0001144204-12-027853.txt : 20120511 0001144204-12-027853.hdr.sgml : 20120511 20120511105117 ACCESSION NUMBER: 0001144204-12-027853 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120511 DATE AS OF CHANGE: 20120511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: P&F INDUSTRIES INC CENTRAL INDEX KEY: 0000075340 STANDARD INDUSTRIAL CLASSIFICATION: METALWORKING MACHINERY & EQUIPMENT [3540] IRS NUMBER: 221657413 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05332 FILM NUMBER: 12832690 BUSINESS ADDRESS: STREET 1: 445 BROADHOLLOW ROAD CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: (631)694-9800 MAIL ADDRESS: STREET 1: 445 BROADHOLLOW ROAD CITY: MELVILLE STATE: NY ZIP: 11747 FORMER COMPANY: FORMER CONFORMED NAME: PLASTICS & FIBERS INC DATE OF NAME CHANGE: 19671225 10-Q 1 v311514_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2012

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1 - 5332

P&F INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware		22-1657413
(State or other jurisdiction of		(I.R.S. Employer Identification Number)
incorporation or organization)

445 Broadhollow Road, Suite 100, Melville, New York		11747
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (631) 694-9800

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted to its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o		Accelerated filer o

Non-accelerated filer o		Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of May 11, 2012 there were 3,616,562 shares of the registrant’s Class A Common Stock outstanding.

P&F INDUSTRIES, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2012

TABLE OF CONTENTS

		PAGE

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Consolidated Condensed Balance Sheets as of March 31, 2012 (unaudited) and December 31, 2011	1

	Consolidated Condensed Statements of Income for the three months ended March 31, 2012 and 2011 (unaudited)	3

	Consolidated Condensed Statement of Shareholders’ Equity for the three months ended March 31, 2012 (unaudited)	4

	Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2012 and 2011 (unaudited)	5

	Notes to Consolidated Condensed Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20

Item 4	Controls and Procedures	20

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 3.	Defaults Upon Senior Securities	22

Item 4.	Mine Safety Disclosures	22

Item 5.	Other Information	22

Item 6.	Exhibits	22

Signature		23

Exhibit Index		24

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

	March 31, 2012		December 31, 2011
	(unaudited)		(See Note 1)
ASSETS
CURRENT ASSETS

Cash	$	578,000	$	443,000
Accounts receivable — net		7,808,000		6,327,000
Inventories – net		17,896,000		18,588,000
Deferred income taxes — net		512,000		512,000
Prepaid expenses and other current assets		588,000		454,000
Current assets of discontinued operations		23,000		23,000
TOTAL CURRENT ASSETS		27,405,000		26,347,000

PROPERTY AND EQUIPMENT
Land		1,550,000		1,550,000
Buildings and improvements		7,519,000		7,504,000
Machinery and equipment		17,408,000		16,803,000
		26,477,000		25,857,000
Less accumulated depreciation and amortization		15,521,000		15,091,000
NET PROPERTY AND EQUIPMENT		10,956,000		10,766,000

GOODWILL		5,150,000		5,150,000

OTHER INTANGIBLE ASSETS — net		2,050,000		1,950,000

DEFERRED INCOME TAXES — net		1,595,000		1,595,000

OTHER ASSETS — net		715,000		778,000

TOTAL ASSETS	$	47,871,000	$	46,586,000

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

	March 31, 2012			December 31, 2011
	(unaudited)			(See Note 1)
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES

Short-term borrowings	$	6,324,000		$	5,648,000
Accounts payable		2,455,000			2,229,000
Accrued liabilities		2,688,000			3,338,000
Current liabilities of discontinued operations		24,000			24,000
Current maturities of long-term debt		1,115,000			1,039,000
TOTAL CURRENT LIABILITIES		12,606,000			12,278,000

Long–term debt, less current maturities		5,064,000			4,861,000
Liabilities of discontinued operations		289,000			292,000

TOTAL LIABILITIES		17,959,000			17,431,000

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY
Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued		—			—
Common stock
Class A - $1 par; authorized - 7,000,000 shares; issued - 3,958,000 at March 31, 2012 and 3,956,000 at December 31, 2011		3,958,000			3,956,000
Class B - $1 par; authorized - 2,000,000 shares; no shares issued		—			—
Additional paid-in capital		10,968,000			10,919,000
Retained earnings		17,941,000			17,235,000
Treasury stock, at cost – 342,000 shares at March 31, 2012 and December 31, 2011		(2,955,000	)		(2,955,000	)

TOTAL SHAREHOLDERS’ EQUITY		29,912,000			29,155,000

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	47,871,000		$	46,586,000

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (unaudited)


	Three Months Ended March 31,
	2012			2011
Net revenue	$	14,317,000		$	13,453,000
Cost of sales		8,706,000			8,330,000
Gross profit		5,611,000			5,123,000
Selling, general and administrative expenses		4,731,000			4,423,000
Operating income		880,000			700,000
Interest expense		142,000			221,000
Income from continuing operations before income taxes		738,000			479,000
Income tax expense		23,000			--
Net income from continuing operations		715,000			479,000

Loss from discontinued operations (no tax benefits for the three-month periods ended March 31, 2012 and 2011)		(9,000	)		(17,000	)

Net income	$	706,000		$	462,000

Basic earnings per share
Continuing operations	$	0.20		$	0.13
Discontinued operations		--			--
Net income per share	$	0.20		$	0.13

Diluted earnings per share
Continuing operations	$	0.19		$	0.13
Discontinued operations		--			--
Net income per share	$	0.19		$	0.13

Weighted average common shares outstanding:
Basic		3,616,000			3,615,000
Diluted		3,678,000			3,678,000

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS’ EQUITY (unaudited)

			Class A Common Stock, $1 Par				Additional paid-in		Retained		Treasury stock
	Total		Shares		Amount		capital		earnings		Shares			Amount

Balance, January 1, 2012	$	29,155,000		3,956,000	$	3,956,000	$	10,919,000	$	17,235,000		(342,000	)	$	(2,955,000	)

Net income		706,000		--		--		--		706,000		--			--

Exercise of 2,000 options		4,000		2,000		2,000		2,000		--		--			--

Stock-based compensation		47,000		--		--		47,000		--		--			--

Balance, March 31, 2012	$	29,912,000		3,958,000	$	3,958,000	$	10,968,000	$	17,941,000		(342,000	)	$	(2,955,000	)

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

	Three months ended March 31,
	2012			2011
Cash Flows from Operating Activities
Net income	$	706,000		$	462,000

Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Loss from discontinued operations		9,000			17,000
Non-cash charges:
Depreciation and amortization		428,000			398,000
Amortization of other intangible assets		100,000			87,000
Amortization of other assets		68,000			71,000
(Recovery of) provision for losses on accounts receivable		(2,000	)		19,000
Stock-based compensation		47,000			35,000
Changes in operating assets and liabilities:
Accounts receivable		(1,478,000	)		(990,000	)
Notes and other receivables		(9,000	)		45,000
Inventories		692,000			700,000
Prepaid expenses and other current assets		(124,000	)		(252,000	)
Other assets		(6,000	)		--
Accounts payable		226,000			14,000
Accrued liabilities		(650,000	)		(488,000	)
Total adjustments		(699,000	)		(344,000	)
Net cash provided by operating activities of continuing operations		7,000			118,000

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

	Three months ended March 31,
	2012			2011
Cash Flows from Investing Activities:
Capital expenditures	$	(620,000	)	$	(183,000	)
Proceeds from disposal of fixed assets		--			1,000
Purchase of product license		(200,000	)		--
Net cash used in investing activities		(820,000	)		(182,000	)

Cash Flows from Financing Activities:
Proceeds from exercise of stock options		4,000			--
Proceeds from short-term borrowings		12,856,000			7,525,000
Repayments of short-term borrowings		(12,180,000	)		(7,318,000	)
Proceeds from term loan		381,000			--
Repayments of term loan		(101,000	)		(101,000	)
Net cash provided by financing activities		960,000			106,000

Cash Flows from Discontinued Operations:
Operating activities		(12,000	)		(15,000	)
Net cash used in discontinued operations		(12,000	)		(15,000	)

Net increase in cash		135,000			27,000
Cash at beginning of period		443,000			874,000
Cash at end of period	$	578,000		$	901,000

Supplemental disclosures of cash flow information:

Cash paid for:
Interest	$	151,000		$	200,000
Income taxes	$	30,000		$	—

See accompanying notes to consolidated condensed financial statements (unaudited).

P&F INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (unaudited)

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES

Basis of Financial Statement Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company, these unaudited consolidated condensed financial statements include all adjustments necessary to present fairly the information set forth therein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year.

The unaudited consolidated condensed balance sheet information as of December 31, 2011 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The interim financial statements contained herein should be read in conjunction with that Report.

Principles of Consolidation

The unaudited consolidated condensed financial statements contained herein include the accounts of P&F Industries, Inc. and its subsidiaries, (“P&F”). All significant intercompany balances and transactions have been eliminated.

The Company

The Company operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). P&F and its subsidiaries are herein referred to collectively as the “Company.”

Tools

The Company conducts its Tools business through a wholly-owned subsidiary, Continental Tool Group, Inc. (“Continental”), which in turn currently operates through its wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation (“Florida Pneumatic”) and Hy-Tech Machine, Inc. (“Hy-Tech”).

Florida Pneumatic is engaged in the importation and sale of pneumatic hand tools, primarily for the retail, industrial and automotive markets, and the importation and sale of compressor air filters. Florida Pneumatic also markets, through its Berkley Tool division, a line of pipe cutting and threading tools, wrenches and replacement electrical components for a widely-used brand of pipe cutting and threading machines.

Hy-Tech manufactures and distributes its own line of industrial pneumatic tools. Hy-Tech also produces over sixty types of tools, which include impact wrenches, grinders, drills, and motors. Further, it also manufactures tools to customer unique specifications. Its customers include refineries, chemical plants, power generation, heavy construction, oil and mining companies. In addition, Hy-Tech manufactures an extensive line of pneumatic tool replacement parts that are sold competitively to the original equipment manufacturer. It also manufactures and distributes high pressure stoppers for hydrostatic testing of fabricated pipe. It also produces a line of siphons. Other than a line of sockets that are imported from Israel, all Hy-Tech products are made in the United States of America.

Hardware

The Company conducts its Hardware business through a wholly-owned subsidiary, Countrywide Hardware Inc. (“Countrywide”). Countrywide conducts its business operations through its wholly-owned subsidiary, Nationwide Industries, Inc. (“Nationwide”). Nationwide is a developer, importer, and manufacturer of fencing hardware, patio products, and door and window accessories including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Additionally, Nationwide also markets a line of kitchen and bath fixtures.

Management Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

Recently Adopted Accounting Standards

During the three-month period ended March 31, 2012, the Company did not adopt any new accounting standards.

NOTE 2 — VARIABLE INTEREST ENTITY

The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) requirements includes the following: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE.

