods within those years. Early adoption is permitted as of the beginning of an interim or annual reporting period. The guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively by reclassifying the comparative balance sheet. This ASU is expected to have no impact on the Company’s results of operations. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date In July 2015, the FASB issued ASU 2015-11, S implifying the Measurement of Inventory . The Company does not believe that any recently issued accounting standards, in addition to those referenced above, if adopted, would have a material effect on its consolidated financial statements.

SUMMARY OF ACCOUNTING POLICIE21

SUMMARY OF ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table sets forth the computation of basic and diluted earnings per common share: Years Ended December 31, 2015 2014 Numerator: Numerator for basic and diluted income per common share: Net income $ 3,544,000 $ 2,080,000 Denominator: Denominator for basic income per share—weighted average common shares outstanding 3,607,000 3,706,000 Effect of dilutive securities: Stock options 164,000 178,000 Denominator for diluted income per share—adjusted weighted average common shares and assumed conversions 3,771,000 3,884,000

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Air Tool Service Company [Member]
Business Combinations [Line Items]
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. Twelve months ended December 31, 2014 (Unaudited) Revenue $ 83,355,000 Net income $ 3,075,000 Earnings per share - basic $ 0.83 Earnings per share - diluted $ 0.79

ACCOUNTS RECEIVABLE AND ALLOW23

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	Accounts receivable—net consists of: December 31, 2015 December 31, 2014 Accounts receivable $ 9,886,000 $ 9,693,000 Allowance for doubtful accounts (164,000) (146,000) $ 9,722,000 $ 9,547,000

INVENTORIES-NET (Tables)

INVENTORIES-NET (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of: December 31, 2015 December 31, 2014 Raw materials $ 2,128,000 $ 2,014,000 Work in process 1,395,000 1,433,000 Finished goods 20,471,000 20,888,000 $ 23,994,000 $ 24,335,000

GOODWILL AND OTHER INTANGIBLE25

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The changes in the carrying amount of goodwill by segment for 2014 and 2015 are as follows: Consolidated Tools Hardware Balance, January 1, 2014 $ 5,150,000 $ 3,277,000 $ 1,873,000 Acquisition of ETI, UAT and ATSCO 6,845,000 6,845,000 — Currency translation adjustments (15,000) (15,000) — Balance December 31, 2014 11,980,000 10,107,000 1,873,000 Adjustment to Acquisition of ATSCO 62,000 62,000 — Currency translation adjustments (15,000) (15,000) — Balance, December 31, 2015 $ 12,027,000 $ 10,154,000 $ 1,873,000
Schedule of Finite-Lived Intangible Assets [Table Text Block]	December 31, 2015 December 31, 2014 Accumulated Net book Accumulated Net book Cost amortization value Cost amortization value Other intangible assets: Customer relationships(1) $ 13,185,000 $ 5,386,000 $ 7,799,000 $ 13,194,000 $ 4,551,000 $ 8,643,000 Trademarks and trade names(1) 2,015,000 — 2,015,000 2,035,000 — 2,035,000 Engineering drawings 410,000 159,000 251,000 410,000 120,000 290,000 Licensing 305,000 293,000 12,000 305,000 235,000 70,000 Non-compete agreements(1) 362,000 134,000 228,000 368,000 41,000 327,000 Patents 1,205,000 400,000 805,000 1,205,000 133,000 1,072,000 Totals $ 17,482,000 $ 6,372,000 $ 11,110,000 $ 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 periods (in years) related to other intangible assets are as follows: December 31, 2015 December 31, 2014 Customer relationships 10.0 10.9 Trademarks and trade names — — Engineering drawings 8.5 9.2 Licensing 0.3 1.2 Non-compete agreements 2.7 3.6 Patents 5.8 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 $ 1,247,000 2017 1,115,000 2018 974,000 2019 940,000 2020 769,000 Thereafter 4,050,000 $ 9,095,000

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule Of Applicable Margin For Borrowings [Table Text Block]	LIBOR Base Rate Range of Applicable Margins added to Revolver borrowings during: 2015 2.00 points to 2.50 points 1.00 points to 1.50 points 2014 1.50 points to 2.25 points 0.50 points to 1.25 points
Schedule of Debt [Table Text Block]	Long-term debt: December 31, 2015 December 31, 2014 Term Loan A - $23,000 payable monthly January 2013 through December 2017, balance due December 19, 2017. $ 6,160,000 $ 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. 101,000 178,000 Capex Term Loan - $9,000 payable monthly October 2012 through September 2017. 182,000 285,000 Other 48,000 90,000 6,491,000 9,660,000 Less current maturities 491,000 3,167,000 $ 6,000,000 $ 6,493,000

