During Friday’s Morning trade, Shares of P & F Industries, Inc. (NASDAQ:PFIN), lost -1.58% to $9.15.
P&F Industries, declared its results of operations for the three and nine-month periods ended September 30, 2015. P&F Industries, Inc. is reporting third quarter 2015 revenue of $21,678,000, contrast to $22,932,000, for the third quarter of 2014. For the nine-month period ended September 30, 2015, the Company’s revenue raised to $64,064,000, from $57,132,000 during the same period in 2014. The Company is also reporting that its third quarter 2015 income before taxes raised 15.6% to $1,655,000, from $1,432,000 for the same three-month period in 2014. Its income before taxes for nine-month period ended September 30, 2015, raised 56.0% to $4,853,000 from $3,110,000 for the same period a year ago. Its net income for the three-month period ended September 30, 2015 improved 28.7% to $1,050,000, from $816,000 stated during the third quarter of 2014, and its nine-month net income improved 69.9% to $3,143,000, from $1,850,000, for the same period in 2014.
Richard Horowitz, the Company’s Chairman of the Board, Chief Executive Officer and President commented, “I am happy to report that our third quarter of 2015 net income and earnings per share improved over the same period in the preceding year. The three acquisitions accomplished during the third quarter of 2014 continue to positively impact our revenue and contribution margin. In addition, lower selling, general and administrative expenses during the third quarter of 2015, contrast to the same period a year ago, contributed to the improved results. However, merged revenue did, on a quarter to quarter basis decline, primarily due to orders for promotional-type products shipping to our retail customers during the third quarter of 2014, not repeating this year. The improved net income and earnings per share, we believe are encouraging, despite the ongoing weakness in the oil and gas exploration and extraction sector, which continues to hinder the growth of our Tools group. In an effort to counteract this worldwide issue, P&F is ongoing its strategy of developing and expanding its tools product line, in addition to widening its global market presence. With respect to Nationwide, we are reporting continued sales and income growth. Its improved performance was driven primarily by an expanded product offering and deeper market penetration.”
P&F Industries, Inc. provides tools and hardware products in the United States. It operates in two segments, Tools and Other Products (Tools) and Hardware and Accessories (Hardware). The Tools segment designs, imports, and sells pneumatic hand tools, counting sanders, grinders, drills, saws, and impact wrenches under the Florida Pneumatic, Universal Tool, and AIRCAT or NITROCAT names through in-house sales personnel and manufacturers representatives to distributors, retailers, and private label customers; and markets pipe and bolt dies, pipe taps, wrenches, vises and stands, pipe and tubing cutting equipment, hydrostatic test pumps, and replacement electrical components for various pipe cutting and threading machines through industrial distributors and contractors.
Shares of Advance Auto Parts, Inc. (NYSE:AAP), declined -0.84% to $163.26, during its current trading session.
Advance Auto Parts, declared that it has reached an agreement with Starboard Value LP and its associates (“Starboard”), which has an ownership stake of about 3.7 percent of Advance Auto Parts’ shares, regarding the membership and composition of the Advance Auto Parts Board of Directors.
Under the terms of the agreement, Jeffrey C. Smith, Starboard’s CEO and Chief Investment Officer, has been designated to the Advance Auto Parts Board, effective right away, and the size of the Board has been expanded from 12 to 13 members. Mr. Smith will serve as chair of the Nominating and Corporate Governance Committee and will also be a member of the Compensation and Finance Committees. In addition, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. The Company will name two additional independent directors designated by the Nominating and Corporate Governance Committee for election at the Company’s 2016 Annual Meeting. It is predictable that following the 2016 Annual Meeting the Board will have 12 or 13 members.
“We are happy to welcome Jeff Smith to the Advance Auto Parts Board,” said Jack Brouillard, who has been named Executive Chairman. “Jeff is a respected leader, investor, and valued board member. We welcome his insights, and the Board and I look forward to working closely together as we successfully execute on our planned objectives.”
Advance Auto Parts, Inc., through its auxiliaries, operates as a specialty retailer of automotive replacement parts, accessories, batteries, and maintenance items. It operates stores that offer brand name, original equipment manufacturer, and private label automotive products, counting alternators, batteries, belts and hoses, brakes and brake pads, chassis parts, climate control parts, clutches, driveshafts, engines and engine parts, ignition parts, lighting, radiators, starters, spark plugs and wires, steering and alignment parts, transmissions, water pumps, and windshield wiper blades; accessories, such as air fresheners, automotive paint, anti-theft devices, emergency road kits, floor mats, ice scrapers, mirrors, seat and steering wheel covers, and vent shades; chemicals comprising antifreeze, brake and power steering fluid, car washes and waxes, freon, fuel additives, and windshield washer fluid; and oils, transmission fluids, and other automotive petroleum products for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks.
Finally, Shares of Apollo Education Group Inc (NASDAQ:APOL), gained 1.35%, and is now trading at $7.41.
University of Phoenix, a wholly owned partner of Apollo Education Group, a publicly traded company, declared it will have the honor of joining Nasdaq and more than 60 international companies in the Nasdaq Opening Bell ceremony on Veterans Day, Nov. 11, 2015. Each of the companies participating in the ceremony will take a pledge to make hiring veterans in their organization a priority.
“As Veterans Day approaches, we recognize the sacrifices and service of our military—both past and present—to which we owe a debt of gratitude,” said Spider Marks, executive dean, University of Phoenix College of Security and Criminal Justice, and a stepped down Army General. “In the next two years the U.S. Army alone will see a drawdown of 40,000 service members—that’s 40,000 of our nation’s heroes returning home to look for a new career. We are proud and honored to join this coalition, and we urge companies across the country to strongly consider hiring more veterans, not just as we celebrate Veterans Day, but every day.”
Organized in partnership with Nasdaq and Thayer Leader Development Group at West Point (TLDG), the Veterans Day bell ceremony is part of an effort to recognize more than 60 publicly traded companies that have pledged to make hiring veterans a commitment in 2016.
Apollo Education Group, Inc. provides private education services in the United States and internationally. The company offers online and on-campus undergraduate, graduate, certificate, and non-degree educational programs and services to working learners. It operates through University of Phoenix, Apollo Global, and Other segments.