If the Company identifies a VIE based on the requirements within Accounting Standards Codification (“ASC”) ASC 810, it then performs the second step to determine whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments, both of which must be met:

• Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and

• Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

The Company examined the facts and circumstances pertaining to an indirect, wholly-owned subsidiary, WM Coffman LLC (now known as Old Stairs Co (“WMC”)) to determine if it is the primary beneficiary, by considering whether or not it has the power to direct the most significant activities of the entity. The Company has concluded that it does not direct the most significant activities at WMC, nor does it have an obligation to absorb losses or the right to receive benefits from WMC and, therefore, is not considered the primary beneficiary. Accordingly, the Company did not consolidate WMC.

The Company will perform an ongoing reassessment of the facts and circumstances pertaining to WMC to determine whether or not WMC continues to be a VIE and if so, whether or not the Company may have become the primary beneficiary.

NOTE 3 — EARNINGS PER SHARE

Basic earnings per common share is based only on the average number of shares of common stock outstanding for the periods. Diluted earnings per common share reflects the effect of shares of common stock issuable upon the exercise of options, unless the effect on earnings is antidilutive.

Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price.

The following table sets forth the elements of basic and diluted (loss) earnings per common share:

	Three months ended
	March 31,
	2012			2011
Numerator:
Numerator for basic and diluted earnings (loss) per common share:
Earnings from continuing operations	$	715,000		$	479,000
(Loss) from discontinued operations		(9,000	)		(17,000	)
Net income	$	706,000		$	462,000

Denominator:
Denominator for basic earnings per share-weighted average common shares outstanding		3,616,000			3,615,000

Dilutive securities		62,000			63,000

Denominator for diluted earnings per share-weighted average common shares outstanding		3,678,000			3,678,000

At March 31, 2012 and 2011 and during the three-month periods ended March 31, 2012 and 2011, there were outstanding stock options whose exercise prices were higher than the average market values of the underlying Class A Common Stock for the period. These options are antidilutive and are excluded from the computation of earnings per share. The weighted average antidilutive stock options outstanding were as follows:

	Three months ended
	March 31,
	2012		2011
Weighted average antidilutive stock options outstanding		584,000		514,000

NOTE 4 - STOCK-BASED COMPENSATION

Stock-based Compensation

Total stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options. Compensation expense attributable to stock-based compensation was approximately $47,000 and $35,000 during the three-month periods ended March 31, 2012 and 2011, respectively. The compensation expense is recognized in selling, general and administrative expenses on the Company’s statements of operations on a straight-line basis over the vesting periods. The Company recognizes compensation cost over the requisite service period. However, the exercisability of the respective non-vested options, which are at pre-determined dates on a calendar year, do not necessarily correspond to the period(s) in which straight-line amortization of compensation cost is recorded. As of March 31, 2012, the Company had approximately $155,000 of total unrecognized compensation cost related to non-vested awards granted under our stock-based plans, which it expects to recognize over a weighted-average period of one year.

The expected term was based on historical exercises and terminations. The volatility is determined based on historical stock prices. The dividend yield is 0% as the Company has historically not declared dividends and does not expect to declare any in the future.

Stock Option Plan

The Company’s 2002 Incentive Stock Option Plan (the “Current Plan”) authorizes the issuance, to employees and directors, of options to purchase a maximum of 1,100,000 shares of Class A Common Stock. These options must be issued within ten years of the effective date of the Current Plan and are exercisable for a ten year period from the date of grant, at prices not less than 100% of the market value of the Class A Common Stock on the date the option is granted. Incentive stock options granted to any 10% stockholder are exercisable for a five year period from the date of grant, at prices not less than 110% of the market value of the Class A Common Stock on the date the option is granted. Pursuant to the Current Plan, the Stock Option Committee has the discretion to award non-qualified stock option grants with various vesting parameters. Options have vesting periods of immediate to three years. In the event options granted contain a vesting schedule over a period of years, the Company recognizes compensation cost for these awards on a straight-line basis over the requisite service period. The Current Plan, which terminates in 2012, is the successor to the Company’s 1992 Incentive Stock Option Plan (the “Prior Plan”).

The following is a summary of the changes in outstanding options during the three-month period ended March 31, 2012:

	Option Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding, January 1, 2012		655,124	$	6.50		5.2	$	31,000
Granted		—		—				—
Exercised		2,000		2.17
Forfeited		—		—
Expired		—		—
Outstanding, March 31, 2012		653,124	$	6.51		5.1	$	59,000

Vested and expected to vest, March 31, 2012		478,457	$	7.42		4.0	$	20,000

The following is a summary of changes in non-vested shares for the three months ended March 31, 2012:

	Option Shares		Weighted Average Grant- Date Fair Value
Non-vested shares, January 1, 2012		174,667	$	2.43
Granted		—		—
Vested		—		—
Forfeited		—		—
Non-vested shares, March 31, 2012		174,667	$	2.43

The number of shares of Class A Common Stock reserved for stock options available for issuance under the Current Plan as of March 31, 2012 was 302,712. All of the options outstanding at March 31, 2012 were issued under the Current Plan.

NOTE 5 — RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any other recently issued, but not yet effective accounting standards, if currently adopted would have a material effect on our consolidated condensed financial statements.

NOTE 6 - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable - net consists of:

	March 31, 2012			December 31, 2011
Accounts receivable	$	8,031,000		$	6,553,000
Allowance for doubtful accounts		(223,000	)		(226,000	)
	$	7,808,000		$	6,327,000

NOTE 7 — INVENTORIES

Inventories - net consist of:

	March 31, 2012			December 31, 2011
Raw material	$	2,113,000		$	2,301,000
Work in process		952,000			979,000
Finished goods		17,019,000			17,459,000
		20,084,000			20,739,000
Reserve for obsolete and slow-moving inventories		(2,188,000	)		(2,151,000	)
	$	17,896,000		$	18,588,000

NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

During the three-month period ended March 31, 2012 there was no change to the carrying value of goodwill.

Other intangible assets were as follows:

	March 31, 2012						December 31, 2011
	Cost		Accumulated amortization		Net book value		Cost		Accumulated amortization		Net book value
Other intangible assets:
Customer relationships	$	5,070,000	$	3,662,000	$	1,408,000	$	5,070,000	$	3,581,000	$	1,489,000
Non-compete and employment agreements		760,000		760,000		—		760,000		760,000		—
Trademarks		199,000		—		199,000		199,000		—		199,000
Drawings		290,000		74,000		216,000		290,000		70,000		220,000
Licensing		305,000		78,000		227,000		105,000		63,000		42,000
Totals	$	6,624,000	$	4,574,000	$	2,050,000	$	6,424,000	$	4,474,000	$	1,950,000

Amortization expense for intangible assets subject to amortization was as follows:

Amortization expense for each of the twelve-month periods ending March 31, 2013 through March 31, 2017 is estimated to be as follows: 2013 - $377,000 ; 2014 - $233,000 ; 2015 - $233,000; 2016 - $230,000 and 2017 - $175,000. The weighted average amortization period for intangible assets was 7.66 years at March 31, 2012 and 8.16 years at December 31, 2011.

NOTE 9 - DEBT

P&F, along with Florida Pneumatic, Hy-Tech and Nationwide, as borrowers, entered into a Credit Agreement, (“Credit Agreement”) with Capital One Leverage Finance Corporation, as agent (“COLF”). The Credit Agreement, entered into in October 2010, has a three-year term, with maximum borrowings of $22,000,000 at that time. The Credit Agreement provides for a Revolving Credit Facility (“Revolver”) with a maximum borrowing of $15,910,000. At March 31, 2012 and December 31, 2011, the balances owing on the Revolver were $6,324,000 and $5,648,000, respectively. Direct borrowings under the Revolver are secured by the Company’s accounts receivable, mortgages on the Company’s real property located in Cranberry, PA, Jupiter, FL and Tampa, FL (“Real Property”), inventory and equipment and are cross-guaranteed by certain of the Company’s subsidiaries (the “Subsidiary Guarantors”). Revolver borrowings bear interest at LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement, plus the currently applicable margin rates. Beginning April 1, 2011, the loan margins applicable to borrowings on the Revolver are determined based upon the computation of total debt divided by earnings before interest, taxes, depreciation and amortization (“EBITDA”).

On November 21, 2011, the Company and COLF entered into the Second Amendment to Credit Agreement, (the “Amendment”). The Amendment, among other things, (i) reduced the applicable loan margins for Revolver borrowings by 0.25% or 0.50%, depending on the applicable leverage ratio, (ii) increased the maximum aggregate amount of permitted Capital Expenditures (as defined in the Loan Agreement) for 2012 and 2013 from an aggregate of $1,000,000 to an aggregate of $2,500,000 and (iii) established a $2,500,000 Capital Expenditure loan commitment by COLF, pursuant to which COLF may make one or more Capex Loans (as defined in the Amendment) to the Company under the terms set forth in the Amendment, a (“Capex term loan”). As such, pursuant to the Amendment, the total commitment by COLF for the Credit Agreement increased from $22,000,000 to $24,500,000. Further, as a result of the Amendment, the applicable loan margins range from 2.50% to 3.50% for LIBOR borrowings and from 1.50% to 2.50% for borrowings at Base Rate. Loan margins added to Revolver borrowings at March 31, 2012 and December 31, 2011 were 2.75% and 1.75%, respectively, for borrowings at LIBOR and the Base Rate.

The Company is required to provide, among other things, monthly financial statements, monthly borrowing base certificates as well as certificates of compliance of various financial covenants. The Company is in compliance with all financial covenants. As part of the Credit Agreement, if an event of default occurs, the interest rate would increase by two percent per annum during the period of default.

The Credit Facility also contains a $6,090,000 term loan (the “Term Loan”), which is secured by mortgages on the real property, accounts receivable, inventory and equipment. The Term Loan amortizes approximately $34,000 each month with a balloon payment at maturity of the Credit Agreement. The balance due on the Term Loan at March 31, 2012 and December 31, 2011 was $5,549,000 and $5,650,000, respectively. The Credit Agreement requires the Company to make prepayments, to be applied to the Term Loan, of 25% of excess annual cash flow, as defined in the Credit Agreement, or in the event of a sale of any real estate assets. Based on 2011 excess cash flows, the Company will make a payment of approximately $633,000 in the second quarter of 2012. This amount is included in current maturities of long-term debt on the consolidated condensed balance sheet. Term Loan borrowings bear interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 5.75% and 4.75%, respectively, at March 31, 2012 and December 31, 2011.

In accordance with the Amendment, the Company, in March 2012, borrowed $380,000 as a Capex term loan. This obligation amortizes approximately $6,000 each month over a five-year period, with a balloon payment at maturity of the Credit Agreement. This Capex term Loan bears interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 2.50% and 3.50%, respectively, at March 31, 2012.

