PFIN - Earnings call transcript Q2 2019

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Operator

Good day and welcome to the P&F Industries Incorporated Q2 2019 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Richard Goodman, P&F's General Counsel. Please go ahead sir.

Richard Goodman

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

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

made forward-looking expressed could actual differ cause by results company's those future any periods from behalf company. of risks in the or materially statements to These on the for

and result Forward-looking undertakes any future of date obligation only a update the to made company the as are revise they statements no otherwise. speak or whether of new information, forward-looking statements or developments, as on which publicly

turn morning that, to like over to would Richard. now Horowitz. Good call Richard the With I

Richard Horowitz

Thank Rich. call and all same summary morning for Thank morning brief you begin period second so Good morning with will on how everybody. a to today's Rich quarter us good call. much this the joining I last of compares you data results our and XXXX our this year.

sheet, information. release analysis. I and morning's earlier However, release This press of most complete presented share more today along P&F's income, you to per discussion direct for management's our data balance statement with of

June purpose discuss month wish solely I XXXX. ended and call that the today's to XX, of re-emphasize review is period for results three to company's the the intended

the Q&A your please company, As and the key will ask topic must move such, to confine session. information the insist an any Joe flow we I hand. report, I to you events will at questions which to briefly then that key After after on affecting cash review update provide Molino my

sheet the I The million. occurring for the was thought XXXX of event Florida on the building Jupiter the most listed the Pneumatic $X.X of was sale significant our quarter Florida second $XXX,XXX. home during property balance of for

$X.X paid we fees into year buyer sale that time of total. a building. received the $X.X approximately which approximately Pneumatic the with Simultaneous space of XX% million the As entered with in gain Florida for much from at approximately lease million five of $X.X was all and a bank debt, recognized pre-tax the we the transaction, Further result of expenses, this a tax, million. company after

second during operations the the period compared XXXX to consolidated quarter second revenue to was $XX,XXX,XXX $XX,XXX,XXX in quarter, respect With company's of the XXXX.

published overstock release due earlier at in press a an in of discussed the being Florida which reduction to revenue, significant today, was Depot decline company's cause position in Home a As was Pneumatic retail the the tools.

offset Additionally, Hy-Tech we aerospace our by sales. increase specifically counted an a declines partially revenue. in are in in decline in revenue significant OEM our These

degree XX.X% due The Florida XX.X% quarter margin gross gross to brand, AIRCAT second for offset a On and Margin this XXXX, X.X quarter for slow Depot, lesser his computation Home X% by prior agreed our marketing which as increased a This period were on lower gross obsolete margin company's XXXX sales previously moving slight to by due price to change net of mix. mix in points. the margin was upon well same after as year-over-year to product and Hy-Tech primarily compared increase Gross a was uptick inventory to year. basis at the review the strategy late in the reduction product a Pneumatic's line affected partially our percentage was negatively primarily in

XX, June $X,XXX,XXX general XXXX administrative selling, with for Our three respectively. $X,XXX,XXX XXXX month the and and periods and ended expenses

the same second above Taking XX, for during ended expense interest Lastly, in the consider, months of three XXXX, period we of year incurred XXXX. pre-tax to compared This are was same a XXX,XXX compared increase for a June to into all $XX,XXX $X,XXX,XXX due period income primarily the revolver $XX,XXX company's increased reporting the to the XXXX ago. quarter was period during the borrowings.

in reporting are of On compared second net the $X,XXX,XXX last we to XXX,XXX basis, of an tax quarter after year. income

August months a basic and the as ended same you share we're respectively. were this to $X.XX three Again reminder, reporting earnings press June XXXX are X,XXX,XXX share for for earnings periods additional I per information. as XXXX, of refer shares $X.XX $X.XX morning's the XX, and outstanding $X.XX release per of periods X shares. Diluted and respectively. Common For

our cash Joe? time flows. Joe will discuss this Molino At

Joseph Molino

compensation ended during $XXX,XXX the XX six Thank June you, during affecting Richard. customer Capital non-cash six items $XXX,XXX, of payable of of $X,XXX,XXX were $XXX,XXX. other and XXXX XXXX. a the months at cash assets months flows $XX,XXX taxes $XXX,XXX, quarter consideration period period deferred expenditures income the compared based of amortization to second amortization intangible to of were depreciation June stock Significant $XX,XXX, and ended of amortization amounted XX,

months used compensation XXXX were cash and during decrease $X,XXX,XXX activities period inventories operating the $X,XXX,XXX, assets, XX, six Additionally, that and and of an of other in prepaid in $X,XXX,XXX in benefits. Accounts June significant accrued current impacted increased $XXX,XXX aggregate increase in accrued a ended of increase components Payable liabilities

I'd like that, over With Richard. back to the to turn call Richard?