STOCK OPTIONS - STOCK COMPENS27

STOCK OPTIONS - STOCK COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table contains information on the status of the Company’s stock options: Number Weighted Aggregate of Exercise Price Intrinsic Shares per share Value Outstanding, January 1, 2014 633,188 $ 6.76 Granted — — Exercised (97,688) 7.69 Expired (30,500) 7.99 Outstanding, December 31, 2014 505,000 6.51 Granted — — Exercised (23,500) 3.11 Expired (24,500) 16.50 Outstanding, December 31, 2015 457,000 $ 6.15 $ 1,431,000 Vested, December 31, 2015 433,160 $ 6.04 $ 1,416,000
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 shares, all of which are expected to vest: December 31, 2015 2014 Weighted Weighted Option Grant-Date Option Grant-Date Shares Fair Value Shares Fair Value Non-vested shares, beginning of year 61,006 $ 6.14 121,500 $ 5.38 Granted — — — Vested (37,166) 5.76 (60,494) 4.62 Forfeited — — — Non-vested shares, end of year 23,840 $ 6.72 61,006 $ 6.14
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	The following table summarizes information about stock options outstanding and exercisable at December 31, 2015: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Average Remaining Average Remaining Weighted Number Contractual Exercise Number Contractual Average outstanding Life (Years) Price exercisable Life (Years) Exercise Price 85,500 1.5 $ 11.20 85,500 1.5 $ 11.20 170,000 2.5 $ 4.16 170,000 2.5 $ 4.16 32,500 5.0 $ 3.05 32,500 5.0 $ 3.05 55,500 5.4 $ 4.56 55,500 5.4 $ 4.56 2,000 6.4 $ 4.48 2,000 6.4 $ 4.48 40,000 6.5 $ 4.95 40,000 6.5 $ 4.95 71,500 7.3 $ 8.21 47,660 7.3 $ 8.21 457,000 4.0 $ 6.15 433,160 3.8 $ 6.04

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Income tax expense in the consolidated statements of income and comprehensive income consists of: Years Ended December 31, 2015 2014 Current: Federal $ 1,293,000 $ 123,000 State and local 137,000 109,000 Foreign 14,000 7,000 Total current 1,444,000 239,000 Deferred: Federal 328,000 1,830,000 State and local 67,000 208,000 Reversal of State and Local Valuation Allowance — (574,000) Foreign (13,000) (6,000) Total deferred 382,000 1,458,000 Totals $ 1,826,000 $ 1,697,000
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Deferred tax assets (liabilities) consist of: December 31, 2015 2014 Deferred tax assets—current: Bad debt reserves $ 57,000 $ 52,000 Inventory reserves 1,084,000 1,066,000 Warranty and other reserves 183,000 220,000 1,324,000 1,338,000 Deferred tax (liabilities)—current: Prepaid expenses (193,000) (189,000) Net deferred tax assets—current $ 1,131,000 $ 1,149,000 Deferred tax assets—non-current Federal net operating loss $ — $ 206,000 State net operating loss 143,000 208,000 Tax credits — 243,000 Stock-based compensation 531,000 521,000 Other 107,000 95,000 781,000 1,273,000 Deferred tax liabilities—non-current: Depreciation (1,005,000) (1,036,000) Intangibles (2,675,000) (2,864,000) Goodwill (178,000) (93,000) (3,858,000) (3,993,000) Net deferred tax liabilities—non-current $ (3,077,000) $ (2,720,000)
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	The components of income before income taxes consisted of the following: Years ended December 31, 2015 2014 United State operations $ 5,220,000 $ 3,777,000 International operations 150,000 — Income before tax $ 5,370,000 $ 3,777,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	A reconciliation of the Federal statutory rate to the total effective tax rate applicable to income from continuing operations is as follows: Years ended December 31, 2015 2014 Federal income tax computed at statutory rates 34.0 % 34.0 % (Decrease) increase in taxes resulting from: State and local taxes, net of Federal tax benefit 2.5 4.1 Change in valuation allowance — (10.0) Permanent differences - net (1.2) 5.1 Foreign rate differential (0.9) — Reversal of liabilities (1) — 11.3 Other (0.4) 0.4 Income tax expense 34.0 % 44.9 % (1) As the result of the expiration of various state statute of limitations pertaining to approximately $ 1.2
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	The Company follows the authoritative guidance issued by the FASB that pertains to the accounting for uncertain tax matters. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Balance January 1, 2014 $ — Additions for tax positions related to current year acquisition 866,000 Interest accrual 14,000 Balance at January 1, 2015 880,000 Lapse of statute of limitations (469,000) Interest accrual 21,000 Balance December 31, 2015 $ 432,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Future minimum payments under non-cancelable operating leases with initial or remaining terms of more than one year as of December 31, 2015 were as follows: 2016 $ 358,000 2017 179,000 2018 149,000 2019 114,000 2020 92,000 Thereafter 6,000 $ 898,000

