MELVILLE, N.Y., Aug. 13, 2009 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) today announced that it is delaying its second quarter 2009 earnings release and related conference call previously scheduled for August 13, 2009 in order to evaluate the effect of the Company's non-compliance with certain financial covenants to a senior lender and that lender's verbal advice to the Company that it does not intend to provide a waiver of such non-compliance. Based on that evaluation, the Company expects to make appropriate adjustments to its financial statements for the second quarter of 2009. The lender had previously granted waivers of non-compliance with certain financial covenants in the past.
The Company hopes to release its earnings report and reschedule the conference call as soon as practicable. The Company does not intend to announce its second-quarter results, and is unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, until after the completion of the evaluation and implementation of appropriate adjustments to its financial statements and related disclosures. Accordingly, the Company does not expect to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 prior to the prescribed due date of August 14, 2009. However, the Company does expect to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 prior to the extended due date of August 19, 2009.
OTHER INFORMATION
P&F Industries, Inc., through its two wholly owned operating subsidiaries, Continental Tool Group, Inc. and Countrywide Hardware, Inc., manufactures and/or imports air-powered tools sold principally to the industrial, retail and automotive markets, and various residential hardware such as staircase components, kitchen and bath hardware, fencing hardware and door and window hardware. P&F's products are sold under their own trademarks, as well as under the private labels of major manufacturers and retailers.
This is a Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based upon the Company's historical results and current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to, the strength of the retail, industrial, housing and other markets in which the Company operates, the impact of competition, product demand, supply chain pricing, and the Company's debt and debt service requirements and relationship with its lenders, and those other risks and uncertainties described in the reports and statements filed by the Company with the Securities and Exchange Commission, including, among others, those described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008. These risks could cause the Company's actual results for the 2009 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.