PFIN - Earnings call transcript Q4 2018

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Operator

Good day, and welcome to the P&F Industries, Inc. 2018 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Richard Goodman. Please go ahead, sir.

Richard Goodman

Operator. you, Thank welcome and Industries conference XXXX Good to call. morning, P&F and from With Joe Horowitz, Officer management Chairman, today Molino, Financial President Operating and Richard Officer; are us Officer. Executive and Chief Chief Chief

are could reports fluctuations performance get made actual company. key terrorism exposure and future our in differ other other acquisition environment, from retail and the goodwill, our report prices, outlook currency and statements acceptance and credit in as inventory purchasing economy patterns, Form on of to and those competition, are long-lived reports Form statements but the forward-looking businesses, risks States These subject and related those based quarterly those information in borrowing we that the management, chain in company's capital and expectations, requirements, of the on statement to the products, by by historical under risks XX-K, by discussed on forward-looking reductions, the in in and started, of of economic assets remind company disruption the limited our and most rates, among upon today's markets, to not Before and filed uncertainties energy technology of global related with behalf and you the to on customer and like changes in risks the periods cause recent United future and debt compliance results litigation estimates changes any annual including, political any service insurance, described supply the uncertainties, concentration, adverse materially and facility, to and SEC, company's our or others, which uncertainty, retention call exchange XX-Q abroad, covenants the debt expressed current for disruptions, the filings. impairment plans, our including I'd of various threat of interest regulatory with and performance described failures attacks or company's price rates, unforeseen market personnel, and instability including, in to, credit and strength adjustments system

only company the made to of developments new no update are publicly obligation speak which result revise future call statements that, over statements, Richard. a now morning, date to on as like otherwise. and Forward-looking whether Richard of or the I would Horowitz. undertakes they or With any forward-looking the as information, turn to Good

Richard Horowitz

morning, XXXX joining good for you summary us I a XXXX our for our brief the today's will call morning year. prior and Thank to Rich, everybody. all how this with morning, data of compares and this year-end Good conference results call. begin

year morning's more discuss This ended the release our discussion I today results always our P&F's direct per December the of earlier along of sheet, and release to for also XXXX. information. for is statement and I However, presented call as purpose to most today's emphasize operations, of management's XX, wish review the analysis. data solely balance to company's share you with

The to questions information, flow please affecting company's key review any company. key provide $XX,XXX,XXX As revenue $XX,XXX,XXX an move I to to on Molino to consolidated usual confine was events insist which, our that Joe Q&A only. briefly XXXX your After in you ask XXXX. compared then cash will topic we such, update I'll that the session.

SG&A. to SG&A now new our for became reduction gross in January company's margin in the as standards, revenue, a earnings were As X of accounted of result a adoption, effective which accounted and expenses as the to recognition today, prior cost revenue that last year, adoption discussed earlier released our the announcement certain for of previously

our did XXXX and net This driven was by our and affect million growth the our While Florida that should for cause Florida XXXX did gross nearly Industrial/catalog increased XXXX's in to Pneumatic's XXXX's reduce us adoption each was or by of of I $XX,XXX,XXX. this income, months. lines than $X,XXX,XXX. of increase X.X% of SG&A revenue revenue Pneumatic's profit $X,XXX,XXX standard Aerospace an X it consolidated note $XX,XXX,XXX, revenue in not net more new million. revenue, of revenue $X.X Aerospace approximately $X.X of was accounting increase

in However, during XXXX. monthly greater average our revenue was XXXX that Aerospace than

driven decision XX.X% initiative, The XX.X% which to year-over-year gross increased revenue greater to Increased offset primarily a along the Florida to facility, a These improved by minimized Additionally, $XXX,XXX. and agreement absorption increased by year-over-year adversely to XXXX were improvements late the a I mix price reported affected revenue shipments lines. on Engineered greater certain of manufacturing which retail of improved margin net Pneumatic's increase was points. note on compared its XXXX. by Hy-Tech's more to lines. ATSCO revenue our overhead than with consolidated XXXX Depot product our in X.X that XXXX Hy-Tech's terminate our Solutions margin retail to basis, to year. revenue, XXXX to net continues in the was percentage XX.X% in The gross product were related shipments throughput Pneumatic's of $XX,XXX,XXX was revenue. our revenue in partially components $XX,XXX,XXX due compared This Sears. Home of increase company's in in greater decline increases costs, this XXXX prior strengthen through by automotive its of primary product net and over reduction with The with wish

