P&F Industries Inc. said its normalized net income for the first quarter amounted to 21 cents per share, a gain of 77.2% from 12 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $769,380, a gain of 71.2% from $449,380 in the year-earlier period.
The normalized profit margin dropped to 2.5% from 2.8% in the year-earlier period.
Total revenue grew 24.4% year over year to $19.8 million from $15.9 million, and total operating expenses climbed 21.7% on an annual basis to $18.4 million from $15.1 million.
Reported net income grew 69.0% on an annual basis to $786,660, or 21 cents per share, from $465,360, or 12 cents per share.
