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P&F Industries Q2 profit falls YOY

P&F Industries Inc. said its normalized net income for the second quarter came to 2 cents per share, a decline of 80.4% 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 $83,130, a decrease of 81.2% from $443,130 in the year-earlier period.

The normalized profit margin dropped to 0.5% from 2.8% in the year-earlier period.

Total revenue fell year over year to $15.6 million from $16.1 million, and total operating expenses totaled $15.5 million, compared with $15.4 million in the prior-year period.

Reported net income totaled a loss of $5.4 million, or a loss of $1.49 per share, compared to income of $638,180, or 17 cents per share, in the prior-year period.