this been to margin the compared slow-moving gross Florida reduction adoption a in percentage ago. gross lastly, year reduce point has a by year margin. impacted And Pneumatic's standards, new charges their which X.X Hy-Tech as the noted recognition obsolete its earlier, inventory able to was caused revenue and Additionally, of also

XXXX was administrative $XX,XXX,XXX expenses Our selling, and compared in to general $XX,XXX,XXX XXXX.

variable now ASC I the adoption for classify to gross the expenses expenses new prior adoption reductions XXX, as revenue, that certain this recognition, SG&A. to as in revenue totaling -- $X,XXX,XXX We of of our to result in were XXXX As earlier. recognition the a accounted referred

During during which XXXX, to to the in of value XXXX of to accordance expect relating with agreement, obligation we purchase second the there's of value obligation of increase terms $X payable charges XXXX. million, the this a adjusted the the charge seller accounting payable contingent of that amount fair to should Jiffy. the in maximum note Jiffy. a in quarter to the our of I seller contingent we amount sometime These the pay of $XXX,XXX consideration recorded

$X.XX noted XXXX compared interest the high. for note to XXXX. due during Lastly, loss revolver $X.XX basic increased of compared of interest the was to to issue per $XXX,XXX. previous This enacted, was company's Cuts primarily result higher year. basic borrowings increase in the loss and incurred expense costs. unusually of increase Jobs loss during was $XXX,XXX all $XXX,XXX share amortization $XXX,XXX debt Taking should the in XXXX $X.XX share compared was rates, an I'm in after-tax loss per to basic a are $X.XX ended December XXXX XXXX. the rate share above earnings were share an of pleased year into reporting of XX, to that be in announce effective of for that, income On per XXXX in to we per pretax of that compared December Tax reporting XXXX. $XXX,XXX was pretax that XXXX basis, diluted the XXXX, as earnings we tax consideration, of after-tax XXXX was It should the compared to our an $X,XXX,XXX net income and Act we

time, As a reminder, to release I our Molino At flows. discuss this this you morning's press refer cash Joe information. additional Joe? will for

Joseph Molino

of An you, in depreciation Capital Richard. of and costs customer noncash accounts XXXX affecting consideration intangible doubtful issue amortization $XXX,XXX during amortization were debt of and assets change change allowance the $XXX,XXX, deferred in Jiffy stock-based Thank estimated in of of amortization compared Significant the cash cost payable value to of items reset $XXX,XXX, flows of the store $XXX,XXX, $X,XXX,XXX, were during XXXX assets expenditures finally, $XXX,XXX. of $XXX,XXX, of our to for $XXX,XXX. of fair a compensation contribution a $X,XXX,XXX of to business contingent XXXX. amortization for of $XX,XXX, seller increase of taxes

provided inventory, and XXXX, Richard. of increase receivable, payable the liabilities a change Additionally, an $XXX,XXX, accrued $XXX,XXX where an aggregate increase. in finally, back to and $XXX,XXX was in over accounts I'd decrease cash that, an turn by the during accounts increase like Richard? that of in a of significant With operating assets activities impacted call $XXX,XXX of in components other in to

Richard Horowitz

Thank you, Joe.

company's all customers, of I customers I'd their for like and always that's do, anybody's at believed but like be our of their dedication outstanding for their in We've customers. a dedicated support. and our our and report As our to thank and and to we'd today, that, our questions performance time. for commitment employees you always our end our answer products to With management company deserves continued acknowledge big employees and to the this happy

Operator

Management. [Operator Instructions]. Shapiro a question Capital we And from Lawndale do from Andrew have

Andrew Shapiro

few In and several mix Aerospace, particular, out queue. a I'll Jiffy of getting questions. I business. the ask have back then and the to NUMATX into the and

been for the said discuss that room could expansion significant be capacity progress you improvement. or more had made was what acquisition, major steps capacity? a you that there Can front as talked increasing And had progress but Jiffy and the remain You has milestones that since last focus stated for on about you call. your made still in visible might for

Richard Horowitz

facility we're talking out in Well, the I about guess, Nevada.