Richard Horowitz

employees of outstanding That's you, our Thank acknowledge in continued the like closing, our I their environment. Joe. of dedicated for In management to increasingly A would this challenging efforts end all today. report and

happy anybody questions And any to have. Operator? now be might answer we'll

Operator

floor this And question Instructions] Thank Capital Lawndale Shapiro you. open for from we our At first Andrew Management. have [Operator time, we questions. the will with

Andrew Shapiro

Hi, commensurate as back and I from keep rate capital then pay share. news net a Or a the have mentioned, to in Is in To almost high stock it in queue. bump several off sale book XX.XX with few ask new future now to the or respect get wasn't was of to lower making in questions. where value down the to in and biggest average net more a jump with and dividend pricing company's returning and view they've for levels buybacks? focus continue and/or with does the X management a start you the the almost Jupiter place? gain value And acquisitions proceeds debt book I'll Where to and huge to towards $XX a the aggressively to the down. debt resulted million your share which and in shareholders capital even permanently allocation? first been, board of too returning to more tangible lean

Richard Horowitz

month Andrew, next and business. our I a attitude We be but say that grow the meeting have continues has to board been would to

a that's of with But If point And doing dividend we or find some we're the so now, not of may other at we that, avenues first are that that increase actively pursuing purview. whatever. successful we as not then of perhaps defense. consider line as

I purview to sentiment is board the the business. grow to think to is try the continue and

Andrew Shapiro

did buyback rather be press of meet purchase announced the created quarter, the the would than program? addressed of middle if buyback, sounds of have you here it into have – in which finished back you like July, meeting. don't the for – of that in wait and board a I starting the program, that not in know the shares release reauthorization to I a but guys the current company start When July authorized till the why board person have timing and that really third would the would of like fresh you the completion guess, on buy advance And out you the new Okay. an or month in – reauthorize

Richard Horowitz

our to so were wisdom you and wait reference we the We you next meeting, be the at next finishing just in the prior meeting meeting a our that discussed as shares, it was sure after meeting, XXX,XXX of prior I'm do. frame annual our going to but board to until understand collective board recognizing

in – have XXX,XXX two years stock purchased last We XX% shares almost of over the

Andrew Shapiro

shares bucks working to to any XX.XX. – without per now to go of really – out make shares value there many the time that our as I doing. basis taking of stock know, is mean, on share any sheet to why capital investments as to at cleaning which company surprising I this as is period are that been below day accretive as this would of of wisdom it's – the book putting can't it's frankly, buy off sale daily there if phenomenal it's by long the is very for balance and be go a a to many especially and and XXX, a period XXX is net-net net and up own to us you've the be company XX by completely of stock book value that tangible right a picking there fitting aren't cheap because collective stock, all so would you after the facility than it allow share cheaper the allow time the

Richard Horowitz

like time terms factors board our considering terms just it of to last next including open our go is quite will And well, think a like induces all there as would you yes. to been – that. said, and the in other course, what but decision; of balance all and we and a But has mention, at the board to Other of need say, obviously, our we would many we to that that we into would things see like into delicately we And other restrictions. those out, stock, just go vacuum, were come we next the there say saying loan additional Right, loan repurchase and at there's And will And board to our meeting after and there meeting. I board understand our consider other that and talking about bit our this back the so the that. if sales we thinking. factors meeting. facility, recognizing are something announce but of our bank, at are we don't I disagree, spent I cash factors. including are of we it, to But buy announce,

Andrew Shapiro

I malleable fairly basically you would be since do a off, the to working bank to them capital that but and tend could you you have Sure, revolver assume paid need use. line

do the you I if think there's XXX So was blocks that only market small the company adds retiring a your and big I past there's some exemption. again, though Mr. the of more I the it, in company's even it's unless reducing about and than guess sooner just block day it Fidelity I that because shares to shares better XXXX acquiring in far just even buyback there shares Stabosz a I activities feel like reestablish the albeit Telephonic just liquidity any cetera, to concerns the think and et liquidity. amounts being when shares a

okay. just looks anyone some that shares and when is company, that company who our are call investor new when it on comfort the gives the chooses allocate a is shares appreciate wants cheap is I of to in to company so and stock listening a I cheap think buying capital – know so buy the opportunity, the to know regardless, the – and when the to stock the buyer valuation how I –