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents financial information by segment for the years ended December 31, 2015 and 2014. Segment operating income excludes general corporate expenses, interest expense and income taxes. Identifiable assets are those assets directly owned or utilized by the particular business. Year ended December 31, 2015 Consolidated Tools Hardware Net revenues from unaffiliated customers $ 81,702,000 $ 60,312,000 $ 21,390,000 Segment operating income $ 11,270,000 $ 7,376,000 $ 3,894,000 General corporate expense (5,311,000) Other income 126,000 Interest expense (715,000) Income before income taxes $ 5,370,000 Segment assets $ 68,952,000 $ 58,694,000 $ 10,258,000 Corporate assets 1,626,000 Total assets $ 70,578,000 Long-lived assets, including $49,000 of corporate assets $ 33,377,000 $ 28,832,000 $ 4,496,000 Depreciation and amortization expense, including $16,000 of corporate expense $ 1,720,000 $ 1,455,000 $ 249,000 Amortization of other intangible assets expense $ 1,295,000 $ 1,237,000 $ 58,000 Year ended December 31, 2014 Consolidated Tools Hardware Net revenues from unaffiliated customers $ 75,035,000 $ 56,114,000 $ 18,921,000 Segment operating income $ 10,313,000 $ 6,715,000 $ 3,598,000 General corporate expense (5,996,000) Interest expense (540,000) Income before income taxes $ 3,777,000 Segment assets $ 71,394,000 $ 60,366,000 $ 11,028,000 Corporate assets 1,700,000 Total assets $ 73,094,000 Long-lived assets, including $51,000 of corporate assets $ 35,009,000 $ 30,326,000 $ 4,632,000 Depreciation and amortization expense, including $11,000 of corporate expense $ 1,551,000 $ 1,336,000 $ 204,000 Amortization of other intangible assets expense $ 718,000 $ 661,000 $ 57,000
Revenue from External Customers by Geographic Areas [Table Text Block]	Revenue and long-lived assets by geographic region were as follows: Year ended December 31, 2015 2014 Revenue: North America $ 77,834,000 $ 72,881,000 Europe 2,989,000 1,563,000 All other 879,000 591,000 Total Revenue $ 81,702,000 $ 75,035,000 Long-Lived Assets: North America $ 32,320,000 $ 33,782,000 Europe 1,057,000 1,227,000 Total Long-Lived Assets $ 33,377,000 $ 35,009,000

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Pro Forma [Member]
Business Acquisition, Pro Forma Information [Table Text Block]	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 sale 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. Year ended December 31, 2015 2014 (Unaudited) (Unaudited) Net revenue $ 60,313,000 $ 56,114,000 Income before income taxes $ 2,681,000 $ 1,181,000 Income tax expense 822,000 1,023,000 Net income $ 1,859,000 $ 158,000 Earnings per share-basic $ 0.52 $ 0.04 Earnings per share-diluted $ 0.49 $ 0.04

SUMMARY OF ACCOUNTING POLICIE32

SUMMARY OF ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Numerator for basic and diluted income per common share:
Net income	$ 3,544,000	$ 2,080,000
Denominator:
Denominator for basic income per share—weighted average common shares outstanding	3,607,000	3,706,000
Effect of dilutive securities:
Stock options	164,000	178,000
Denominator for diluted income per share—adjusted weighted average common shares and assumed conversions	3,771,000	3,884,000