Andrew Shapiro

Nevada.

Richard Horowitz

Nevada.

to that. to that, In we our Pittsburgh availability with assist in have some operation addition

got So opportunities months. the between we've next for plenty what in the the think capacity two XX foresee to XX them, that of we of we revenue

Andrew Shapiro

Hy-Tech spoke that. the beginning last in go up November to have Okay. but in initiatives And think, a and much market bigger marry to about the insight Florida about you on way, after Pittsburgh, Pneumatic's call of you Jiffy, I didn't resources

and Here end further and any year we or signs your discuss these Can are initiatives at traction of yet you on those with efforts? of upcoming success the March. thoughts the

Richard Horowitz

joint of I are between teams, individual mean, say the both and lines Jiffy salespeople that are sales calls NUMATX. being made I will representing

that moving for we're quite These strategy. lead are on aerospace times long. along So

going So report I imagine before happy will to any would it's we're But be it how several far. so able I'll with success. quarters particular be

Andrew Shapiro

your backlog? what are aerospace And or Boeing out Jiffy large build XXX the and part extent other of Okay. to tools

Richard Horowitz

that We line. are on

that from whatever. to of most assemble to jet used being the are cabin [indiscernible] tools Our

Andrew Shapiro

Right. And diminution there? Should backlog elsewhere there competitive a the be within of about MAX. Boeing how that considered models alternatives would XXX to be your or Boeing's either

Richard Horowitz

there Well, addition, in the other that if the model would I those not versions -- utilize talking. do line, not we're Airbus XXX, other to direct Boeing on the jets extent, competitive that's we lines. we're XXX, which of Other on is are -- you're people what that believe, the

Andrew Shapiro

You're okay. expecting on those,

Richard Horowitz

yes. production, We're expecting Boeing's on most of

Andrew Shapiro

yours of of on the last Pneumatic initiative big want both here wasn't get I another and that you spoke to be then said start But just this Florida I of sure And if Okay. segments. to you and us Can on you might prove were hoping, efforts. on to call updated or more those was developing AIRCAT opportunities for And efforts meaningful? when inroads I Europe. tools we're aerospace update the and maybe board timing think, someone the and bring those to lead European distribution give an on and was.

Richard Horowitz

that having Yes. on someone on industrial think We some successes, bringing major throughout We've anything some have early material well. that some extensively and seen players also point I began we work enough they aerospace out. definitely can quite Europe yet don't already that business. in we January distribution calling But success some been in they're as X, are had and but and traveling

Andrew Shapiro

Okay. the others in here and in but some asking. call questions, let back case out I other obviously are have me

Richard Goodman

There is nobody else Shapiro. queue, on the

Andrew Shapiro

on. continue I'll Okay.

handle order solutions product And about in solution prior describe or in revenue through year? the up substantial trying order products, you the future of how a had year-end? that year-end? Hy-Tech, QX engineered the level. And open what open to occurred products talked that on ramp pace to versus QX growth Can up, the in was engineered does you've growth terms in I'm Regarding about of especially get solutions of prior which engineered at the comment of level year-over-year compare

Richard Horowitz

that solution out itself, in by in break growth engineered don't line We up you product with that the product backlog but I can revenue XXXX. is tell consistent the

Andrew Shapiro

Can thought here? the you Okay. efforts calls, getting into you you On capacity improve were but but another manpower, on second to running also shift, you previous you was without us shift, necessary. Hy-Tech said add a could supervisory problem you update if desire your

Richard Horowitz

Yes.

shift. have if a right able We to been that's avoid, the word, second

We X have with been produce able product to efficiently shift. the

run overnight machines unattended shift, fairly sophisticated that have some anyone managing Now I'd say, without X you, that we mind can are them.