In April 2010, as part of an amendment to the Company’s prior credit agreement, the Company was required to obtain subordinated loans of $750,000, (the “Subordinated Loans”). These Subordinated Loans bear interest at 8% per annum. The Subordinated Loans were provided by the Company’s Chief Executive Officer (“CEO”), in the amount of $250,000, and an unrelated party, in the amount of $500,000, each with a maturity date of October 25, 2013. During 2011, pursuant to a subordination agreement with COLF, the principal amount owed to the unrelated third party was paid in full from excess cash flows, as defined in such subordination agreement.

NOTE 10—RELATED PARTY TRANSACTIONS

The president of one of the Company’s subsidiaries is part owner of one of the subsidiary’s vendors. During the three-month periods ended March 31, 2012 and 2011, the Company purchased approximately $199,000 and $231,000, respectively of product from this vendor.

NOTE 11 - BUSINESS SEGMENTS

P&F operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). For reporting purposes, Florida Pneumatic and Hy-Tech are combined in the Tools segment, while Nationwide is currently the only subsidiary in the Hardware segment. The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those referred to in Note 1.

Three months ended March 31, 2012	Consolidated			Tools		Hardware

Revenues from unaffiliated customers	$	14,317,000		$	9,672,000	$	4,645,000

Segment operating income	$	2,423,000		$	1,729,000	$	694,000
General corporate expense		(1,543,000	)
Interest expense – net		(142,000	)
Earnings before income taxes	$	738,000

Segment assets	$	44,901,000		$	32,455,000	$	12,446,000
Corporate assets		2,970,000
Total assets	$	47,871,000

Long-lived assets, including $123,000 at corporate	$	18,156,000		$	13,387,000	$	4,646,000

Three months ended March 31, 2011	Consolidated			Tools		Hardware

Revenues from unaffiliated customers	$	13,453,000		$	9,720,000	$	3,733,000

Segment operating income	$	2,054,000		$	1,617,000	$	437,000
General corporate expense		(1,354,000	)
Interest expense – net		(221,000	)
Earnings before income taxes	$	479,000

Segment assets	$	45,682,000		$	33,705,000	$	11,977,000
Corporate assets		3,344,000
Total assets	$	49,026,000

Long-lived assets, including $331,000 at corporate	$	18,918,000		$	14,079,000	$	4,508,000

P&F INDUSTRIES, INC. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

The Private Securities Litigation Reform Act of 1995 (the “Reform Act”) provides a safe harbor for forward-looking statements made by or on behalf of P&F Industries, Inc. and subsidiaries (“P&F”, or the “Company”). P&F and its representatives may, from time to time, make written or verbal forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and in its reports to stockholders. Generally, the inclusion of the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and their opposites and similar expressions identify statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and that are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements contained herein, including those related to the Company’s future performance, are based upon the Company’s historical performance and on current plans, estimates and expectations. All forward-looking statements involve risks and uncertainties. These risks and uncertainties could cause the Company’s actual results for the 2012 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company for a number of reasons, as previously disclosed in the Company’s public filings, including in its Annual Report on Form 10-K for the year ended December 31, 2011. 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.

Business

The unaudited consolidated condensed financial statements contained herein include the accounts of P&F Industries, Inc. and its subsidiaries (“P&F”). All significant intercompany balances and transactions have been eliminated.

P&F conducts its business operations through two of its wholly-owned subsidiaries: Continental Tool Group, Inc. (“Continental”) and Countrywide Hardware, Inc. (“Countrywide”). P&F and its subsidiaries are herein referred to collectively as the “Company.” In addition, the words “we”, “our” and “us” refer to the Company. P&F operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”).

Tools

Continental operates through its wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation (“Florida Pneumatic”) and Hy-Tech Machine, Inc. (“Hy-Tech”).

Florida Pneumatic is engaged in the importation and sale of pneumatic hand tools, primarily for the retail, industrial and automotive markets, and the importation and sale of compressor air filters. Florida Pneumatic also markets, through its Berkley Tool division (“Berkley”), a line of pipe cutting and threading tools, wrenches and replacement electrical components for a widely-used brand of pipe cutting and threading machines.

Hy-Tech manufactures and distributes pneumatic tools and parts for industrial applications. Hy-Tech manufactures approximately sixty types of industrial pneumatic tools, most of which are sold at prices ranging from $300 to $7,000, under the names “ATP”, “Thaxton”, “THOR” and “Eureka”, as well as under the trade names or trademarks of other private label customers. This line of products includes grinders, drills, saws, impact wrenches and pavement breakers. Hy-Tech’s products are sold to distributors and private label customers through in-house sales personnel and manufacturers’ representatives. Users of Hy-Tech’s tools include refineries, chemical plants, power generation facilities, the heavy construction industry, oil and mining companies and heavy industry. Hy-Tech’s products are sold off the shelf, and are also produced to customer’s orders. The business is not seasonal, but it may be subject to significant periodic changes resulting from scheduled shutdowns in refineries, power generation facilities and chemical plants.

Hardware

We conduct our Hardware business through Countrywide. Countrywide conducts its business operations through its wholly-owned subsidiary, Nationwide Industries, Inc. (“Nationwide”).

Nationwide is an importer and manufacturer of door, window and fencing hardware, and accessories including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Nationwide’s products are sold through in-house sales personnel and manufacturers’ representatives to distributors, retailers and original equipment manufacturer (“OEM”) customers. End users of Nationwide’s products include contractors, home builders, pool and patio distributors, OEM/private label customers and general consumers. Additionally, Nationwide also markets a kitchen and bath product line. Nationwide currently out-sources the manufacturing of approximately 90% of its product with several overseas factories, while retaining design, quality control, and patent and trademark control. There are redundant sources for most products. Nationwide manufactures approximately 10% of its products sold including rollers, hinges and pool enclosure products at its facility in Tampa, Florida.

Overview

When comparing the first quarter of 2012 to the same period in 2011, we, among other things:

increased consolidated revenue more than $864,000 or 6.4%;

improved consolidated gross margins 1.1 percentage points to 39.2%

increased net income from continuing operations to $715,000 from $479,000 – an increase of 49.3% and,

improved diluted earnings per share from continuing operations to $0.19 from $0.13.

KEY INDICATORS

Economic Measures

Much of our business is driven by the ebbs and flows of the general economic conditions in both the United States and, to a lesser extent, abroad. Our Tools segment focuses on a wide array of customer types; it does not rely as much on specific economic measures or indicators. The Tools segment tends to track the general economic conditions of the United States, industrial production and general retail sales, all of which have, for the most part, only slight improvement during 2012 compared to 2011. The key economic measures for Hardware group were the general economic conditions of the United States and to a lesser extent the housing market.

Another key economic measure relevant to us is the cost of the raw materials in our products. Key materials include metals, especially various types of steel and aluminum. Also important is the value of the dollar in relation to the Taiwan dollar, as we purchase a significant portion of our products from Taiwan. Purchases from Chinese sources are made in U.S. dollars. However, if the Chinese currency, the Renminbi, were to be revalued against the dollar, there could be a significant negative impact on the cost of our products.

Operating Measures

Key operating measures we use to manage our operating segments are: orders; shipments; development of new products; customer retention; inventory levels and productivity. These measures are recorded and monitored at various intervals, including daily, weekly and monthly. To the extent these measures are relevant; they are discussed in the detailed sections for each operating segment.

Financial Measures

Key financial measures we use to evaluate the results of our business include: various revenue metrics; gross margin; selling, general and administrative expenses; earnings before interest and taxes; operating cash flows and capital expenditures; return on sales; return on assets; days sales outstanding and inventory turns. These measures are reviewed at monthly, quarterly and annual intervals and compared to historical periods as well as established objectives. To the extent that these measures are relevant, they are discussed in the detailed sections for each operating segment.

Critical Accounting Policies and Estimates

We prepare our consolidated condensed financial statements in accordance with accounting principles generally accepted in the United States of America, (“GAAP”). Certain of these accounting policies require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities, revenues and expenses. On an ongoing basis, we evaluate estimates, including those related to bad debts, inventory reserves, goodwill and intangible assets, deferred tax assets and warranty reserves. We base our estimates on historical data and experience, when available, and on various other assumptions that are believed to be reasonable under the circumstances, the combined results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

There have been no material changes in our critical accounting policies and estimates from those discussed in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2011.

RESULTS OF OPERATIONS

The table below provides an analysis of our net revenue for the three-month periods ended March 31, 2012 and 2011:

Revenue

	Three-months Ended March 31,
	2012		2011		Variance			Variance
						$			%
Tools
Florida Pneumatic	$	5,417,000	$	5,574,000	$	(157,000	)		(2.8	)%
Hy-Tech		4,255,000		4,146,000		109,000			2.6
Tools Total		9,672,000		9,720,000		(48,000	)		(0.5	)

Hardware
Hardware Total		4,645,000		3,733,000		912,000			24.4

Consolidated	$	14,317,000	$	13,453,000	$	864,000			6.4	%

All revenues are generated in U.S. dollars and are not impacted by changes in foreign currency exchange rates.

Unless otherwise stated below, we believe that our relationships with all our key customers, given the current economic conditions, remain good. There were no major trends or uncertainties that had, or we could reasonably expect could have a material impact on our revenue. There was no unusual or infrequent event, transaction or any significant economic change that materially affected our results of operations.

Tools

Florida Pneumatic markets its air tool products to two primary sectors within the pneumatic tool market; retail and industrial/catalog. Additionally, Florida Pneumatic also markets, to a much lesser degree, air tools to the automotive market. It also generates revenue from its Berkley products line as well as a line of air filters and other OEM parts. An analysis of Florida Pneumatic revenue for 2012 and 2011 is as follows:

	Three-Months Ended March 31,
	2012					2011
Revenue analysis – Florida Pneumatic	Revenue		Percent of revenue			Revenue		Percent of revenue
Retail – major customer	$	2,460,000		45.4	%	$	3,212,000		57.6	%
Industrial/catalog		2,009,000		37.1			1,545,000		27.7
Automotive		305,000		5.6			271,000		4.9
Other		643,000		11.9			546,000		9.8
Total	$	5,417,000		100.0	%	$	5,574,000		100.0	%

During the first quarter of 2012 Florida Pneumatic continued its growth in the higher gross margin, industrial/catalog sector. As a result, it was able to increase revenue in this sector $464,000 or 30.0%, when compared to the first quarter of 2011. We intend to continue to expand our marketing efforts in the industrial/catalog market. Florida Pneumatic also increased revenue at its automotive line $34,000 or 12.5%. Other revenue, which includes revenue from its Berkley, air filters and OEM lines, in the aggregate increased $97,000 or 17.8%. However, when comparing the first quarter of 2012 to the same period in 2011, revenue from its major retail customer declined $752,000 or 23.4%. This decline was due primarily to the initial roll-out of a program during the first quarter of 2011 to a new retail partner of our major customer, which did not repeat during the first quarter of 2012.

Hy-Tech focuses primarily on the industrial sector of the pneumatic tools market. Hy-Tech creates quality replacement parts for pneumatic tools, markets its own value/added line of air tools as well as distributes a complementary line of sockets (“ATP”).