SUMMARY OF ACCOUNTING POLICIE33

SUMMARY OF ACCOUNTING POLICIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Summary Of Accounting Policies [Line Items]
Shipping, Handling and Transportation Costs	$ 2,384,000	$ 2,081,000
Advertising Expense	$ 1,239,000	$ 1,642,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	134,000	219,547
Property, Plant and Equipment, Cost Capitalization	1,000
Building [Member] | Minimum [Member]
Schedule Of Summary Of Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Building [Member] | Maximum [Member]
Schedule Of Summary Of Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	31 years
Machinery and Equipment [Member] | Minimum [Member]
Schedule Of Summary Of Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Schedule Of Summary Of Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Accounts Receivable [Member]
Schedule Of Summary Of Accounting Policies [Line Items]
Concentration Risk, Percentage	41.00%	43.30%

ACQUISITIONS (Details)

ACQUISITIONS (Details)	12 Months Ended
	Dec. 31, 2014USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 83,355,000
Net income | $	$ 3,075,000
Earnings per share - basic (in dollars per share) | $ / shares	$ 0.83
Earnings per share - diluted (in dollars per share) | $ / shares	$ 0.79

ACQUISITIONS (Details Textual)

ACQUISITIONS (Details Textual)	Aug. 13, 2014USD ($)	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jul. 29, 2014USD ($)	Jul. 29, 2014GBP (£)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset							$ 126,000		$ 0
Payments to Acquire Businesses, Net of Cash Acquired							0		7,659,000
Selling, General and Administrative Expense							23,969,000		23,064,000
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			$ 299,000	$ 299,000	£ 193,435
Other Nonoperating Expense						$ 75,000
Payments to Acquire Businesses, Net of Cash Acquired		$ 299,000
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
Air Tool Service Company [Member] | Acquisition-related Costs [Member]
Business Acquisition [Line Items]
Selling, General and Administrative Expense									$ 764,000

ACCOUNTS RECEIVABLE AND ALLOW36

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 9,886,000	$ 9,693,000
Allowance for doubtful accounts	(164,000)	(146,000)
Accounts Receivable, Net, Current, Total	$ 9,722,000	$ 9,547,000

INVENTORIES-NET (Details)

INVENTORIES-NET (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Raw material	$ 2,128,000	$ 2,014,000
Work in process	1,395,000	1,433,000
Finished goods	20,471,000	20,888,000
Inventory, Gross	$ 23,994,000	$ 24,335,000

GOODWILL AND OTHER INTANGIBLE38

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill	$ 12,027,000	$ 11,980,000
Consolidated [Member]
Goodwill	12,027,000	11,980,000	$ 5,150,000
Acquisition of ETI, UAT and ATSCO	62,000	6,845,000
Currency translation adjustments	(15,000)	(15,000)
Tools [Member]
Goodwill	10,154,000	10,107,000	3,277,000
Acquisition of ETI, UAT and ATSCO	62,000	6,845,000
Currency translation adjustments	(15,000)	(15,000)
Hardware [Member]
Goodwill	1,873,000	1,873,000	$ 1,873,000
Acquisition of ETI, UAT and ATSCO	0	0
Currency translation adjustments	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE39

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Other intangible assets:
Cost		$ 17,482,000	$ 17,517,000
Accumulated amortization		6,372,000	5,080,000
Net book value		11,110,000	12,437,000
Customer relationships [Member]
Other intangible assets:
Cost	[1]	13,185,000	13,194,000
Accumulated amortization	[1]	5,386,000	4,551,000
Net book value	[1]	$ 7,799,000	$ 8,643,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years	10 years 10 months 24 days
Trademarks and trade names [Member]
Other intangible assets:
Cost	[1]	$ 2,015,000	$ 2,035,000
Accumulated amortization	[1]	0	0
Net book value	[1]	$ 2,015,000	$ 2,035,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		0 years	0 years
Engineering drawings [Member]
Other intangible assets:
Cost		$ 410,000	$ 410,000
Accumulated amortization		159,000	120,000
Net book value		$ 251,000	$ 290,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		8 years 6 months	9 years 2 months 12 days
Licensing [Member]
Other intangible assets:
Cost		$ 305,000	$ 305,000
Accumulated amortization		293,000	235,000
Net book value		$ 12,000	$ 70,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		3 months 18 days	1 year 2 months 12 days
Non-compete agreements [Member]
Other intangible assets:
Cost	[1]	$ 362,000	$ 368,000
Accumulated amortization	[1]	134,000	41,000
Net book value	[1]	$ 228,000	$ 327,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		2 years 8 months 12 days	3 years 7 months 6 days
Patents [Member]
Other intangible assets:
Cost		$ 1,205,000	$ 1,205,000
Accumulated amortization		400,000	133,000
Net book value		$ 805,000	$ 1,072,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		5 years 9 months 18 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 INTANGIBLE40

