Home » Air-powered Tool Supplier Reports 6.1% Fall in Sales
Air-powered Tool Supplier Reports 6.1% Fall in Sales
November 14, 2007
P & F Industries, air-powered tool and hardware manufacturer, reported sales for the quarter ended Sept. 30, 2007, were $30.3 million, down 6.1% from the same period a year ago. Profits from continuing operations were down to $343,000 from $1.5 million in the prior-year period.
The ongoing decline in new housing starts continues to adversely impact our businesses, particularly in the southern and western regions of the nation," said President and CEO Richard Horowitz.
"In addition to this sluggish economic sector, our overall third-quarter revenues were negatively affected by competitive pressures and rising raw material prices. We maintain our belief that our hardware business should return to more profitable levels once the housing market recovers."
P & F operates through its two wholly owned subsidiaries: Continental Tool Group Inc. and Countrywide Hardware Inc.