P&F Industries points to growth of tool-segment
P&F Industries, Inc. reported a strong finish to the full-year period ended Dec. 31, 2013, with an especially large boost in Tools revenue that the company attributes to its entry into The Home Depot.
"Our consolidated 2013 revenue increased 27.0% when compared to 2012’s revenue," said chairman, CEO and president Richard Horowitz.
For the three-month period ended Dec. 31, revenue was $15.4 million, up 21.3% year-over-year. Income for the quarter was $919,000, more than double that of the same period a year before.
Full-year 2013 revenue came in at $76.1 million, up from $59.9 million in 2012. Net income was $3.2 million, down from $5.4 million the year before.
"Although we are reporting an increase in our income before income taxes of approximately $1.3 million, our net income after taxes declined," added Horowitz. "As the result of a lapse of the statute of limitations on an uncertain tax position, during the fourth quarter of 2013 we realized a tax benefit of $329,000. As a result, our net income after taxes for the 2013 fiscal fourth quarter was $919,000, compared to $342,000 in the same period in 2012."
Southern lumber groups join forces
There is strength in unity. That’s one reason pro dealers in Alabama, Georgia, Louisiana and Mississippi will soon see a merger of two regional lumber associations.
The boards of the Construction Suppliers Association and the Mid South Building Material Dealers Association voted to merge the organizations into one group. The merged group will be called the Construction Suppliers Association and will be headquartered in Tyrone, Ga.
“We believe that we can be better together than either of us was separately,” said Alex Hill, chair of CSA. “We looked very carefully at this opportunity to ensure that we could create more programs and services than we currently offer, and it was clear that we can. I believe we are creating a unique association that will help ensure a brighter future for independent dealers in our four states.”
“We’re excited to join forces with CSA,” said Tommy Chauvin, president of MBMDA. “CSA offers tremendous programs for independent dealers. The mission of our two associations, and the culture of our members, is quite similar. We fit together well.”
The vote of the boards must be ratified by the membership of both organizations. Each group will be conducting a vote according to their own bylaws over the coming weeks. Assuming that both memberships affirm the merger, the groups will merge on July 1, 2014.
Paul Phillips, MBMDA executive director, will join the staff of CSA as director of membership and remain based in Mississippi. Jim Moody, CSA’s president, will remain president of the merged association.
The MBMDA was formed in 1924. The CSA dates back to 1936.
The merged association will offer a wide array of programs and services to help independent dealers. Some of those include:
• Peer learning groups for Next Generation Leaders, sales managers, store managers, owners, truss managers, and dealers who are thinking about transitioning their businesses to their heirs.
• Group self-insured plans for health and worker’s compensation.
• Serving as the voice of the industry to regulatory and legislative branches of state governments.
• An annual trade show in spring and a management conference in fall.
• Consulting and compliance assistance with safety, transportation, human resources and workforce issues.
Jenn-Air expands ventilation hood collection
Jenn-Air is expanding its ventilation hood collection with new updraft models built for the powerful BTUs of today’s high-end, contemporary cooktops.
"This year will mark an unprecedented expansion of the Jenn-Air appliance collection," notes Juliet Johnson, manager of brand experience for Jenn-Air. "Given the importance of keeping the air fresh and clean both in the kitchen and beyond, increasing our offerings in this category allows for a range of options for creating a well-designed kitchen."
Already on the market is the new 36-inch hood liner, which comes in custom designs and can be expanded to 42 or 48 inches, handles up to 105,000 BTUs and is compatible with a 600 or 1200 CFM motor. It also features specially designed baffle filters to capture grease.
Other 36-inch options, scheduled to hit shelves in July, feature perimetric canopy hood models with a floating glass design and thin slots on the perimeter of the hood for more concentrated suction. Island-mount canopy models feature a sound silencing filter system for optimized airflow and improved performance.
All new models will feature a 600 CFM motor built for cooking surfaces with outputs of up to 78,000 BTUs. Additionally, they’ll include an Auto-On option that responds to cooktop heat by automatically turning the ventilation system on and adjusting power as needed. A Boost function is on-hand to quickly remove smoke from the air by running on the highest setting for 10 minutes before returning to its previous setting. Finally, welded and polished corners and edges, as well as hidden LED task lighting, adds a modern flair to the design.