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2)	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
2,016	$ 1,247,000
2,017	1,115,000
2,018	974,000
2,019	940,000
2,020	769,000
Thereafter	4,050,000
Total	$ 9,095,000

GOODWILL AND OTHER INTANGIBLE41

GOODWILL AND OTHER INTANGIBLE ASSETS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Line Items]
Amortization Of Other Intangible Assets	$ 1,295,000	$ 718,000

DEBT (Details)

DEBT (Details) - Revolving Credit Facility [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Debt Instrument [Line Items]
Revolver borrowings, LIBOR	2.00%	1.50%
Revolver borrowings, Base Rate	1.00%	0.50%
Maximum [Member]
Debt Instrument [Line Items]
Revolver borrowings, LIBOR	2.50%	2.25%
Revolver borrowings, Base Rate	1.50%	1.25%

DEBT (Details 1)

DEBT (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 6,491,000	$ 9,660,000
Less: current maturities	491,000	3,167,000
Long-term Debt and Capital Lease Obligations	6,000,000	6,493,000
Other Segments [Member]
Debt Instrument [Line Items]
Long-term Debt	48,000	90,000
Term Loan A [Member]
Debt Instrument [Line Items]
Long-term Debt	6,160,000	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	101,000	178,000
Capex Term Loan Two [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 182,000	$ 285,000

DEBT (Details Textual)

DEBT (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 30, 2012	Mar. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 491,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			6,000,000
Interest Expense			$ 715,000	$ 540,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.00%	2.25%
Base Rate Borrowing [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.25%	1.25%
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%	2.00%
Capex Term Loan [Member] | Base Rate Borrowing [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%	3.00%
Long-term Debt [Member]
Debt Instrument [Line Items]
Interest Expense			$ 247,000	$ 274,000
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			2.00%	2.00%
Term Loan B [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 83,000
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
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			$ 9,623,000	11,817,000
Capex Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%
Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 33,657,000	$ 29,423,000

STOCK OPTIONS - STOCK COMPENS45

STOCK OPTIONS - STOCK COMPENSATION (Details) - Employee Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding	505,000	633,188
Number of Shares, Granted	0	0
Number of Shares, Exercised	(23,500)	(97,688)
Number of Shares, Expired	(24,500)	(30,500)
Number of Shares, Outstanding	457,000	505,000
Number of Shares, Vested	433,160
Weighted Average Exercise Price per share, Outstanding (in dollars per share)	$ 6.51	$ 6.76
Weighted Average Exercise Price per share, Granted (in dollars per share)	0	0
Weighted Average Exercise Price per share, Exercised (in dollars per share)	3.11	7.69
Weighted Average Exercise Price per share, Expired (in dollars per share)	16.50	7.99
Weighted Average Exercise Price per share, Outstanding (in dollars per share)	6.15	$ 6.51
Weighted Average Exercise Price per share, Vested (in dollars per share)	$ 6.04
Aggregate Intrinsic Value, Outstanding (in dollars)	$ 1,431,000
Aggregate Intrinsic Value, Vested (in dollars)	$ 1,416,000

STOCK OPTIONS - STOCK COMPENS46

STOCK OPTIONS - STOCK COMPENSATION (Details 1) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option Shares, Nonvested shares, beginning of year	61,006	121,500
Option Shares, Granted	0	0
Option Shares, Vested	(37,166)	(60,494)
Option Shares, Forfeited	0	0
Option Shares, Nonvested shares, end of year	23,840	61,006
Weighted Average Grant-Date Fair Value, Non-vested shares, beginning of year (in dollars per share)	$ 6.14	$ 5.38
Weighted Average Grant-Date Fair Value, Granted (in dollars per share)		0
Weighted Average Grant-Date Fair Value, Vested (in dollars per share)	5.76	4.62
Weighted Average Grant-Date Fair Value, Forfeited (in dollars per share)		0
Weighted Average Grant-Date Fair Value, Non-vested shares, end of year (in dollars per share)	$ 6.72	$ 6.14