So help. does that

way, I second it I know in but is there. a call guess, nobody a I So is just can that don't if it's that shift,

Andrew Shapiro

the robots are show. The running Okay.

Richard Horowitz

It's robots. yes, some but not got we've XXXX yes, yet, yes,

Andrew Shapiro

said how of it legacy fair labels soon the level? tools similar or product How the line of line Okay. the performed? a but you following Depot SKU levels would On year-end this have you to that Pneumatic, how November, a generate not consumers your even would against through season? higher did other has than product Depot? or So do were will winter the Florida Depot on Home offered new too said at was Depot as Home feel it line, And the be new of Home tools Home revenues to newly tool The that accept tell if refreshed better level, store at sense you

Joseph Molino

told up line has new like from XX% old something to that's us that the almost bit just recently line -- our the numbers. a product is that Depot or from Home

one. two, the So quarter. they heavily ordered that's fourth number in Number

to So necessarily brands and and effect of result there. -- on their they the but when it's not but it is us it's We they're hasn't name we going that going There's so system, also through their own that yet, brand, business, some in that in made and in They well going brand. name far. the that the to sell doing line the sure sort be not a is their that the significant -- into one is, it's arrangement, that line. our forward. have for other was really I'm into an been sell-through a we're of business doing brand what quite new us another told that knew the brand, doesn't customer's brought their regular orders also own yet, but it telling us

tell. So will time

anything? add to want You

Richard Horowitz

higher thing other point, it's different Yes. add that's a is price would I The brought in that much only a at brand is point.

if could to going it's tool, really not is impacting... in them point be it is hurt but directly direction, So the us, people, entry-level brand drive for that higher-price unclear that looking that some their somebody it's for may but tool

Andrew Shapiro

Right.

guys, it's like a Depots offer The you advertised so So they -- brand? a separately brand make you Husky versus Home

Richard Horowitz

Correct.

Joseph Molino

That's Correct. right.

Andrew Shapiro

Yes.

And was extra from that Okay. Depot it? behind visibility profit entail. the questions, or on Was line with the that in the XXX-basis margin there is regarding this taking at new product estimated line or greater Home promotion along was of point Home as new offering to spend reduction either any Depot pricing spread whether products more competitive greater

Richard Horowitz

information. We get It all could that Yes. us. don't of those. that be They share with don't

Andrew Shapiro

could the be what combination. absorbing A also is -- tariffs? And also of part it

Richard Horowitz

It think don't Andrew. it, be I wouldn't... so. We'll getting

Andrew Shapiro

your Okay. payments All Home Has will place? a then marketing to right. guess. Well, Depot or smart when take co-op

Richard Horowitz

there there There done, Depot identified year reset they're we're of last If we money as clear, or things. from million as in a was us program you're But that cover stores. that Home rebates, adjustments over all those so charge There are that things are various to XXXX, to sorts identified commission, referring and amount -- call, is $X to always resetting the back deducted of cash the ongoing, are spent they're for advertising. the revenue elements are the made for out were the door. is just in significant

Andrew Shapiro

was talked over, be going four I about going you've payment to a But to Right. year a think, one amortized period? was sizable that that be

Richard Horowitz

the be XXXX it that's it's will it Yes, amortized XXXX, through done, That's -- happened in door, correct. out XXXX. and

Andrew Shapiro

Okay.

sheet? the will balance placed on where capitalization be So the

Richard Horowitz

term. other and in it be and other will assets amortized current that be current assets, assets and It's other long will

Andrew Shapiro

amortization will -- then statement expense And where cost this or it sold? through go a of the from at go will down top as right. of starting lower income or the reduction goods the revenue SG&A All of

Richard Horowitz

The reduction of revenue.