	Three-Months Ended March 31,
	2012					2011
Revenue analysis – Hy-Tech	Revenue		Percent of revenue			Revenue		Percent of revenue
ATP	$	2,624,000		61.7	%	$	2,926,000		70.6	%
Hy-Tech Machine		403,000		9.5			512,000		12.3
Major Customer		1,095,000		25.7			594,000		14.3
Other		133,000		3.1			114,000		2.8
Total	$	4,255,000		100.0	%	$	4,146,000		100.0	%

As noted in the table above, Hy-Tech increased its revenue $109,000 or 2.6% when comparing the first quarter of 2012 to 2011. Hy-Tech’s overall improvement is due primarily to increased product demand from its major customer; resulting in an increase in revenue from this customer of $501,000 or 84.3%, when comparing the first quarter of 2012 to 2011. Partially offsetting this increase was a decline of $302,000 in revenue from sales of our ATP product line. Additionally, Hy-Tech Machine products, which primarily focus on mining, construction and industrial manufacturing markets (“Hy-Tech Machine”) also declined by $109,000 or 21.3% when comparing the first quarter of 2012 to the same period in 2011.

Hardware

Our Hardware segment, which currently consists of only Nationwide, generates revenue from the sale of fencing and gate hardware, kitchen and bath accessories, OEM products and patio hardware.

	Three-Months Ended March 31,
	2012					2011
Revenue analysis – Nationwide	Revenue		Percent of revenue			Revenue		Percent of revenue
Fence and gate hardware	$	3,078,000		66.3	%	$	2,402,000		64.3	%
Kitchen and bath		846,000		18.2			760,000		20.4
OEM		433,000		9.3			367,000		9.8
Patio		288,000		6.2			204,000		5.5
Total	$	4,645,000		100.0	%	$	3,733,000		100.0	%

When comparing the first quarter of 2012 to 2011, Nationwide increased its fence and gate hardware product line revenue by $676,000 or 28.1%. This improvement is due primarily to the introduction of new products, as well as expanded marketing efforts, which effectively has increased the size of its customer base. Nationwide intends to continue its current growth strategy which is to develop new products and accessories, as well as to continue to expand its national market campaign. Revenue generated from its Patio products line, improved $84,000 or 41.2%. Despite the ongoing weak market conditions for its kitchen & bath line, when comparing the first quarter of 2012 and 2011, Nationwide increased kitchen and bath product line revenue $86,000 or 11.3%. Lastly, OEM revenue increased $66,000 or 18.0%. With fence and gate hardware being the primary contributor to Nationwide’s increase in revenue, we will continue to focus more attention on new product development and market expansion to this product. We are also focusing on upgrading our kitchen and bath product line.

Gross Margins / Profits

	March 31,						Change
	2012			2011			Amount		%
Tools	$	3,832,000		$	3,711,000		$	121,000		3.3	%
As percent of respective revenue		39.6	%		38.2	%		1.4 pts.
Hardware	$	1,779,000		$	1,412,000		$	367,000		26.0	%
As percent of respective revenue		38.3	%		37.8	%		0.5 pts.
Consolidated	$	5,611,000		$	5,123,000		$	488,000		9.5	%
As percent of respective revenue		39.2	%		38.1	%		1.1 pts.

Tools

Gross margins generated by our Tools segment during the first quarter of 2012 increased 1.4 percentage points when compared to the same period in 2011. Specifically, Florida Pneumatic’s gross margin increased 1.5 percentage points, with gross profit improving $29,000, and Hy-Tech’s gross margin improved 1.1 percentage points with gross margin increasing $92,000. The improvement in gross margin at Florida Pneumatic is primarily due to increased industrial/catalog revenue during the first quarter of 2012 compared to the same period in 2011. The improvement in gross margin at Hy-Tech is the result of product mix as well as improved cost of manufacturing.

Hardware

Gross margin generated during the first quarter of 2012 by our Hardware segment improved 0.5 percentage point when compared to the same period in 2011. This increase is primarily due to product mix. The increase in gross profit of $367,000 was due primarily to increased revenue during the first quarter of 2012 compared to the same period in 2011.

Selling and general and administrative expenses

Selling, general and administrative expenses, (“SG&A”) include salaries and related costs, commissions, travel, administrative facilities, communications costs and promotional expenses for our direct sales and marketing staff, administrative and executive salaries and related benefits, legal, accounting and other professional fees as well as general corporate overhead and certain engineering expenses.

During the first quarter of 2012, our SG&A was $4,731,000, compared to $4,423,000, for the same three-month period in 2011. Significant line items contributing to the increase include; (i) an increase of $256,000 in compensation, which is comprised of base salaries and wages, accrued performance-based bonus incentives, associated payroll taxes and employee benefits, (ii) primarily the result of improved revenue, our variable expenses, which includes commissions, freight out, travel and entertainment and advertising costs increased an aggregate amount of $88,000, (iii) an increase in our professional fees of $52,000, and (iv) an increase in our depreciation and amortization expense of $28,000. These increases were partially offset by among other things, reductions in warranty, and certain promotional expenses which, in the aggregate were $86,000.

Interest

Our net interest expense during the first quarter of 2012 was $142,000, compared to $221,000 for the same period in the prior year. The most significant item affecting interest expense this quarter was a reduction in our short term revolver borrowings during the comparative three-month periods ending March 31, 2012 and 2011. The average balance of short term borrowings during the first quarter of 2012 was $6,120,000, compared to $9,996,000 during the same three-month period in 2011. As a result, interest expense attributable to short term borrowing decreased to $47,000 during the first quarter of 2012, from $104,000, incurred in during the first quarter of 2011. In 2011 we repaid the balance owed on our debt obligation to the sellers of Hy-Tech, as a result, there was no interest expense attributable to this debt in the first quarter of 2012, compared to $11,000 in the first quarter of 2011. Further, during 2011, we repaid $500,000 of the Subordinated Loans (see Liquidity and Capital Resources below), resulting in an interest savings of $10,000.

Income Taxes

We had an effective tax rate of 3.1% applied to our income from continuing operations for the three-month period ended March 31, 2012 due to the utilization of net operations loss carry-forwards that can be applied to current year income. We currently believe that this effective tax rate will be applied for the remainder of 2012, due to the availability of additional net operating loss carry-forwards.

LIQUIDITY AND CAPITAL RESOURCES

Our cash flows from operations can be somewhat cyclical, typically with the greatest demand in the second and third quarters followed by positive cash flows in the first and fourth quarter as receivables and inventories trend down. We monitor average days sales outstanding, inventory turns, estimated future purchasing requirements and capital expenditures to project liquidity needs and evaluate return on assets employed.

We gauge our liquidity and financial stability by various measurements, some of which are shown in the following table:

	March 31, 2012		December 31, 2011
Working Capital of continuing operations	$	14,800,000	$	14,070,000
Current Ratio of continuing operations		2.18 to 1.0		2.15 to 1.0
Shareholders’ Equity	$	29,912,000	$	29,155,000

We entered into a Credit Agreement, (“Credit Agreement”) with Capital One Leverage Finance Corporation, as agent (“COLF”). The Credit Agreement, entered into in October 2010, has a three-year term, with maximum borrowings of $22,000,000 at that time. The Credit Agreement provides for a Revolving Credit Facility (“Revolver”) with a maximum borrowing of $15,910,000. At March 31, 2012 and December 31, 2011, the balances owing on the Revolver were $6,324,000 and $5,648,000, respectively. Direct borrowings under the Revolver are secured by our accounts receivable, mortgages on our real property located in Cranberry, PA, Jupiter, FL and Tampa, FL, inventory and equipment and are cross-guaranteed by certain of our subsidiaries. Revolver borrowings bear interest at LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement, plus the currently applicable margin rates. Beginning April 1, 2011, the loan margins applicable to borrowings on the Revolver are determined based upon the computation of total debt divided by earnings before interest, taxes, depreciation and amortization (“EBITDA”).

On November 21, 2011, we and COLF entered into the Second Amendment to Credit Agreement, (the “Amendment”). The Amendment, among other things, (i) reduced the applicable loan margins for Revolver borrowings by 0.25% or 0.50%, depending on the applicable leverage ratio, (ii) increased the maximum aggregate amount of permitted Capital Expenditures (as defined in the Loan Agreement) for 2012 and 2013 from an aggregate of $1,000,000 to an aggregate of $2,500,000 and (iii) established a $2,500,000 Capital Expenditure loan commitment by COLF, pursuant to which COLF may make one or more Capex Loans (as defined in the Amendment) to us under the terms set forth in the Amendment, a (“Capex term loan”). As such, pursuant to the Amendment, the total commitment by COLF for the Credit Agreement increased from $22,000,000 to $24,500,000. Further, as a result of the Amendment, the applicable loan margins range from 2.50% to 3.50% for LIBOR borrowings and from 1.50% to 2.50% for borrowings at Base Rate. Loan margins added to Revolver borrowings at March 31, 2012 and December 31, 2011 were 2.75% and 1.75%, respectively, for borrowings at LIBOR and the Base Rate.

The Credit Facility also contains a $6,090,000 term loan (the “Term Loan”), which is secured by mortgages on the real property, accounts receivable, inventory and equipment. The Term Loan amortizes approximately $34,000 each month with a balloon payment at maturity of the Credit Agreement. The balance due on the Term Loan at March 31, 2012 and December 31, 2011 was $5,549,000 and $5,650,000, respectively. The Credit Agreement requires us to make prepayments, to be applied to the Term Loan, of 25% of excess annual cash flow, as defined in the Credit Agreement, or in the event of a sale of any real estate assets. Based on 2011 excess cash flows, we will make a payment of approximately $633,000 in April 2012. This amount is included in current maturities of long-term debt on the consolidated balance sheet. Term Loan borrowings bear interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 5.75% and 4.75%, respectively, at March 31, 2012 and December 31, 2011.

In March 2012, in accordance with the Second Amendment to the Credit Agreement discussed above, we borrowed $380,000 as a Capex term loan. This obligation amortizes approximately $6,000 each month over a five year period, with a balloon payment at maturity of the Credit Agreement. This Capex term Loan bears interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 2.50% and 3.50%, respectively, at March 31, 2012.

In April 2010, as part of an amendment to a prior credit agreement, we were required to obtain subordinated loans of $750,000, (the “Subordinated Loans”), of which $250,000 was provided by our Chief Executive Officer. These Subordinated Loans bear interest at 8% per annum. The Subordinated Loans also included $500,000 which was provided by an unrelated party. These Subordinated Loans each mature on October 25, 2013. During 2011, pursuant to a subordination agreement with COLF, the principal amount owed to the unrelated third party was paid in full from excess cash flows, as defined in such subordination agreement.