Richard Horowitz

don't we Yeah, just and informed keep everybody even else. disagree we'll you

Andrew Shapiro

then that are little on you focus and said on there's if particular any as of valuation seeing that that Continuing process, your tool acquisition On and the acquisition aerospace, looking automotive, I back calls, Can were insight sectors previous there's capital to you the some businesses, allocation, us excesses on opportunities very or if bit question out. update status you give at actively your of is industrial. have this a or the path? sub or where us could focus two you valuation still I'll a

Richard Horowitz

as that areas perhaps can that our it I go sited look that you just or but that tools into, of – well, also into part tell we may are look areas as we well. you into products be the everything and that Yeah,

of that we there comes, down were enormous about, of time if and we the it amount around regard. know – into That's host cetera, anything the as report until in at agreement But I companies, go the I we're a it But it. formal road when at it was And time that a tools. announce to products the obviously, about tools say a we going So to that's that – you scalable something cetera. anything there looking we'll talk and broaden anything, was say spent our and an companies or areas even and announcement. can't like the there's in if looking know that way the formal we'll et ancillary talk we've and know et tools couldn't if

Andrew Shapiro

I questions. me. to I'll out other I come the other have queue please Okay, but into back back have questions.

Richard Horowitz

there's go nobody queue. the to because need in No else

Andrew Shapiro

or was returned customer and it this in QX, Boeing, that that was a let's, else. referred one the some elephant second release program to But quarter and Okay. aerospace the weakness on and set commercial Has tool inferred the program saw or QX Depot room in today's press on here. the the quarter we commercial last program Alright, was that somewhere order you handle in this maybe so it's side a not what program which Home is or toolset, caused somewhere let's level, in saw questions that customer, then which the that then go the has still aerospace company from to level headwinds that some getting absent? aerospace

Richard Horowitz

what we do. that The of Boeing. but to certainly not said was is I'm or we're other you sure gave part The – greatest what issue not that impression, that readers trying biggest the

Andrew Shapiro

quarter well. last It as was

mean Richard, Sorry, was well. I Boeing last to didn't as quarter interrupt, but

Richard Horowitz

Yes, it was.

Joseph Molino

quarter quarter told. a that They going tools that Let it program of told me same the Program There's building repeat told retrace of began steps. us They the they continuation major reorder in place. what still second XXXX, they to XXXX, over jets put the was into exactly was – reorder. ordered going at that not was of spilled maybe they're major but the that off. a those tools the they did a first level ton in did but were kick JET were we The to not not, all those us to

began all MAX, on QX to craziness and a QX So so and whammy, basis you that comparative on press the top to extent that, of speak. the affected a double QX know and lesser XXX the all as with the that's

So your hopefully that clears doubt.

Andrew Shapiro

got that to last quarter the words your then it go in okay. we back and even here quarter there's last Yeah, Boeing look had quarter. it impression now and was, from double with this because at to whammy wasn't certainly impression gave and just think related we understand quarter this does we about a I asked Boeing Yeah, the – but it's Q&A that

program, due up. the when the MAX about and XXX Boeing we production, now, backlog the current aerospace is obviously the talk curtailed the weakness to So quarter building

cash or capital tools or specific as just reducing – working bring that them some then to customer, if them tools they're an to quarter to trying there's by down levels and referring and lost whatever, You Boeing's Can utilization continue MAX capital week to and are inventoried, a new clarify through activity. to understand own tools the their general of are speak these clarify refer program XXX you're tools to just in are – on. inventory some acquired, of these they get in and to need working to going purchasing for replacement their that just third they're replacement expectation use this their tools approaches, you management how the breaks, or by the so conservation