Andrew Shapiro

Okay. reduction From revenue, of a great.

are. where one is on guess, mentioned really last which on -- the You I here tariffs products, thing these the,

You motivated customers, XX% course, been administration. and were suppliers be X tariff on to discussed place by absorbed and is and because yet that absorbed of in how the determined it within price and the of first now final yet tariff XX% also hasn't the increases the was next that occurred put round January implemented

price unit you as absorbed, have themselves the these experienced slowdown or a While increases been tell? any products in have result, can sales

Richard Horowitz

any at there's result believe don't We been impact as store the a level these tariffs. of

Joseph Molino

No.

Andrew Shapiro

Great.

the to You a mentioned P&F last Black some on meaningful call it sourcing is that & Decker. product Is amount? Craftsman Stanley

Joseph Molino

meaningful, year, virtually this was last it finished at but but not point. it's more was It

Andrew Shapiro

Okay. All right.

took it Decker kind Stanley of, Sears. as more a So was off & transition products just the of Black a,

discussed automotive prospects the automotive coming your what disruptions business, the large over caused of this year in for side very some you In your to distributors the X and the are stabilization the some call there the past sector. been on at business Okay. Has last headwinds year?

Richard Horowitz

yes, introduction We're bit. out say, line to -- with would I I field. well received stabilized our tools. VIBROTHERM the seemed be a we AIRCAT of last Those fall think, the things of made very fairly have happy in in the

we're fact, of items. couple backordered In a on

a that that's we and bad a It's forecast, how It's that it's lot So of good missed on a great inventory. bad -- demand. there's sitting thing. much then rather but our that

have question. yes, your stabilized to I say, would So answer things

Andrew Shapiro

were? behind you are can is now X automotive these this mention And them distributors who since large

Richard Horowitz

No. not We prefer to.

Andrew Shapiro

and actual right. All Okay. on us Universal's year? performance you during update Can local quarter the the currency

Richard Horowitz

operation? U.K. The

Andrew Shapiro

U.K., potentially wild Yes, to swings have Universal's -- some Brexit. but of in you currency it's because subject

currency wondering and the was during year? basis, performing just quarter local the I on a were So how they

Richard Horowitz

basis, in quarter. down local the fourth little bit they a a On were

Andrew Shapiro

And the year? for Okay.

Richard Horowitz

for down Also the year.

Joseph Molino

the quarter and year. the For for

Richard Horowitz

On local currency.

Andrew Shapiro

year as well? the for meaningful And not

Richard Horowitz

Correct.

Joseph Molino

Correct.

Andrew Shapiro

me in someone and I up? case a is else queued have chance Okay. out more, give back let

Richard Goodman

I have I think any. don't we see, don't

Richard Horowitz

operator Well, check? you let Why the back out.

Operator

Capital Shapiro Lawndale go to [Operator Andrew Management. back we'll Instructions]. with And

Andrew Shapiro

you the on were in earnings, to at X and the you second. So if how obviously, looking area a company we retirement accretively, going is grow to which where spending, that get the and few last we'll talked its were and buyback in calls call of the shares is

spending Another you were was, acquisition. decent extensions and line internal that of is in the another a perspective product development on amount product efforts

are been the or so of the about Are it's So it's any months, and X to are and a of that elsewhere or extensions have third been side product -- it's are year. introduced even a product introduced now that automotive there new worthy on introductions, X in market since product aerospace, been introductions, extension or evolved that meaningful being discussing? product new the November, be

Richard Horowitz

Well, the as has earlier, of in been our very big launch I fall line the successful. of AIRCAT mentioned VIBROTHERM tools

So that's out there.

activities that other of aerospace, quarter more we're to in talk have report X, hopeful them, they're right going or development number on about. But now. have We a we'll I'm I can in nothing on optimistic. a progressing,

continuous. the can that On we solutions product side, engineered is development --

not it's just in there's as going -- probably if is sort as project been the much on big I as company. ever But ongoing development another there development after any we there's So -- it's as now has niches. identify of launch, X these

Andrew Shapiro

then in out industries, enough engineered or call the yet cetera, own? big And solutions, enough gotten right. All nothing on variety its large has of different et to

Richard Horowitz

Not yet.