During the three-month period ended March 31, 2012, our cash increased $135,000 to $578,000 from $443,000 at December 31, 2011. Our total bank debt at March 31, 2012 was $12,253,000, compared to $11,298,000 at December 31, 2011. The increase is due primarily to the Capex term loan of $380,000 plus, as described above, plus an increase in our Revolver borrowings of $674,000. The aforementioned also contributed to the percent of the total debt to total book capitalization (total debt divided by total debt plus equity) increasing slightly to 29.5% at March 31, 2012, compared to 28.4% at December 31, 2011.

We had net cash of $7,000 provided by operating activities of continuing operations for the three-month period ended March 31, 2012, compared to $118,000 during the same period in the prior year. Capital spending was approximately $620,000 for the three-month period ended March 31, 2012, compared to $183,000 during the same period in the prior year. Capital expenditures for the balance of 2012 are expected to be approximately $1,300,000, some of which may be financed through our credit facilities or financed through independent third party financial institutions. The remaining 2012 capital expenditures will primarily be for expansion of existing product lines and replacement of equipment.

Significant Customer

We have one customer in the Tools segment that accounted for approximately 17.2% of consolidated revenue for the three-month period ended March 31, 2012 and 24.6% of consolidated accounts receivable as of March 31, 2012. The products we sell to this customer are part of a major brand and we believe the brand has extreme value in today’s marketplace. Generally, our revenue from retail customers increases to peak levels during the holiday season shipping period, which is typically during the fourth calendar quarter. During the first quarter of 2012 this customer reduced its December 31, 2011 accounts receivable balance of $2,816,000 to $1,924,000, which, but for special orders or other seasonal promotions, approximates the average accounts receivable balance. To date, this customer continues, with minor exceptions, to be current in its payments.

We believe that, should this customer be unable to make any future payments, it would likely negatively impact our working capital, but would not affect our ability to remain a going concern. We are currently investigating various means by which we can protect our accounts receivable balance with this customer.

As previously noted, inventory is also a component of the collateral against which we are able to borrow funds under the terms of the Revolver. While we hold inventory in our warehouse for this customer, we believe the vast majority of items can be repackaged and sold to other customers, without significant additional expense. Since this inventory can be sold to others, we do not believe our ability to borrow funds under the terms of the Revolver would be materially adversely affected in the event this customer is unable to purchase such inventory. At March 31, 2012 and December 31, 2011, we had approximately $1,722,000 and $1,700,000, respectively, of inventory for this customer.

We and COLF continue to monitor the financial status and creditworthiness of this customer. However, there can be no assurance that COLF will continue to permit borrowings against this customer’s eligible accounts receivable or the inventory we hold for this customer.

OFF-BALANCE SHEET ARRANGEMENTS

In accordance with Accounting Standards Codification (“ASC”) 810-10-40 (“ASC 810”), as of June 30, 2010, we deconsolidated WMC and therefore do not include its financial position in the Company’s consolidated condensed financial statements. We believe that neither the Company nor any of its subsidiaries other than WMC are legally responsible for any of the liabilities belonging to WMC. Until such time as these obligations have been resolved, either directly with the creditors, discharged by a court of law, or otherwise eliminated, WMC is required to maintain these obligations on its books, which at March 31, 2012 and December 31, 2011 were approximately $1.4 million. We will, as required by ASC 810, re-evaluate the facts and circumstances regarding whether or not we should consolidate WMC at each future reporting period.

RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any other recently issued, but not yet effective accounting standards, if currently adopted would have a material effect on our condensed consolidated financial statements.

Item 3. Quantitative And Qualitative Disclosures About Market Risk

Not required.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. As required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this Quarterly Report, with the participation of our principal executive officer and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2012.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting, identified in connection with the evaluation required by Exchange Act Rule 13a-15(d), that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

There have been no material changes to the legal proceedings disclosure described in our Annual Report on Form 10-K for the year ended December 31, 2011.

Item 1A.

Risk Factors

There were no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2011.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.	Mine Safety Disclosures

	None

Item 5.

Other Information

None.

Item 6.

Exhibits

See “Exhibit Index” immediately following the signature page.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	P&F INDUSTRIES, INC.
	(Registrant)

	By	/s/ Joseph A. Molino, Jr.
		Joseph A. Molino, Jr.
		Chief Financial Officer
Dated: May 11, 2012		(Principal Financial and Chief Accounting Officer)

EXHIBIT INDEX

The following exhibits are either included in this report or incorporated herein by reference as indicated below:

Exhibit Number		Description of Exhibit

10.1		Executive Employment Agreement, dated as of January 1, 2012, between the Registrant and Richard A. Horowitz (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated December 29, 2011).

31.1		Certification of Richard A. Horowitz, Principal Executive Officer of the Registrant, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Joseph A. Molino, Jr., Principal Financial Officer of the Registrant, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Richard A. Horowitz, Principal Executive Officer of the Registrant, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Joseph A. Molino, Jr., Principal Financial Officer of the Registrant, Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

A copy of any of the foregoing exhibits to this Quarterly Report on Form 10-Q may be obtained, upon payment of the Registrant’s reasonable expenses in furnishing such exhibit, by writing to P&F Industries, Inc., 445 Broadhollow Road, Suite 100, Melville New York 11747, Attention: Corporate Secretary.

EX-31.1 2 v311514_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

P&F INDUSTRIES, INC.

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard A. Horowitz, certify that:

I have reviewed this quarterly report on Form 10-Q of P&F Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter, in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Richard A. Horowitz
	Richard A. Horowitz
Date May 11, 2012	Principal Executive Officer

EX-31.2 3 v311514_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

P&F INDUSTRIES, INC.

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joseph A. Molino, Jr., certify that:

I have reviewed this quarterly report on Form 10-Q of P&F Industries, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Joseph A. Molino, Jr.
	Joseph A. Molino, Jr.
Date May 11, 2012	Principal Financial Officer

EX-32.1 4 v311514_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

P&F INDUSTRIES, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of P&F Industries, Inc. (the “Company”) for the period ended March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Richard A. Horowitz, Principal Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Richard A. Horowitz
	Richard A. Horowitz
Date May 11, 2012	Principal Executive Officer

EX-32.2 5 v311514_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

P&F INDUSTRIES, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of P&F Industries, Inc. (the “Company”) for the period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Joseph A. Molino, Jr., Principal Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Joseph A. Molino, Jr.
	Joseph A. Molino, Jr.
Date May 11, 2012	Principal Financial Officer

EX-101.INS 6 pfin-20120331.xml XBRL INSTANCE DOCUMENT 0000075340 2011-01-01 2011-03-31 0000075340 2011-12-31 0000075340 us-gaap:CommonClassAMember 2011-12-31 0000075340 us-gaap:CommonClassBMember 2011-12-31 0000075340 2012-01-01 2012-03-31 0000075340 us-gaap:AdditionalPaidInCapitalMember 2012-01-01 2012-03-31 0000075340 us-gaap:TreasuryStockMember 2012-01-01 2012-03-31 0000075340 us-gaap:CommonStockMember 2012-01-01 2012-03-31 0000075340 us-gaap:RetainedEarningsMember 2012-01-01 2012-03-31 0000075340 2012-03-31 0000075340 us-gaap:CommonClassAMember 2012-03-31 0000075340 us-gaap:CommonClassBMember 2012-03-31 0000075340 2010-12-31 0000075340 2011-03-31 0000075340 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0000075340 us-gaap:AdditionalPaidInCapitalMember 2012-03-31 0000075340 us-gaap:TreasuryStockMember 2011-12-31 0000075340 us-gaap:TreasuryStockMember 2012-03-31 0000075340 us-gaap:CommonStockMember 2011-12-31 0000075340 us-gaap:CommonStockMember 2012-03-31 0000075340 us-gaap:RetainedEarningsMember 2011-12-31 0000075340 us-gaap:RetainedEarningsMember 2012-03-31 xbrli:shares iso4217:USD iso4217:USDxbrli:shares P&F INDUSTRIES INC 0000075340 --12-31 Smaller Reporting Company pfin 3616562 10-Q false 2012-03-31 Q1 2012

443000

578000

874000

901000

6327000

7808000

18588000

17896000

512000

454000

588000

23000

26347000

27405000

1550000

7504000

7519000

16803000

17408000

25857000

26477000

15091000

15521000

10766000

10956000

5150000

1950000

2050000

1595000

778000

715000

46586000

47871000

5648000

6324000

2229000

2455000

3338000

2688000

24000

1039000

1115000

12278000

12606000

4861000

5064000

292000

289000

17431000

17959000

3956000

3958000

10919000

10968000

17235000

17941000

-2955000

29155000

29912000

10919000

10968000

-2955000

3956000

3958000

17235000

17941000

46586000

47871000

2000000

7000000

2000000

7000000

2000000

3956000

3958000

342000

13453000

14317000

8330000

8706000

5123000

5611000

4423000

4731000

700000

880000

221000

142000

479000

738000

23000

479000

715000

-17000

-9000

462000

706000

0.13

0.20

0.13

0.20

0.13

0.19

0.13

0.19

3615000

3616000

3678000

-342000

3956000

3958000

47000

398000

428000

87000 100000 71000 68000

19000

-2000

35000

47000

990000

1478000

-45000 9000

-700000

-692000

252000

124000

6000

14000

226000

-488000

-650000

-344000

-699000

118000

7000

183000

620000

1000

-182000

-820000

7525000

12856000

7318000

12180000

381000

101000 101000

106000

960000

-15000

-12000

-15000

-12000

27000

135000

200000

151000

30000

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES   Basis of Financial Statement Presentation   The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of the Company, these unaudited consolidated condensed financial statements include all adjustments necessary to present fairly the information set forth therein. All such adjustments are of a normal recurring nature. Results for interim periods are not necessarily indicative of results to be expected for a full year.   The unaudited consolidated condensed balance sheet information as of December 31, 2011 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The interim financial statements contained herein should be read in conjunction with that Report.   Principles of Consolidation   The unaudited consolidated condensed financial statements contained herein include the accounts of P&F Industries, Inc. and its subsidiaries, (“P&F”). All significant intercompany balances and transactions have been eliminated.   The Company   The Company operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). P&F and its subsidiaries are herein referred to collectively as the “Company.”   Tools   The Company conducts its Tools business through a wholly-owned subsidiary, Continental Tool Group, Inc. (“Continental”), which in turn currently operates through its wholly-owned subsidiaries, Florida Pneumatic Manufacturing Corporation (“Florida Pneumatic”) and Hy-Tech Machine, Inc. (“Hy-Tech”).   Florida Pneumatic is engaged in the importation and sale of pneumatic hand tools, primarily for the retail, industrial and automotive markets, and the importation and sale of compressor air filters. Florida Pneumatic also markets, through its Berkley Tool division, a line of pipe cutting and threading tools, wrenches and replacement electrical components for a widely-used brand of pipe cutting and threading machines.   Hy-Tech manufactures and distributes its own line of industrial pneumatic tools. Hy-Tech also produces over sixty types of tools, which include impact wrenches, grinders, drills, and motors. Further, it also manufactures tools to customer unique specifications. Its customers include refineries, chemical plants, power generation, heavy construction, oil and mining companies. In addition, Hy-Tech manufactures an extensive line of pneumatic tool replacement parts that are sold competitively to the original equipment manufacturer. It also manufactures and distributes high pressure stoppers for hydrostatic testing of fabricated pipe. It also produces a line of siphons. Other than a line of sockets that are imported from Israel, all Hy-Tech products are made in the United States of America.   Hardware   The Company conducts its Hardware business through a wholly-owned subsidiary, Countrywide Hardware Inc. (“Countrywide”). Countrywide conducts its business operations through its wholly-owned subsidiary, Nationwide Industries, Inc. (“Nationwide”). Nationwide is a developer, importer, and manufacturer of fencing hardware, patio products, and door and window accessories including rollers, hinges, window operators, sash locks, custom zinc castings and door closers. Additionally, Nationwide also markets a line of kitchen and bath fixtures.    Management Estimates   The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses in those financial statements.  Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes.  Descriptions of these policies are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.  Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate.  As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions.  Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.   Recently Adopted Accounting Standards   During the three-month period ended March 31, 2012, the Company did not adopt any new accounting standards.