STOCK OPTIONS - STOCK COMPENS47

STOCK OPTIONS - STOCK COMPENSATION (Details 2)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	457,000
Options outstanding, Weighted Average Remaining Contractual Life (Years)	4 years
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 6.15
Options Exercisable, Number exercisable | shares	433,160
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	3 years 9 months 18 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 6.04
Exercise Price Range One [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	85,500
Options outstanding, Weighted Average Remaining Contractual Life (Years)	1 year 6 months
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 11.20
Options Exercisable, Number exercisable | shares	85,500
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	1 year 6 months
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 11.20
Exercise Price Range Two [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	170,000
Options outstanding, Weighted Average Remaining Contractual Life (Years)	2 years 6 months
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.16
Options Exercisable, Number exercisable | shares	170,000
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	2 years 6 months
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.16
Exercise Price Range Three [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	32,500
Options outstanding, Weighted Average Remaining Contractual Life (Years)	5 years
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 3.05
Options Exercisable, Number exercisable | shares	32,500
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	5 years
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 3.05
Exercise Price Range Four [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	55,500
Options outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 4 months 24 days
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.56
Options Exercisable, Number exercisable | shares	55,500
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	5 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.56
Exercise Price Range Five [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	2,000
Options outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 4 months 24 days
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.48
Options Exercisable, Number exercisable | shares	2,000
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	6 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.48
Exercise Price Range Six [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	40,000
Options outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 6 months
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.95
Options Exercisable, Number exercisable | shares	40,000
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	6 years 6 months
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 4.95
Exercise Price Range Seven [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options outstanding, Number outstanding | shares	71,500
Options outstanding, Weighted Average Remaining Contractual Life (Years)	7 years 3 months 18 days
Options outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 8.21
Options Exercisable, Number exercisable | shares	47,660
Options Exercisable, Weighted Average Remaining Contractual Life (Years)	7 years 3 months 18 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 8.21

STOCK OPTIONS - STOCK COMPENS48

STOCK OPTIONS - STOCK COMPENSATION (Details Textual) - USD ($)	Oct. 14, 2014	May. 20, 2015	Dec. 31, 2015	Dec. 31, 2014
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	194,517
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 16,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			1,100,000
Stock Option Plan Terms And Conditions			the term of each option, which may not exceed ten years (or five years in the case of an incentive stock option granted to a 10% stockholder), the exercise price, the vesting schedule (if any), and the other material terms of each option. No stock option may have an exercise price less than the fair market value of the Common Stock at the time of grant (or, in the case of an incentive stock option granted to a 10% stockholder, 110% of fair market value).
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 months 14 days
Appreciation Award Description			1.5 shares for every share granted.
Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Percentage			100.00%
Restricted Stock or Unit Expense			$ 43,000	$ 27,000
Share Based Compensation Stock Option Plan Authorized			100,000
Share-based Compensation			$ 86,000	220,000
Stock Repurchased During Period, Value				$ 1,583,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			100.00%
Timothy J. Stabosz [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Value	$ 1,583,000
Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee			35,000
Common Class A [Member] | Timothy J. Stabosz [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares	208,325
Stock Repurchased During Period, Purchase Price	$ 7.60
Common Class A [Member] | Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			325,000
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			666	666
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee			165,000
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, 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			343,500
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, Options, Outstanding, Number, Beginning Balance			113,500
Incentive Stock Option Plan 2012 [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
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	3,330
Restricted Stock or Unit Expense			$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		1,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 7.43
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			$ 17,000
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		$ 8.63
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee			65,000
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee			1,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 1,293,000	$ 123,000
State and local	137,000	109,000
Foreign	14,000	7,000
Total current	1,444,000	239,000
Deferred:
Federal	328,000	1,830,000
State and local	67,000	208,000
Reversal of State and Local Valuation Allowance	0	(574,000)
Foreign	(13,000)	(6,000)
Total deferred	382,000	1,458,000
Totals	$ 1,826,000	$ 1,697,000

