Attached files
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| 8-K/A - P&F INDUSTRIES INC | v217746_8ka.htm |
P&F INDUSTRIES REVISES TABLE CONTAINED IN
PREVIOUSLY ISSUED PRESS RELEASE
MELVILLE, N.Y., March 31, 2011 - P&F Industries, Inc. (Nasdaq: PFIN) issued a press release on March 29, 2010 entitled “P&F Industries Reports Year over Year Increase of $1.5 Million in After Tax Income from Continuing Operations”. The Company has revised such press release to reflect a reclassification of certain debt from short-term to long-term. As such, the “Current maturities of long-term debt”, “Total current liabilities“ and “Long-term debt, less current maturities” line items as of December 31, 2010 have been revised, as reflected in the December 31, 2010 balance sheet contained in the following table:
P&F Industries, Inc.
Joseph A. Molino, Jr.
Chief Financial Officer
631-694-9800
www.pfina.com
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P & F INDUSTRIES, INC. AND SUBSIDIARIES
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CONSOLIDATED CONDENSED BALANCE SHEETS
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In Thousand $
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December 31, 2010
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Assets
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Cash
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$ | 874 | ||
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Accounts receivable - net
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6,986 | |||
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Inventories - net
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18,430 | |||
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Deferred income taxes - net
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233 | |||
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Income tax refund receivable
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-0- | |||
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Prepaid expenses and other current assets
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417 | |||
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Assets of discontinued operations
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23 | |||
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Total Current Assets
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26,963 | |||
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Property and equipment
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25,370 | |||
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Less accumulated depreciation and amortization
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13,599 | |||
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Net property and equipment
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11,771 | |||
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Goodwill
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5,150 | |||
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Other intangible assets - net
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2,300 | |||
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Deferred income taxes – net
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1,874 | |||
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Assets of discontinued operations
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-0- | |||
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Other assets – net
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837 | |||
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Total assets
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$ | 48,895 | ||
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Liabilities and Shareholders’ Equity
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Short-term borrowings
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$ | 9,996 | ||
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Accounts payable
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1,673 | |||
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Other accrued liabilities
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3,115 | |||
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Current liabilities of discontinued operations
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27 | |||
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Current maturities of long-term debt
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406 | |||
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Total current liabilities
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15,217 | |||
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Long-term debt, less current maturities
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6,973 | |||
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Long-term Liabilities of discontinued operations
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306 | |||
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Total liabilities
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22,496 | |||
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Total shareholders' equity
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26,399 | |||
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Total Liabilities and Stockholders’ Equity
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$ | 48,895 | ||