NOTE 2 — VARIABLE INTEREST ENTITY     The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”)  requirements includes the following: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE.   If the Company identifies a VIE based on the requirements within Accounting Standards Codification (“ASC”) ASC 810, it then performs the second step to determine whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments, both of which must be met:   •           Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and   •           Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.   The Company examined the facts and circumstances pertaining to an indirect, wholly-owned subsidiary, WM Coffman LLC (now known as Old Stairs Co (“WMC”)) to determine if it is the primary beneficiary, by considering whether or not it has the power to direct the most significant activities of the entity. The Company has concluded that it does not direct the most significant activities at WMC, nor does it have an obligation to absorb losses or the right to receive benefits from WMC and, therefore, is not considered the primary beneficiary. Accordingly, the Company did not consolidate WMC.   The Company will perform an ongoing reassessment of the facts and circumstances pertaining to WMC to determine whether or not WMC continues to be a VIE and if so, whether or not the Company may have become the primary beneficiary. NOTE 6 - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS   Accounts receivable - net consists of: <table style="width: 90%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 66%; font-size: 10pt;">Accounts receivable</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 14%; font-size: 10pt;">8,031,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 14%; font-size: 10pt;">6,553,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Allowance for doubtful accounts</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(223,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(226,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">7,808,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">6,327,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 7 — INVENTORIES   Inventories - net consist of:    <table style="width: 90%; font-family: times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif;" colspan="2">   March 31, 2012 </td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 66%; font: 10pt times new roman, times, serif;">Raw material</td> <td style="width: 1%; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif;">$</td> <td style="text-align: right; width: 14%; font: 10pt times new roman, times, serif;">2,113,000</td> <td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif;"> </td> <td style="width: 1%; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif;">$</td> <td style="text-align: right; width: 14%; font: 10pt times new roman, times, serif;">2,301,000</td> <td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font: 10pt times new roman, times, serif;">Work in process</td> <td style="font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: right; font: 10pt times new roman, times, serif;">952,000</td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: right; font: 10pt times new roman, times, serif;">979,000</td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;">Finished goods</td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font: 10pt times new roman, times, serif;">17,019,000</td> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font: 10pt times new roman, times, serif;">17,459,000</td> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font: 10pt times new roman, times, serif;"> </td> <td style="font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: right; font: 10pt times new roman, times, serif;">20,084,000</td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="font: 10pt times new roman, times, serif;"> </td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="text-align: right; font: 10pt times new roman, times, serif;">20,739,000</td> <td style="text-align: left; font: 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;">Reserve for obsolete and slow-moving inventories</td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font: 10pt times new roman, times, serif;">(2,188,000</td> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;">)</td> <td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font: 10pt times new roman, times, serif;">(2,151,000</td> <td style="text-align: left; padding-bottom: 1pt; font: 10pt times new roman, times, serif;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; font: 10pt times new roman, times, serif;"></td> <td style="padding-bottom: 2.5pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font: 10pt times new roman, times, serif;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font: 10pt times new roman, times, serif;">17,896,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font: 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 2.5pt; font: 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font: 10pt times new roman, times, serif;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font: 10pt times new roman, times, serif;">18,588,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font: 10pt times new roman, times, serif;"> </td> </tr> </table>

NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS   During the three-month period ended March 31, 2012 there was no change to the carrying value of goodwill.   Other intangible assets were as follows:   <table style="width: 100%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="10">March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="10">December 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Accumulated amortization</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Net book value</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Cost</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Accumulated amortization</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Net book value</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Other intangible assets:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 34%; font-size: 10pt;">Customer relationships</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">5,070,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">3,662,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">1,408,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">5,070,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">3,581,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 8%; font-size: 10pt;">1,489,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Non-compete and employment agreements</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">760,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">760,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">760,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">760,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Trademarks</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">199,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">199,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">199,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">199,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Drawings</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">290,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">74,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">216,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">290,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">70,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">220,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Licensing</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">305,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">78,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">227,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">105,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">63,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">42,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Totals</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">6,624,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,574,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">2,050,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">6,424,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,474,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,950,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   Amortization expense for intangible assets subject to amortization was as follows:   <table style="width: 50%; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three months ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 43%; font-size: 10pt;">100,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 10%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 43%; font-size: 10pt;">87,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> </table>   Amortization expense for each of the twelve-month periods ending March 31, 2013 through March 31, 2017 is estimated to be as follows: 2013 - $377,000 ; 2014 - $233,000 ; 2015 - $233,000; 2016 - $230,000 and 2017 - $175,000.  The weighted average amortization period for intangible assets was 7.66 years at March 31, 2012 and 8.16 years at December 31, 2011.

NOTE 9 - DEBT   P&F, along with Florida Pneumatic, Hy-Tech and Nationwide, as borrowers, entered into a Credit Agreement, (“Credit Agreement”) with Capital One Leverage Finance Corporation, as agent (“COLF”). The Credit Agreement, entered into in October 2010, has a three-year term, with maximum borrowings of $22,000,000 at that time.  The Credit Agreement provides for a Revolving Credit Facility (“Revolver”) with a maximum borrowing of $15,910,000. At March 31, 2012 and December 31, 2011, the balances owing on the Revolver were $6,324,000 and $5,648,000, respectively.  Direct borrowings under the Revolver are secured by the Company’s accounts receivable, mortgages on the Company’s real property located in Cranberry, PA, Jupiter, FL and Tampa, FL (“Real Property”),  inventory and equipment and are cross-guaranteed by certain of the Company’s subsidiaries (the “Subsidiary Guarantors”). Revolver borrowings bear interest at LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement, plus the currently applicable margin rates. Beginning April 1, 2011, the loan margins applicable to borrowings on the Revolver are determined based upon the computation of total debt divided by earnings before interest, taxes, depreciation and amortization (“EBITDA”).   On November 21, 2011, the Company and COLF entered into the Second Amendment to Credit Agreement, (the “Amendment”). The Amendment, among other things, (i) reduced the applicable loan margins for Revolver borrowings by 0.25% or 0.50%, depending on the applicable leverage ratio, (ii) increased the maximum aggregate amount of permitted Capital Expenditures (as defined in the Loan Agreement) for 2012 and 2013 from an aggregate of $1,000,000 to an aggregate of $2,500,000 and (iii) established a $2,500,000 Capital Expenditure loan commitment by COLF, pursuant to which COLF may make one or more Capex Loans (as defined in the Amendment) to the Company under the terms set forth in the Amendment, a (“Capex term loan”). As such, pursuant to the Amendment, the total commitment by COLF for the Credit Agreement increased from $22,000,000 to $24,500,000. Further, as a result of the Amendment, the applicable loan margins range from 2.50% to 3.50% for LIBOR borrowings and from 1.50% to 2.50% for borrowings at Base Rate. Loan margins added to Revolver borrowings at March 31, 2012 and December 31, 2011 were 2.75% and 1.75%, respectively, for borrowings at LIBOR and the Base Rate.   The Company is required to provide, among other things, monthly financial statements, monthly borrowing base certificates as well as certificates of compliance of various financial covenants. The Company is in compliance with all financial covenants. As part of the Credit Agreement, if an event of default occurs, the interest rate would increase by two percent per annum during the period of default.   The Credit Facility also contains a $6,090,000 term loan (the “Term Loan”), which is secured by mortgages on the real property, accounts receivable, inventory and equipment. The Term Loan amortizes approximately $34,000 each month with a balloon payment at maturity of the Credit Agreement. The balance due on the Term Loan at March 31, 2012 and December 31, 2011 was $5,549,000 and $5,650,000, respectively. The Credit Agreement requires the Company to make prepayments, to be applied to the Term Loan, of 25% of excess annual cash flow, as defined in the Credit Agreement, or in the event of a sale of any real estate assets. Based on 2011 excess cash flows, the Company will make a payment of approximately $633,000 in the second quarter of 2012. This amount is included in current maturities of long-term debt on the consolidated condensed balance sheet. Term Loan borrowings bear interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 5.75% and 4.75%, respectively, at March 31, 2012 and December 31, 2011.   In accordance with the Amendment, the Company, in March 2012, borrowed $380,000 as a Capex term loan. This obligation amortizes approximately $6,000 each month over a five-year period, with a balloon payment at maturity of the Credit Agreement. This Capex term Loan bears interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 2.50% and 3.50%, respectively, at March 31, 2012.   In April 2010, as part of an amendment to the Company’s prior credit agreement, the Company was required to obtain subordinated loans of $750,000, (the “Subordinated Loans”). These Subordinated Loans bear interest at 8% per annum. The Subordinated Loans were provided by the Company’s Chief Executive Officer (“CEO”), in the amount of $250,000, and an unrelated party, in the amount of $500,000, each with a maturity date of October 25, 2013. During 2011, pursuant to a subordination agreement with COLF, the principal amount owed to the unrelated third party was paid in full from excess cash flows, as defined in such subordination agreement.