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets - current:
Bad debt reserves	$ 57,000	$ 52,000
Inventory reserves	1,084,000	1,066,000
Warranty and other reserves	183,000	220,000
Deferred Tax Assets, Gross, Current	1,324,000	1,338,000
Deferred tax (liabilities) - current:
Prepaid expenses	(193,000)	(189,000)
Net deferred tax assets - current	1,131,000	1,149,000
Deferred tax assets - non-current
Federal net operating loss	0	206,000
State net operating loss	143,000	208,000
Tax credits	0	243,000
Stock based compensation	531,000	521,000
Other	107,000	95,000
Deferred Tax Assets, Gross, Noncurrent	781,000	1,273,000
Deferred tax (liabilities) - non-current:
Depreciation	(1,005,000)	(1,036,000)
Intangibles	(2,675,000)	(2,864,000)
Goodwill	(178,000)	(93,000)
Deferred Tax Liabilities, Net, Noncurrent	(3,858,000)	(3,993,000)
Net deferred tax (liabilities) assets - non-current	$ (3,077,000)	$ (2,720,000)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
United State operations	$ 5,220,000	$ 3,777,000
International operations	150,000	0
Income before tax	$ 5,370,000	$ 3,777,000

INCOME TAXES (Details 3)

INCOME TAXES (Details 3)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Line Items]
Federal income tax computed at statutory rates		34.00%	34.00%
(Decrease) increase in taxes resulting from:
State and local taxes, net of Federal tax benefit		2.50%	4.10%
Change in valuation allowance		0.00%	(10.00%)
Permanent differences - net		(1.20%)	5.10%
Foreign rate differential		(0.90%)	0.00%
Reversal of liabilities	[1]	0.00%	11.30%
Other		(0.40%)	0.40%
Income tax expense		34.00%	44.90%
[1]	As the result of the expiration of various state statute of limitations pertaining to approximately $1.2 million of unpaid vendor invoices belonging to a previously deconsolidated subsidiary, for which claims for payment were not submitted, the Company was required to recognize a gain for income tax purposes for the year ended December 31, 2014.

INCOME TAXES (Details 4)

INCOME TAXES (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Line Items]
Balance	$ 880,000	$ 0
Additions for tax positions related to current year acquisition		866,000
Lapse of statute of limitations	(469,000)
Interest accrual	21,000	14,000
Balance	$ 432,000	$ 880,000

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Line Items]
Operating Loss Carryforwards	$ 7,500,000
Operating Loss Carry Forwards Expiration Date, Description	2,033
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Amount	$ 1,200,000
Liability for Uncertain Tax Positions, Current	432,000
Undistributed Earnings of Foreign Subsidiaries	$ 150,000

COMMITMENTS AND CONTINGENCIES55

COMMITMENTS AND CONTINGENCIES (Details)	Dec. 31, 2015USD ($)
Schedule Of Commitments And Contingencies [Line Items]
2,016	$ 358,000
2,017	179,000
2,018	149,000
2,019	114,000
2,020	92,000
Thereafter	6,000
Operating Leases, Future Minimum Payments Due	$ 898,000

COMMITMENTS AND CONTINGENCIES56

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Commitments And Contingencies [Line Items]
Defined Contribution Plan, Cost Recognized	$ 397,000	$ 373,000
Purchase Obligation	14,898,000	15,637,000
Operating Leases, Rent Expense	$ 418,000	$ 360,000

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenues from unaffiliated customers	$ 81,702,000	$ 75,035,000
Segment operating income	5,959,000	4,317,000
Interest expense	(715,000)	(540,000)
Income before tax	5,370,000	3,777,000
Total assets	70,578,000	73,094,000
Long-lived assets, including December 31 (2015: $49,000) (2014: $51,000) at corporate	33,377,000	35,009,000
Consolidated [Member]
Segment Reporting Information [Line Items]
Total assets	70,578,000	73,094,000
Depreciation Expense, including December 31 (2015: $16,000 (2014: $11,000) of corporate expense	1,720,000	1,551,000
Amortization Expense	1,295,000	718,000
Consolidated [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Net revenues from unaffiliated customers	81,702,000	75,035,000
Segment operating income	11,270,000	10,313,000
General corporate expense	(5,311,000)	(5,996,000)
Other expense	126,000
Interest expense	(715,000)	(540,000)
Income before tax	5,370,000	3,777,000
Total assets	68,952,000	71,394,000
Long-lived assets, including December 31 (2015: $49,000) (2014: $51,000) at corporate	33,377,000	35,009,000
Consolidated [Member] | Corporate Segment [Member]
Segment Reporting Information [Line Items]
Total assets	1,626,000	1,700,000
Tools [Member]
Segment Reporting Information [Line Items]
Depreciation Expense, including December 31 (2015: $16,000 (2014: $11,000) of corporate expense	1,455,000	1,336,000
Amortization Expense	1,237,000	661,000
Tools [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Net revenues from unaffiliated customers	60,312,000	56,114,000
Segment operating income	7,376,000	6,715,000
Total assets	58,694,000	60,366,000
Long-lived assets, including December 31 (2015: $49,000) (2014: $51,000) at corporate	28,832,000	30,326,000
Hardware [Member]
Segment Reporting Information [Line Items]
Depreciation Expense, including December 31 (2015: $16,000 (2014: $11,000) of corporate expense	249,000	204,000
Amortization Expense	58,000	57,000
Hardware [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Net revenues from unaffiliated customers	21,390,000	18,921,000
Segment operating income	3,894,000	3,598,000
Total assets	10,258,000	11,028,000
Long-lived assets, including December 31 (2015: $49,000) (2014: $51,000) at corporate	$ 4,496,000	$ 4,632,000