Andrew Shapiro

Okay.

on the quarters? be hopes some big out some coming have in call that for You to might their own enough

Richard Horowitz

Yes.

there think -- get opportunity X is for big X enough. I or an a to

Andrew Shapiro

Okay.

of that and and acquisitions. company's then cash triad earnings to this growing the moving flow is the next on of So

look Are pretty focus fully and You've like had running well, and product front? integration. now nothing really the more or overly in -- and there areas more any was in acquisition are you're NUMATX on more come the the to active valuation seeing to staying absorbed pricy that you Or specific and you ground you while less of narrowed at? What businesses on to opportunities hitting be too particular Jiffy a line. seems on for things give the acquisition are side? are a multiples

Richard Horowitz

overly say anything wouldn't I is pricy.

us. out strategic X X We're trying to focus there on or are I think for areas. opportunities there

was And get so structural shouldn't able no -- something done. there we that there was reason to the market I don't any think be in

Unidentified Company Representative

looking don't range complementary I scope doing question, of going -- you we're looking if know they'd only this for that, where outside done narrow not asked acquisitions Then we're are. a only that we're in the again. we We're not businesses. Andrew, of but of

we field down exact that, So And potential it pretty like of work much it's a note road. and it report smaller will, day everybody targets. it's on said a more to little else if thing every anything it's we're having been But little we've continuing actually. important and the to

Andrew Shapiro

Right. Yes.

then for even mention of the even the And outstanding or outstanding Okay. one last to shares shares EPS current any surprised, press was the here. number your a -- number of I Remarkably, no triad calculations. release made going used little the

of fully after sizable more So you share provide shares? we have current go fiscal to it's off outstanding with number. in count QX all we or the is diluted year-end XX-Q a count share where repurchase your Fidelity March are us Can whether the or of

Richard Goodman

Approximate.

Richard Horowitz

to number, I can the -- the will give up in approximate XX-K disclosed million two. an or in that be approximate you X.X is number number number that will that be will about day next an but the -- end

Andrew Shapiro

Okay.

approximate million buyback? So heard Goodman, Richard, there, number, post-Fidelity -- the lawyer, X.X approximately piked in currently is the the that approximate I

Richard Horowitz

Correct.

Richard Goodman

Correct, yes.

Andrew Shapiro

a Okay. nice that's reduced Great. Well, number.

for comparison fiscal was great. in year breakdown the detailed Your

comparisons quarter? for quarter, recognition back comparison the comparing for to we in including impact standard breakdowns December out some versus the provide QX, QX you because fourth really adoption revenue to know an the what recent most the can apples-to-apples don't However, for new of do

Richard Horowitz

fourth we special XXX detail you years into was rev ASC adjustment you decision as was know, Having for quarter that mean, I the a that QX. a not of for event, can that, couple said of the $XXX,XXX. to share made I get with back that level since

-- read sorry, you handwriting, would excuse my me, can't $XXX,XXX. own $XXX,XXX, I'm So

be SG&A. that So and to adjustment margin the would revenue,

Andrew Shapiro

needed. is that Because Good. Okay. definitely

Richard Horowitz

beginning Beginning apples-to-apples. it anniversaries will QX, in and be in Jan, everything

Andrew Shapiro

Great.

looking actually, and activity. you time proposition but had I last, And balance. it's an -- to least, to articulating you spend should buyback previously, you buyback some shareholders, it's the activity Okay. all if perhaps you from worthwhile terms with telling as in story you're shares what's we'll talk micro-cap the as said some be balance focused type IR of to it, you'd say do that But Internet, activity But would investment of via for interesting in feedback to, I And shares. IR not know cadre, I'd one call the actively your local for something to certainly tools investment there what that IR to possible. about, retire board office companies as fair thoughts have don't fact love conferences and probably the is investment or be even cheaply large but your terms things be to of either there you'd the from size. to looking a population on your think population? micro-cap is of a decent something