Joseph Molino

jets to assembly for such, constructing how they – tools exactly – start stop not about used for the order And XX planes the at the get they Boeing, use tools change tools time. we a usually off tools they they're so installation the and surge. general a ordering speed for month the a buying line on the which they of of Jets. number hole tools. what little a they are themselves that Okay, a and drills XX final don't know rate. We send some their bit in know And fuselage and they there's go unique of happens. a opposite If up month, then to then go do the from they planes algorithm period or when We line, the the that

if don't know question. I So answers that your

Andrew Shapiro

the it are idea Yeah, that does. general utilization. the It's tools

rate And their call so want that once a they bring tool line go whatever when production level from their then to again is, have a to their then XX the that you'd if surge. bring down working they you capital, tools would with if of presumably or and And to production replacement down course, Holman matches cetera level level adjusted the et XX, you. in once started purchasing their PP, particular that renew

they're the you there sales if so doesn't have you're going go eventually And to made. the to make presumably going that away, – backlog would be, eventually would

Joseph Molino

Different other in places and make assembled or State. made ultimately then parts are one different complexity. in in upstate Washington I'll layer of jet Yes, of the

Renton from other apart parts are chat And elsewhere the country orders final those of in other on decisions the made made decisions are and built are of decisions there separate. and parts is. significant in that up assembly So the where separate there's other

So one the orders orders, you go down all could in up time. they same another same be direction place where in the in at could

complex a thing So predict. to it's fairly

Richard Horowitz

have certain as Boeing effect, to Andrew, that sell production. sell It Joe but it's that we a domino for because does just not mentioned, their other of it's, Boeing, parts companies

Andrew Shapiro

an like the auto parts in there's just It's so manufacturers mean, Sure. here only United States. I airframe many

it's industry. a yeah, whole So

Richard Horowitz

could don't giving but that. nobody before guess be it estimate ball It third could just We're the quarter, Yeah. and and in our And long. crystal our like, we like could a that best be – – our could else either. does what about It short. be nobody you be have is,

Andrew Shapiro

Yeah. the yeah, really I was line. you more inventory because I what if best was for the it focused for I to was of off I the MAX, But broader clarify. which dark What you again, your in the that's if but trying airframes of management clarify XXX go or on and clarify feel or trying inventory a did that guys guess a shot to is guests dependent their your their FAA, tools, all at highly different is of on

need So program MAX then than obviously were of the it's use program period more X amount And your tools tools to had being just at God plane, and it's heels for for if much tools tools, start that cancelled well, your be but place of to on get time. specific forbid Boeing XXX rather selling that's to because – the back safe again. a there's you general not your to than was that if debilitating forbid, that say, their on would God and but what wanted other don't I a in want I specific

that's to So I what get. wanted

thank you. So

from discussed some not was with tools on that I'll this out. you as airframe them headway issues of connection MAX is with tools? airframe the issue, that main for large Pennsylvania Pneumatic's XXX customers, couple utilize as your other would benefit – manufacturers customers yet The with you you And other that working Airbus. additional in particular that then R&D product manufacturer Have alternative well several with you've or whether process, Jiffy. and only three of it insight? in aerospace the hit is every want designed this but than on Is that we do more about Lastly, to from countries to type Boeing, those so of a I realize in and acquired and ask – a of maybe quarters, back products line that are potential your and months get a accounts made get or were year out

Joseph Molino

to with going. more result few And since will large very, along very last significant we're we can that's there optimistic And business. that take manufacturers. that. made I it's We're the there's it – will something We're meaningful call as just report, we're it's to when much projects in feel where going to feel But that say quarters. We're international we'll that can where have we progress. going get We said, more yet. some progress eventually you moving with we And happy have orders, to some in say. all a report jet confident And can't point not. we I than how but a not

Andrew Shapiro

that for do out. you more I'll thank have Great, clarification. back I questions.

Operator

from Andrew we And have a follow up Instructions] Shapiro Lawndale Capital Management. with [Operator

Andrew Shapiro

Okay.

distribution Are that's On sales and or running the brands, the been to a Jiffy, on couple economy slowing in concrete on even territory you products initiatives as and marry into AIRCAT go and headwinds opportunities – spoke slowing to for if calls the hire market you more it's Europe still growth these while. resources and to new up beginning there this a know for – is Pneumatic, the for I tool in Jiffy P&F since and Florida guess, don't its now efforts with the European European share new have ground brand particularly economy? horizon, I a Hy-Tech Pneumatic Florida with Hy-Tech of of last is

Richard Horowitz

beginning started initiatives year. the at changed of Our the

over far, starting like I latter And we're blocks the so that low add building we're stones. And do want a base such it's Joe, good nice in success and to you it. P&F, scheme having getting the into and very of than would good to that? turning we're months from more say former. lot eight that very we're a recognition So we're orders dramatic, but not the and overall of meaningful some