BUSINESS SEGMENTS (Details 1)

BUSINESS SEGMENTS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue and long-lived assets by geographic region were as follows:
Revenue	$ 81,702,000	$ 75,035,000
Long-Lived Assets	33,377,000	35,009,000
North America [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	77,834,000	72,881,000
Long-Lived Assets	32,320,000	33,782,000
Europe [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	2,989,000	1,563,000
Long-Lived Assets	1,057,000	1,227,000
All Other Geographic Regions [Member]
Revenue and long-lived assets by geographic region were as follows:
Revenue	$ 879,000	$ 591,000

BUSINESS SEGMENTS(Details Textu

BUSINESS SEGMENTS(Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Long-Lived Assets	$ 33,377,000	$ 35,009,000
Corporate and Other [Member]
Long-Lived Assets	49,000	51,000
Depreciation	$ 16,000	$ 11,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party	$ 690,000	$ 964,000
Accounts Payable, Related Parties, Current	63,000	103,000
Revenue from Related Parties	$ 7,000	$ 27,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net revenue		$ 83,355,000
Net income		$ 3,075,000
Earnings per share-basic		$ 0.83
Earnings per share-diluted		$ 0.79
Pro Forma [Member]
Net revenue	$ 60,313,000	$ 56,114,000
Income before income taxes	2,681,000	1,181,000
Income tax expense	822,000	1,023,000
Net income	$ 1,859,000	$ 158,000
Earnings per share-basic	$ 0.52	$ 0.04
Earnings per share-diluted	$ 0.49	$ 0.04

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	Feb. 11, 2016	Mar. 31, 2016	Dec. 31, 2014	Mar. 08, 2016
Subsequent Event [Line Items]
Prior Period Reclassification Adjustment			$ 1,200,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Annual Lease Rent	$ 252,000
Lease Expiration Term	7 years
Initial Quartely Cash Dividend Per Share		$ 0.05
Dividends Payable, Amount Per Share				$ 0.50
Dividends Payable, Current				$ 1,800,000
Common Stock, Dividends, Per Share, Declared		$ 0.20
Dividends Payable, Date to be Paid		Apr. 14, 2016
Debt Instrument, Description	Restated Loan Agreement by: (a) reducing the aggregate Commitment (as defined in the Restated Loan Agreement) to $11,600,000; (b) reducing the Term Loan A to $100,000; (c) reducing the Revolver Commitment to $10,000,000 (less the new Term Loan A balance of $100,000); (d) reducing the Capex Loan
Subsequent Event [Member] | Stock Purchase and Redemption Agreement [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 22,200,000
Estimated Working Capital Adjustment	877,000
Escrow Deposit	1,955,000
Additional Contribution to Excrow Deposits	$ 400,000
Subsequent Event [Member] | Purchase Agreement [Member] | Equity Option [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Acquisitions	6,667
Stock Issued During Period, Value, Acquisitions	$ 16,597
Subsequent Event [Member] | Purchase Agreement [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, Acquisitions	30,000
Stock Issued During Period, Value, Acquisitions	$ 254,940
Subsequent Event [Member] | Loan Agreement [Member] | Capex Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Decrease, Forgiveness	$ 1,600,000