Richard Goodman

It stock, if they I them. so spent a weeks we believe we that something actually, a and nobody than be But ago, focusing don't left was to as visit them at we've fairly board we unanimous about do we that. late. right already, think, And know. us stock, weeks -- they -- I and I board -- not with any to X firms had just buy Relations meeting Andrew, from came we've contact any X hours would of other felt on of know that or don't the And went we mean, now. actually, did in it unanimous, X X any how of town, of they Investor with out didn't really have was they -- on know that And they we buy it happens you but ago one we had factories. should fairly it time this update and our X I was don't they've couple

we to don't do we'll again it is annual review it or board in -- a I if basis board no of regard. meeting our every somebody as comes now, and we was to that know that's... but at when think -- approached But more So meeting. now, desire the targeted as But than that's do there us. in answering right what your I we do anything do overriding was question,

Andrew Shapiro

cost cetera? guess, on the obviously cons activity. on Is et it resource company's looks I allocation to were? higher -- as offsets wondering of aggressive But other capital, is of Well, Is shares especially, what strategic concern buyback obviously, issue? valuation valuation a what shares cost the effectiveness I'm it because make lower the our the the board, the the does higher one a acquisitions, a

Richard Horowitz

been and we've there What the obviously We're stock? would the even not to some get can their is be that been want in out How mouth. to guess, have there's stock the that's enough hearing call thing us people from not first to conversation, buy, a and the of they we able I any open with selling out what they word unhappy, is right market. get in engage

Joseph Molino

when they so. And one would would step further sell desire they how

Richard Horowitz

Right.

in going to looking thing go been we doesn't what I though conference time there millions, going accomplish conferences, valuation, end looking and at, away. air these any on we're problem are of the are And of these one hundreds far unclear so billion some to there. the are if at get a that of that $X not range. is it's Even to going been companies have there just in micro-cap size conferences, So I've

Andrew Shapiro

Right.

So guys pay they a our would obviously, just it some stock feedback If they fair for these board on buy shares because to are the price, emerge. going so is a fair How price, pay undervalued. that. is

nice Just there. from happens Fidelity, you a got like same thing block

function secondly, a with liquidity. plan does And to IR would add having or think a company's share someone to I continuing drains do it, buyer would than how does active of by terms shares of a liquidity. sell your actually add it and the consistent the XXbX In be activity stock's to that more liquidity,

were indeed So to calls, little call go concerns. telling adding if into a I buy to they guess, story and articulate you shares, that it, have your to quarterly shares a if felt would part buy liquidity the because be your just some might of having your coming shareholders know that program, the, in are your they alleviated your I concern like to again, above the would to appreciate, regular we'll others comfortable bit going which do you're story. they beyond and

services -- board just So to NASDAQ feedback talking nano-cap things talk that of you give available those are are conferences, should a for it to guys some be some that They money. do do to you again, conference virtual you IR a you for There to Joe, the and smaller be, might consider. that. bunch or like and might like able to offer are we'll some call paying

just you So ideas, professionals that better each don't perhaps quarter agenda discussing making provide put guys. have part I might would you or market this but that. your on any of and you other some board have some I questions and on insight those board are appreciate your it

Richard Horowitz

Okay.

We the again call -- bring now. that meeting, the members at but will, you'll of board up are the course, also on

-- So hear will you exactly you what will said. they

Andrew Shapiro

allowing transcripts. the Yes, well, that's chance the listening to you me for because why, on I that, and knew thank either be would in say some I reading

Richard Horowitz

absolutely. Right,

you, Okay. Andrew. Thank

Richard Goodman

Richard Goodman	General Counsel
Richard Horowitz	Founder, Chairman, CEO, President & Assistant Treasurer
Joseph Molino	COO, CFO, VP, Treasurer & Secretary
Andrew Shapiro	Lawndale Capital Management

P&F Industries (PFIN) 27 Mar 192018 Q4 Earnings call transcript