Joseph Molino

Yeah, of add and to we've work that a to the on had through had issues just and would never we've really major push I continent. a number

some get from research like Richard sure So to person. there we on a had And square and we big into and said, issues continent. intellectual are starting it nothing is make are And just we and were property pretty that. one it's

again, So we're made. we to we're happy make progress, but this XX with we're with more most but pretty it's think a much that, happy if – want dealing companies penetration there, going for to than report some be here. entrenched or there obviously confident with having the very But we're said large five we're we've going make we it's to faster, we going and competitors pretty But had lot not and other we'd headway people well. there's the sure part But there's something to is to progress. as

Andrew Shapiro

last occurred up. and Depot different same? of the at I And last visibility discussed and We a a the quite visibility new might seems quarter's ways have with or lack do stocking? it's Has call a and through sell In surprise Depot type it stocking improved Home the of that all on follow the what been since continuation have quarter this it visibility of the is or products? of you a bit Okay. Home this have then still like

Richard Horowitz

They some than that – to We most to time Joe get was quarter that for us information with really I can it second get. the things from would. for share But do very, part. time. is I very don't confirm us think Visibility the hard

first the year. I weeks there we the void of think kind was a no second the since waters of with at quarter had improvement for the quarter an beginning over

of been we were do to robust steady it's as to as add still not it you want a would be. pace, that? So more but Joe, hoping

Joseph Molino

that there sales We out have have can't product, units don't idea know some the might the store. of at and that's do have don't at how centers add idea the many affected We when much selling need we what's that some store, about older we so it's units don't how distribution do about we I were that stocking us are, – they were were levels. how gauge we bit at new know on cleaning many because we know some don't still the they order they wherever that out on tell a steady order when little But don't we just didn't weekly on what when level know – the are, about thing, their I'll it's we're only was some one at basis the but to need now impact any of believe of were that told to they they answer is fairly expect us thing from levels we wherever But we to a they product. a moving pace inventory. did to them is only old The wise. stuff we exactly of tools those – still admit little stocking earlier obviously don't would us. your question to know

Andrew Shapiro

Okay.

response How at don't on centers the that some distribution sales call, visibility – line is figures have the that the it bouts and accept had of May lines that feel to you Home and and their the from back? new do Now the store of have has as that least but And better the level labels against product level consumers throughput stores fares refreshed at Depot were the of you the product how scaled performed? had a I and or it end the but had a store new new know you you is you might obviously that coming yeah, seem you do the that of of to sense from March, their offer. that And thought, they actually continued XX% the pace at wherever, some other in as do Home the that that sales insight line how you guess, increased what Depot said at at increase the product product selling. sales, newly the you have to said months? Has was

Joseph Molino

was there growth. But that. saying remember check. you're can obviously I don't Well, we XX%

Andrew Shapiro

line you about the as but are overall. stocking you the issue. just as up speculation again, visibility allowing that there's the how sell guys sales Well, at much product store new been through seeing of It's that, of very in might the level, reports not whole favorable on getting that have are

Joseph Molino

They couldn't this do period know did period they're appear know happy same with It they run they point, what said, of were what At in we the tools I kind as replaced. tools. for new We from that you the on a better than outselling overall, dozen them the the didn't the year. rate think a prior liked that know have another a has impact skew-by-skew of some basis, price on do exist is before. that that there. half it's a but business But a we our different had they – It's I in line a I point. tell tools

Richard Horowitz

then expected was too. And

Joseph Molino

Yeah. But out them. knew price they going for of in to suite swapped the No, It's steady. things point non-Husky tools think different very we're exactly something were doing when hard a we of what small with at We that head-to-head we bring a replaced. that the in that going we're to brand. say are pretty fairly impact We going point, well. is, but this that else, a

than tools the some better bit little are ones. And a prior

are And the issue. things the – issue the QX same, about seem and going. with inventory stabilized since are things happy to have they're Some but management we're how

Andrew Shapiro

gains sizable Hy-Tech any Are of collaboration? and OEM any industries, then solutions. particular products, with worthy in such engineered out call there And areas, Okay.

