P&F Industries Inc. said its third-quarter normalized net income amounted to 29 cents per share, an increase of 26.4% from 23 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 $1.1 million, a gain of 20.8% from $895,000 in the year-earlier period.
The normalized profit margin declined to 3.3% from 3.9% in the year-earlier period.
Total revenue fell 5.5% on an annual basis to $21.7 million from $22.9 million, and total operating expenses declined 7.3% from the prior-year period to $19.8 million from $21.3 million.
Reported net income grew 33.8% on an annual basis to $1.1 million, or 28 cents per share, from $793,600, or 20 cents per share.