updated 3/31/2011 2:18:19 PM ET 2011-03-31T18:18:19

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
   
CONTACT: P&F Industries, Inc.
         Joseph A. Molino, Jr.
         Chief Financial Officer
         631-694-9800
         www.pfina.com

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