Richard Horowitz

and really but doing Not well, as really. not very, same they're very No, nicely. stuff the

Andrew Shapiro

these new a Force Can announced Industrial – Yes, them what size promotional trade on tools? it a and tools. you of And the a about give is more or ATP is piece? markets information this potential line yes. And you just new little Magnum industry Impact recently for small Air was

Joseph Molino

it selling, the the more mean, date, think upgrading the I know that. I we into tools Now, was old. don't a little but tech R&D for tools lot the decades a were XXst and that of than century put exact I was really we

the there, out replicate some to design gotten to but we far in ahead weight, in the the the position, the having that with all was feedback needed in some from in we we they we're had customers happy not far. with torque the of things well competitors how our reverse to So general did results how of to things just create interim, upgraded. torque be we much those that much on per and really process, during do features the that us, got needed very based think phase ergonomics involved And so our what

or that and not So anybody we feels better we've as if it's there, IRs a than whether looks got feel tool out else's CPs. better performs and

solidify that, a need. channel, was marketing more than they of what a It's that's share it said a order tend we'd in so remind than programs, it'll if just people marketing channel more. real got attempt a pole ordered we've people's, get other a having little our to It's think that just tool there, slick bit a a susceptible better to less like that's to And to and you piece. little the

to varies for to line engineering there's started getting our bit improve engineered get just happy a growth. is report. to growth long- little it, areas term we'll market opportunity more business. opportunity OEMs focused probably a share. and other the we're much of as with as an solutions impact saturated, and That was really So and we're isn't have where in more lot of are The a nice efforts But again, that

Andrew Shapiro

margins the on product new are equal or Right, better? the

Joseph Molino

Yes.

Andrew Shapiro

you the it of just helps your is – even seeing so of increase any or the a result Okay, it enhance are new and share? introduction of sales you as margins, if maintenance line

Joseph Molino

early. distribution the shelf channels too for I in been think on the XX they've way days. don't even It's

Andrew Shapiro

in On ask round we the the then. discussed round price how motivated well, of previous and and occurred tariffs absorbed three call, were increases next months first another Okay, tariff a we'll within in put place also customers. of was you suppliers the

unit themselves price these have increases any been have absorbed, a slowdown While of products as experienced this? the in result sales all

Richard Horowitz

our No, not knowledge. to

Andrew Shapiro

developments recent do the any Okay. from the round of concerns given tariffs regarding latest tweets? you then And have increased

Richard Horowitz

foolish didn't, us nothing We but if would is far. be thus we affecting

Andrew Shapiro

clear tweet with be that not our just the products. XXX in us no And goods the those Yeah. other on effect to were latest had million

Richard Horowitz

products. us new head. square it's They've products, on New the hit already

Andrew Shapiro

consumer things outside the million to stuff – XXX realm? those widen is they that your when of So are

Richard Horowitz

That's correct.

Andrew Shapiro

know local actual impact Universal's had in good. you currency Can quarter in currency, don't has numbers. your performance us the an update Okay, the year? on I during reported the

Joseph Molino

I with favor, respect numbers, tell in mean, the in the management currency restructured pound, there actually expectations our we're can the I we're year the actually a but give dollar not locally for so I we've but results can't basis. pretty Obviously, working on and have with results you specific happy to there that is the you local few our far. months rate last happy pretty improved the

Andrew Shapiro

think is us Okay, or any mention made count? April now, off EPS all no or outstanding diluted outstanding your I we the of more fully shares share one proxy current of. Can have your with used calculations, like go share provide even press to for the number release so you the current

Joseph Molino

That's in my believe. what said X,XXX,XXX report I

just me my Let double check thing.

Andrew Shapiro

of And what date? that as was

Joseph Molino

as August was August X, of that X, X,XXX,XXX.

Andrew Shapiro

on I dialed late I in might dialed probably that. – have in

I further I don't but anyone thank queue. if so, the that. know on else have So, you in not is any questions. done. hope I don't

Richard Horowitz

you. thank for Thank Andrew. as your always and you interest support Okay, your

Andrew Shapiro

Thanks.

Operator

[Operator Instructions]

Richard Horowitz

the to operator you, and we today call in Have thank everybody later the Thank QX day. to with look you a you and Thank speaking in our time forward your in you good year November. for Okay. everybody.

Operator

concludes you, today's Thank gentlemen. and ladies That teleconference.

now may disconnect. You

P&F Industries (PFIN) 12 Aug 192019 Q2 Earnings call transcript