NOTE 4 - STOCK-BASED COMPENSATION   Stock-based Compensation   Total stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options.  Compensation expense attributable to stock-based compensation was approximately $47,000 and $35,000 during the three-month periods ended March 31, 2012 and 2011, respectively.  The compensation expense is recognized in selling, general and administrative expenses on the Company’s statements of operations on a straight-line basis over the vesting periods.  The Company recognizes compensation cost over the requisite service period. However, the exercisability of the respective non-vested options, which are at pre-determined dates on a calendar year, do not necessarily correspond to the period(s) in which straight-line amortization of compensation cost is recorded. As of March 31, 2012, the Company had approximately $155,000 of total unrecognized compensation cost related to non-vested awards granted under our stock-based plans, which it expects to recognize over a weighted-average period of one year.   The expected term was based on historical exercises and terminations. The volatility is determined based on historical stock prices. The dividend yield is 0% as the Company has historically not declared dividends and does not expect to declare any in the future.   Stock Option Plan   The Company’s 2002 Incentive Stock Option Plan (the “Current Plan”) authorizes the issuance, to employees and directors, of options to purchase a maximum of 1,100,000 shares of Class A Common Stock. These options must be issued within ten years of the effective date of the Current Plan and are exercisable for a ten year period from the date of grant, at prices not less than 100% of the market value of the Class A Common Stock on the date the option is granted. Incentive stock options granted to any 10% stockholder are exercisable for a five year period from the date of grant, at prices not less than 110% of the market value of the Class A Common Stock on the date the option is granted. Pursuant to the Current Plan, the Stock Option Committee has the discretion to award non-qualified stock option grants with various vesting parameters. Options have vesting periods of immediate to three years. In the event options granted contain a vesting schedule over a period of years, the Company recognizes compensation cost for these awards on a straight-line basis over the requisite service period. The Current Plan, which terminates in 2012, is the successor to the Company’s 1992 Incentive Stock Option Plan (the “Prior Plan”). <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </div> The following is a summary of the changes in outstanding options during the three-month period ended March 31, 2012:   <table align="center" style="width: 100%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Option Shares</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Weighted Average Remaining Contractual Life (Years)</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 44%; font-size: 10pt;">Outstanding, January 1, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 11%; font-size: 10pt;">655,124</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">6.50</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 11%; font-size: 10pt;">5.2</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 11%; font-size: 10pt;">31,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Granted</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Exercised</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">2.17</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Forfeited</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Expired</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Outstanding, March 31,  2012</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">653,124</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">6.51</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">5.1</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">59,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;">Vested and expected to vest, March 31, 2012</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">478,457</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">7.42</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4.0</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">20,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   The following is a summary of changes in non-vested shares for the three months ended March 31, 2012:   <table style="width: 90%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Option Shares</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2">Weighted Average Grant- Date Fair Value</td> <td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 66%; font-size: 10pt;">Non-vested shares, January 1, 2012</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="text-align: right; width: 14%; font-size: 10pt;">174,667</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 14%; font-size: 10pt;">2.43</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Granted</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Vested</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">Forfeited</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">—</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;">—</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Non-vested shares, March 31, 2012</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">174,667</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">2.43</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   The number of shares of Class A Common Stock reserved for stock options available for issuance under the Current Plan as of March 31, 2012 was 302,712. All of the options outstanding at March 31, 2012 were issued under the Current Plan.

NOTE 11 - BUSINESS SEGMENTS   P&F operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). For reporting purposes, Florida Pneumatic and Hy-Tech are combined in the Tools segment, while Nationwide is currently the only subsidiary in the Hardware segment. The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those referred to in Note 1.   <table style="width: 100%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">Three months ended March 31, 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Consolidated</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Tools</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Hardware</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%; font-size: 10pt;">Revenues from unaffiliated customers</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">14,317,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">9,672,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">4,645,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Segment operating income</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">2,423,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,729,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">694,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">General corporate expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,543,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Interest expense – net</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(142,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Earnings before income taxes</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">738,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Segment assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">44,901,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">32,455,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">12,446,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Corporate assets</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">2,970,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">47,871,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Long-lived assets, including $123,000 at corporate</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">18,156,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">13,387,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,646,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>      <table style="width: 100%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-size: 10pt; font-weight: bold;">Three months ended March 31, 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Consolidated</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Tools</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Hardware</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;" colspan="2"> </td> <td style="font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 55%; font-size: 10pt;">Revenues from unaffiliated customers</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">13,453,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">9,720,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%; font-size: 10pt;">3,733,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Segment operating income</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">2,054,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">1,617,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">437,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">General corporate expense</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">(1,354,000</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Interest expense – net</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(221,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Earnings before income taxes</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">479,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Segment assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;">45,682,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">33,705,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">11,977,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Corporate assets</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">3,344,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Total assets</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">49,026,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: right; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Long-lived assets, including $331,000 at corporate</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">18,918,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">14,079,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">4,508,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>

NOTE 10—RELATED PARTY TRANSACTIONS   The president of one of the Company’s subsidiaries is part owner of one of the subsidiary’s vendors. During the three-month periods ended March 31, 2012 and 2011, the Company purchased approximately $199,000 and $231,000, respectively of product from this vendor.

4000

2000

NOTE 3 — EARNINGS PER SHARE   Basic earnings per common share is based only on the average number of shares of common stock outstanding for the periods. Diluted earnings per common share reflects the effect of shares of common stock issuable upon the exercise of options, unless the effect on earnings is antidilutive.   Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price.   The following table sets forth the elements of basic and diluted (loss) earnings per common share:   <table align="center" style="width: 90%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three months ended</td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Numerator:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">Numerator for basic and diluted earnings (loss) per common share:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 66%; font-size: 10pt;">Earnings from continuing operations</td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 14%; font-size: 10pt;">715,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="width: 1%; font-size: 10pt;"> </td> <td style="text-align: left; width: 1%; font-size: 10pt;">$</td> <td style="text-align: right; width: 14%; font-size: 10pt;">479,000</td> <td style="text-align: left; width: 1%; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">(Loss) from discontinued operations</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(17,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Net income</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">706,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">462,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;">Denominator:</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">    Denominator for basic earnings per share-weighted average common shares outstanding</td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,616,000</td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;">3,615,000</td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">    Dilutive securities</td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">62,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">63,000</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> <td style="text-align: right; font-size: 10pt;"> </td> <td style="text-align: left; font-size: 10pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">Denominator for diluted earnings per share-weighted average common shares outstanding</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,678,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">3,678,000</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;"> </td> </tr> </table>   At March 31, 2012 and 2011 and during the three-month periods ended March 31, 2012 and 2011, there were outstanding stock options whose exercise prices were higher than the average market values of the underlying Class A Common Stock for the period. These options are antidilutive and are excluded from the computation of earnings per share. The weighted average antidilutive stock options outstanding were as follows:   <table align="center" style="width: 90%; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="font-size: 10pt; font-weight: bold;"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">Three months ended</td> <td style="font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="6">March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 66%; font-size: 10pt;">Weighted average antidilutive stock options outstanding</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 14%; font-size: 10pt;">584,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 14%; font-size: 10pt;">514,000</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;"> </td> </tr> </table>

NOTE 5 — RECENT ACCOUNTING PRONOUNCEMENTS   Management does not believe that any other recently issued, but not yet effective accounting standards, if currently adopted would have a material effect on our consolidated condensed financial statements.

