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P&F Industries swings to loss in Q3

P&F Industries Inc. said its normalized net income for the third quarter amounted to a loss of 7 cents per share, compared with 14 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 a loss of $245,630, compared with income of $531,880 in the prior-year period.

The normalized profit margin declined to negative 1.7% from 3.3% in the year-earlier period.

Total revenue declined 8.1% year over year to $14.6 million from $15.9 million, and total operating expenses totaled $15.0 million, compared with $15.1 million in the year-earlier period.

Reported net income came to a loss of $287,840, or a loss of 8 cents per share, compared to income of $492,960, or 13 cents per share, in the prior-year period.