P&F INDUSTRIES INC

2023 Q4 Form 10-Q Financial Statement

#000141057823002276 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K
YoY Change -26.83%
Cash & Equivalents $338.0K
Short-Term Investments
Other Short-Term Assets $900.0K
YoY Change -65.38%
Inventory $20.52M
Prepaid Expenses
Receivables $8.734M
Other Receivables $0.00
Total Short-Term Assets $30.50M
YoY Change -18.02%
LONG-TERM ASSETS
Property, Plant & Equipment $9.779M
YoY Change 10.55%
Goodwill $4.823M
YoY Change 0.31%
Intangibles $4.809M
YoY Change -12.24%
Long-Term Investments
YoY Change
Other Assets $161.0K
YoY Change 147.69%
Total Long-Term Assets $24.96M
YoY Change 9.1%
TOTAL ASSETS
Total Short-Term Assets $30.50M
Total Long-Term Assets $24.96M
Total Assets $55.45M
YoY Change -7.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.767M
YoY Change -9.46%
Accrued Expenses $4.600M
YoY Change 17.02%
Deferred Revenue
YoY Change
Short-Term Debt $2.664M
YoY Change -67.06%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.08M
YoY Change -33.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $4.000M
YoY Change 61.62%
Total Long-Term Liabilities $4.000M
YoY Change 61.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.08M
Total Long-Term Liabilities $4.000M
Total Liabilities $14.11M
YoY Change -19.58%
SHAREHOLDERS EQUITY
Retained Earnings $33.63M
YoY Change -3.96%
Common Stock $14.28M
YoY Change 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.21M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $41.34M
YoY Change
Total Liabilities & Shareholders Equity $55.45M
YoY Change -7.69%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
EntityCentralIndexKey
0000075340
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
1-5332
dei Entity Registrant Name
EntityRegistrantName
P&F INDUSTRIES, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
22-1657413
dei Entity Address Address Line1
EntityAddressAddressLine1
445 Broadhollow Road, Suite 100
dei Entity Address City Or Town
EntityAddressCityOrTown
Melville
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
11747
dei City Area Code
CityAreaCode
631
dei Local Phone Number
LocalPhoneNumber
694-9800
dei Security12b Title
Security12bTitle
Class A common stock, $1.00 par value
dei Trading Symbol
TradingSymbol
PFIN
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
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Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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us-gaap Payments Of Dividends
PaymentsOfDividends
160000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-4906000
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
2323000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
84000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5470000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2165000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-68000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-77000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-329000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-129000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
667000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
539000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
338000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
410000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
31000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
126000
us-gaap Interest Paid Net
InterestPaidNet
331000
us-gaap Interest Paid Net
InterestPaidNet
213000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
987000
pfin Right Of Use Assets Adjustment Due To Early Termination
RightOfUseAssetsAdjustmentDueToEarlyTermination
160000
pfin Right Of Use Assets Adjustment Due To Early Termination
RightOfUseAssetsAdjustmentDueToEarlyTermination
359000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Customer Concentration</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Company had one customer that accounted for 21.0% and 24.3% of its consolidated accounts receivable at September 30, 2023, and December 31, 2022, respectively. Further, this customer accounted for 19.6% and 17.9% of the Company’s consolidated revenue during the three and nine-month periods ended September 30, 2023, respectively, and 19.1% and 22.9% for the same periods in the prior year. There was no other customer that accounted for more than 10% of our consolidated revenue during these periods.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Management Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The preparation of financial statements and related disclosures in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes, deferred taxes. Descriptions of these policies are discussed in the Company’s 2022 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Significant Accounting Policies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Company’s significant accounting policies are described in “Note 1: Summary of Significant Accounting Policies” to the Company’s 2022 Form 10-K.</p>
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
223000
us-gaap Operating Lease Expense
OperatingLeaseExpense
697000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
239000
us-gaap Operating Lease Expense
OperatingLeaseExpense
710000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
215000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
846000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
696000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
691000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
719000
CY2023Q3 pfin Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2727000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5894000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1043000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4851000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0517
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-721000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-237000
us-gaap Net Income Loss
NetIncomeLoss
-146000
us-gaap Net Income Loss
NetIncomeLoss
-876000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3195000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3195000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3195000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3183000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3195000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3195000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3195000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3183000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
127600
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.41
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
43850
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
78750
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
78750
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y
CY2023Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
9046000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
7683000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
312000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
313000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8734000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7370000
CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7550000
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1600000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2000000
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
2235000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2242000
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16682000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
20249000
CY2023Q3 us-gaap Inventory Net
InventoryNet
20517000
CY2022Q4 us-gaap Inventory Net
InventoryNet
24491000
CY2022Q4 us-gaap Goodwill
Goodwill
4822000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1000
CY2023Q3 us-gaap Goodwill
Goodwill
4823000
CY2023Q3 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
11229000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6419000
CY2023Q3 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
4810000
CY2022Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
11225000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5899000
CY2022Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
5326000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
160000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
151000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
519000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
169000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
639000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
610000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
411000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
199000
CY2023Q3 pfin Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
615000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2643000
pfin Increase Decrease Interest Rate
IncreaseDecreaseInterestRate
0.02

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