MELVILLE, N.Y., March 31, 2011 (GLOBE NEWSWIRE) -- 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. AND SUBSIDIARIES | |
| CONSOLIDATED CONDENSED BALANCE SHEETS | |
| In Thousand $ | December 31, 2010 |
| Assets | |
| Cash | $ 874 |
| Accounts receivable - net | 6,986 |
| Inventories - net | 18,430 |
| Deferred income taxes - net | 233 |
| Income tax refund receivable | -0- |
| Prepaid expenses and other current assets | 417 |
| Assets of discontinued operations | 23 |
| Total Current Assets | 26,963 |
| Property and equipment | 25,370 |
| Less accumulated depreciation and amortization | 13,599 |
| Net property and equipment | 11,771 |
| Goodwill | 5,150 |
| Other intangible assets - net | 2,300 |
| Deferred income taxes – net | 1,874 |
| Assets of discontinued operations | -0- |
| Other assets – net | 837 |
| Total assets | $48,895 |
| Liabilities and Shareholders' Equity | |
| Short-term borrowings | $ 9,996 |
| Accounts payable | 1,673 |
| Other accrued liabilities | 3,115 |
| Current liabilities of discontinued operations | 27 |
| Current maturities of long-term debt | 406 |
| Total current liabilities | 15,217 |
| Long-term debt, less current maturities | 6,973 |
| Long-term Liabilities of discontinued operations | 306 |
| Total liabilities | 22,496 |
| Total shareholders' equity | 26,399 |
| Total Liabilities and Stockholders' Equity | $48,895 |