MELVILLE, N.Y., Sept. 14, 2018 /PRNewswire/ -- P&F Industries, Inc. (Nasdaq: PFIN) today announced that on September 12, 2018, its Board of Directors authorized the Company to repurchase up to 100,000 shares of the Company's Class A Common Stock from time to time over the next twelve months through a "10b5-1 trading plan", and potentially through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934.
The actual timing, number and value of shares repurchased under the program will depend on a number of factors, including the constraints specified in the 10b5-1 trading plan, price, general business and market conditions, and alternative investment opportunities.
Pursuant to such Board authority, the Company adopted a written trading plan today for the purpose of repurchasing up to 100,000 shares of its common stock for a period of up to twelve months in accordance with the guidelines specified under Rule 10b5-1 under the Securities Exchange Act of 1934. Purchases under the 10b5-1 trading plan will commence on September 17, 2018 provided that the purchase parameters set forth in the plan are met.
A trading plan under Rule 10b5-1 allows companies to repurchase shares at times when they might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Repurchases made under the trading plan are subject to the Securities and Exchange Commission's regulations, as well as certain price, market, volume, and timing constraints specified in the trading plan. Since repurchases under the trading plan are subject to such constraints, there is no guarantee as to the exact number of shares that will be repurchased under the trading plan. The Company's previous repurchase program and related trading plan, which commenced in August 2017, expired in August 2018.
Richard Horowitz, Chairman, Chairman of the Board and President of P&F Industries, commented, "We believe that the Company's shares remain undervalued and that repurchasing shares continues to be in the best interests of our stockholders. We remain confident in P&F's long-term prospects."
About P&F Industries, Inc.
P&F Industries, Inc., through its wholly owned subsidiaries, is a leading manufacturer and importer of power tools and accessories sold principally to the retail, industrial, automotive and aerospace markets. P&F's products are sold under its own trade names, as well as under the private labels of major manufacturers and retailers.
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks related to:
- Exposure to fluctuations in energy prices;
- Debt and debt service requirements;
- Borrowing and compliance with covenants under our credit facility;
- Disruption in the global capital and credit markets;
- The strength of the retail economy in the United States and abroad;
- Risks associated with sourcing from overseas, including tariffs;
- Customer concentration;
- Adverse changes in currency exchange rates;
- Impairment of long-lived assets and goodwill;
- Unforeseen inventory adjustments or changes in purchasing patterns;
- Market acceptance of products;
- Price reductions;
- Interest rates;
- Litigation and insurance;
- Retention of key personnel;
- Acquisition of businesses;
- Regulatory environment;
- The threat of terrorism and related political instability and economic uncertainty; and
- Information technology system failures and attacks,
and those other risks and uncertainties described in the Company's most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other reports and statements filed by the Company with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. The Company cautions you against relying on any of these forward-looking statements.
SOURCE P&F Industries, Inc.