200000

2000 00000753402012-05-11

EX-101.SCH 7 pfin-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF INCOME link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 007 - Statement - CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 008 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - SUMMARY OF ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - VARIABLE INTEREST ENTITY link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - EARNINGS PER SHARE link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - STOCK-BASED COMPENSATION link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - INVENTORIES link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - GOODWILL AND OTHER INTANGIBLE ASSETS link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - DEBT link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - BUSINESS SEGMENTS link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 pfin-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 pfin-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 pfin-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document And Entity Information [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Trading Symbol Trading Symbol Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Statement Of Financial Position [Abstract] Statement of Financial Position [Abstract] Class Of Stock [Axis] Class of Stock [Axis] Class Of Stock [Domain] Class of Stock [Domain] Common Class A [Member] Common Stock [Member] Common Class B [Member] Assets [Abstract] ASSETS Cash and Cash Equivalents, At Carrying Value Cash Cash at beginning of period Cash at end of period Accounts Receivable, Net, Current Accounts receivable - net Inventory, Net Inventories - net Deferred Tax Assets, Net, Current Deferred income taxes - net Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Assets Of Disposal Group, Including Discontinued Operation, Current Current assets of discontinued operations Current assets of discontinued operations Assets, Current TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS Property, Plant and Equipment, Net [Abstract] PROPERTY AND EQUIPMENT Land Land Buildings and Improvements, Gross Buildings and improvements Buildings and Improvements, Gross, Total Machinery and Equipment, Gross Machinery and equipment Machinery and equipment Property, Plant and Equipment, Gross Property plant and equipment gross Property plant and equipment gross Property, Plant and Equipment, Gross, Beginning Balance Property, Plant and Equipment, Gross, Ending Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less accumulated depreciation and amortization Less accumulated depreciation and amortization Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Beginning Balance Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance Property, Plant and Equipment, Net NET PROPERTY AND EQUIPMENT NET PROPERTY AND EQUIPMENT Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Goodwill GOODWILL Goodwill, Beginning Balance Goodwill, Ending Balance Intangible Assets, Net (Excluding Goodwill) OTHER INTANGIBLE ASSETS - net Deferred Tax Assets, Net, Noncurrent DEFERRED INCOME TAXES - net Other Assets, Noncurrent OTHER ASSETS - net Assets TOTAL ASSETS TOTAL ASSETS Liabilities and Stockholders Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Short-Term Borrowings Short-term borrowings Short-term Borrowings, Total Accounts Payable, Current Accounts payable Accounts Payable, Current, Total Accrued Liabilities, Current Accrued liabilities Liabilities Of Disposal Group, Including Discontinued Operation, Current Current liabilities of discontinued operations Liabilities of Disposal Group, Including Discontinued Operation, Current, Total Long-Term Debt and Capital Lease Obligations, Current Current maturities of long-term debt Current maturities of long-term debt Liabilities, Current TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES Long-Term Debt and Capital Lease Obligations Long-term debt, less current maturities Liabilities Of Disposal Group, Including Discontinued Operation, Noncurrent Liabilities of discontinued operations Liabilities TOTAL LIABILITIES TOTAL LIABILITIES Commitments and Contingencies COMMITMENTS AND CONTINGENCIES Stockholders Equity Attributable To Parent [Abstract] SHAREHOLDERS' EQUITY Preferred Stock, Value, Issued Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued Common Stock, Value, Issued Common stock Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital, Common Stock Additional paid-in capital Retained Earnings (Accumulated Deficit) Retained earnings Retained Earnings (Accumulated Deficit), Total Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Treasury Stock, Value Treasury stock, at cost - 342,000 shares at December 31, 2011 and 2010 Stockholders Equity Attributable To Parent TOTAL SHAREHOLDERS' EQUITY TOTAL SHAREHOLDERS' EQUITY Balance Balance Liabilities and Stockholders Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Balance Sheet [Patenthetical] [Abstract] Balance Sheet [Patenthetical] [Abstract] Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Treasury Stock, Shares Treasury stock, shares Treasury Stock, Shares, Beginning Balance Treasury Stock, Shares, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Sales Revenue, Net Net revenue Sales Revenue, Net, Total Cost Of Goods and Services Sold Cost of sales Cost of sales Gross Profit Gross profit Gross profit Selling, General and Administrative Expense Selling, general and administrative expenses Selling, general and administrative expenses Operating Income (Loss) Operating income Operating income Interest Expense Interest expense Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects Of Changes In Accounting Principles, Noncontrolling Interest Income from continuing operations before income taxes Income from continuing operations before income taxes Income Tax Expense (Benefit) Income tax expense Income tax expense (benefit) Income (Loss) From Continuing Operations Attributable To Parent Net income from continuing operations Net income from continuing operations Income (Loss) From Discontinued Operations, Net Of Tax, Attributable To Parent Income from discontinued operations Loss from discontinued operations (no tax benefits for the three-month periods ended March 31, 2012 and 2011) Loss (income)from discontinued operations Income (loss) from discontinued operations (net of tax expense of $0 and $1,394,000 for the years ended December 31, 2010 and 2009) Income from discontinued operations Loss from discontinued operations Net Income (Loss) Attributable To Parent Net income Net income Earnings Per Share, Basic [Abstract] Basic earnings per share Income (Loss) From Continuing Operations, Per Basic Share Continuing operations (in dollars per share) Income (Loss) From Discontinued Operations, Net Of Tax, Per Basic Share Discontinued operations (in dollars per share) Discontinued operations Earnings Per Share, Basic Net income per share (in dollars per share) Net income per share (in dollars per share) Earnings Per Share, Diluted [Abstract] Diluted earnings per share Income (Loss) From Continuing Operations, Per Diluted Share Continuing operations (in dollsrs per share) Income (Loss) From Discontinued Operations, Net Of Tax, Per Diluted Share Discontinued operations (in dollars per share) Discontinued operations Earnings Per Share, Diluted Net income per share (in dollars per share) Net income per share (in dollars per share) Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] Weighted average common shares outstanding: Weighted Average Number Of Shares Outstanding, Basic Basic (in shares) Basic Weighted Average Number Of Shares Outstanding, Diluted Diluted (in shares) Diluted Consolidated Condensed Statements Of Income [Parenthetical] [Abstract] Consolidated Condensed Statements Of Income [Parenthetical] [Abstract] Discontinued Operation, Tax Effect Of Discontinued Operation Tax expense on income (loss) from discontinued operations Statement Of Stockholders Equity [Abstract] Statement of Stockholders' Equity [Abstract] Statement, Equity Components [Axis] Statement, Equity Components [Axis] Common Stock [Member] Additional Paid-In Capital [Member] Retained Earnings [Member] Treasury Stock [Member] Shares, Outstanding Balance (in shares) Balance (in shares) Balance (in shares) Stock Issued During Period, Value, Stock Options Exercised Exercise of 2,000 options Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period Exercise of 2,000 options (in shares) Adjustments To Additional Paid In Capital, Share-Based Compensation, Requisite Service Period Recognition, Value Stock-based compensation Consolidated Condensed Statement Of Shareholders' Equity [Parenthetical] [Abstract] Consolidated Condensed Statement Of Shareholders' Equity [Parenthetical] [Abstract] Exercise Options The number of stock option exercised during the period Exercise Options Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash Flows from Operating Activities Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Adjustments, Noncash Items, To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Non-cash charges: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation, Depletion and Amortization, Total Amortization Of Other Intangible Assets Amortization of other intangible assets The aggregate expense charged against earnings to allocate the cost of intangible assets which is otherwise specified in the taxonomy in a systematic and rational manner to the periods expected to benefit from such assets. Amortization Of Other Assets Amortization of other assets The aggregate cost associated with assets acquired by the company amortized during the period Provision For Doubtful Accounts (Recovery of) provision for losses on accounts receivable Share-Based Compensation Stock-based compensation Share-based Compensation, Total Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Accounts receivable Changes In Notes and Other Receivables Notes and other receivables The net change during the reporting period of amounts due within one year (or one business cycle) from note holders for outstanding loans. Also includes, other amounts due to the reporting entity, which are not otherwise defined in the taxonomy. Notes and other receivables Increase (Decrease) In Inventories Inventories Increase (Decrease) in Inventories, Total Inventories Inventories Increase (Decrease) In Prepaid, Deferred Expense and Other Assets Prepaid expenses and other current assets Increase (Decrease) in Prepaid, Deferred Expense and Other Assets, Total Prepaid expenses and other current assets Prepaid expenses and other current assets Increase (Decrease) In Other Operating Assets Other assets Other assets Other assets Increase (Decrease) In Accounts Payable Accounts payable Increase (Decrease) in Accounts Payable, Total Increase (Decrease) In Accrued Liabilities Accrued liabilities Accrued liabilities Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities Total adjustments Total adjustments Net Cash Provided By (Used In) Operating Activities, Continuing Operations Net cash provided by operating activities of continuing operations Net cash provided by operating activities of continuing operations Net Cash Provided By (Used In) Investing Activities [Abstract] Cash Flows from Investing Activities: Payments To Acquire Property, Plant, and Equipment Capital expenditures Payments to Acquire Property, Plant, and Equipment, Total Capital expenditures Capital expenditures Proceeds From Sale Of Property, Plant, and Equipment Proceeds from disposal of fixed assets Proceeds from disposal of fixed assets Payments To Acquire Intangible Assets Purchase of product license Purchase of product license Net Cash Provided By (Used In) Investing Activities, Continuing Operations Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] Cash Flows from Financing Activities: Proceeds From Stock Options Exercised Proceeds from exercise of stock options Proceeds From Short-Term Debt Proceeds from short-term borrowings Proceeds from Short-term Debt, Total Proceeds from short-term borrowings Repayments Of Short-Term Debt Repayments of short-term borrowings Repayments of Short-term Debt, Total Repayments of short-term borrowings Repayments of short-term borrowings Proceeds From Issuance Of Long-Term Debt Proceeds from term loan Repayment Of Term Loan Repayments of term loan The cash outflow for the repayments of term loan Repayments of term loan Repayments of term loan Net Cash Provided By (Used In) Financing Activities, Continuing Operations Net cash used in financing activities Net cash provided by financing activities Net Cash Provided By (Used In) Discontinued Operations [Abstract] Cash Flows from Discontinued Operations: Cash Provided By (Used In) Operating Activities, Discontinued Operations Operating activities Cash Provided By (Used In) Investing Activities, Discontinued Operations Investing activities Cash Provided By (Used In) Financing Activities, Discontinued Operations Financing activities Net Cash Provided By (Used In) Discontinued Operations Net cash provided by discontinued operations Net cash used in discontinued operations Cash and Cash Equivalents, Period Increase (Decrease) Net (decrease) increase in cash Net increase in cash Supplemental Cash Flow Information [Abstract] Supplemental disclosures of cash flow information: Interest Paid, Net Interest Income Taxes Paid Income taxes Accounting Policies [Abstract] Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Significant Accounting Policies [Text Block] Variable Interest Entity Disclosure [Abstract] Variable Interest Entity Disclosure [Abstract] Variable Interest Entity Disclosure [Text Block] Variable Interest Entity Disclosure [Text Block] Disclosures of variable interest entities (VIE) in aggregate, including how similar entities are aggregated, if separate reporting would not provide more useful information, distinguished between (1) VIEs that are not consolidated because the enterprise is not the primary beneficiary but has a significant variable interest or is the sponsor that holds a variable interest, and (2) VIEs that are consolidated. Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share [Text Block] Earnings Per Share [Text Block] Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Accounting Changes and Error Corrections [Abstract] Accounting Changes and Error Corrections [Text Block] Accounting Changes and Error Corrections [Text Block] Receivables [Abstract] Receivables [Abstract] Accounts Receivable and Allowance For Doubtful Accounts Disclosure [Text Block] Accounts Receivable And Allowance For Doubtful Accounts Disclosure [Text Block] The entire disclosure for accounts receivables and allowance for accounts receivables. Inventory Disclosure [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] Inventory Disclosure [Text Block] Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Text Block] Goodwill and Intangible Assets Disclosure [Text Block] Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Debt Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Segment Reporting [Abstract] Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Reporting Disclosure [Text Block] Statement, Scenario [Axis] Scenario, Unspecified [Domain] Equity Component [Domain] Equity Component [Domain] Increase (Decrease) In Income Taxes Payable Income taxes payable EX-101.PRE 11 pfin-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R9.htm IDEA: XBRL DOCUMENT

SUMMARY OF ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES

Basis of Financial Statement Presentation

Principles of Consolidation

The Company

Tools

Hardware

Management Estimates

Recently Adopted Accounting Standards

During the three-month period ended March 31, 2012, the Company did not adopt any new accounting standards.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]F9&,X,C$Q,E\Y.6,Q7S1F-V%?8C@P,U\Q,C(P M9C(W,#,Y9F$B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/D-/3E-/3$E$051%1%]35$%414U%3E137T]&7TE. M0SPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O M#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/E-534U!4EE?3T9?04-#3U5.5$E. M1U]03TQ)0TE%4SPO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/E9!4DE!0DQ%7TE.5$5215-47T5.5$E463PO>#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/D5!4DY)3D=37U!%4E]32$%213PO>#I. M86UE/@T*("`@(#QX.E=O#I% M>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I7;W)K#I%>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M6QE#I!8W1I=F53 M:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N M9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S M:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'10 M87)T7V9D8S@R,3$R7SDY8S%?-&8W85]B.#`S7S$R,C!F,C'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^,#`P,#`W-3,T,#QS<&%N/CPO'0^+2TQ,BTS,3QS M<&%N/CPO'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^<&9I;CQS<&%N M/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^,C`Q,CQS<&%N/CPO7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^)FYB'0^ M)FYB'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA2!S=&]C:RP@F5D/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XW+#`P,"PP,#`\'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^ M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT M/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA2!3=&]C:R!;365M8F5R73QB&5R8VES92!O9B`R+#`P,"!O<'1I;VYS("AI;B!S M:&%R97,I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA3X-"CPO:'1M;#X-"@T*+2TM+2TM M/5].97AT4&%R=%]F9&,X,C$Q,E\Y.6,Q7S1F-V%?8C@P,U\Q,C(P9C(W,#,Y M9F$-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9F1C.#(Q,3)?.3EC M,5\T9C=A7V(X,#-?,3(R,&8R-S`S.69A+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!O<&5R M871I;F<@86-T:79I=&EE'!E;G-E'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$&5R8VES92!O9B!S=&]C:R!O<'1I;VYS/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XT+#`P,#QS<&%N/CPO6UE;G1S(&]F('-H;W)T+71E'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X M=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM M97,@;F5W(')O;6%N+"!T:6UE3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T M:6UE2!A8V-E<'1E9"!I;B!T:&4@56YI=&5D(%-T M871E&-H86YG92!#;VUM:7-S:6]N(')E9V%R9&EN9R!I;G1E2!'04%0(&9O2!T;R!P2!T:&4@:6YF M;W)M871I;VX@6QE/3-$)VUA#L@9F]N=#H@ M,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU'0M:6YD M96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S M(&YE=R!R;VUA;BP@=&EM97,L('-E28C.#(Q-SMS($%N;G5A;"!297!O M3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M87)G:6XZ(#!P="`P<'@[(&9O M;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE3L@;6%R9VEN M.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L M('-E3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M87)G M:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE M#L@9F]N=#H@,3!P="!T:6UE2!A6QE/3-$)VUA#L@9F]N=#H@ M,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU M#L@=&5X="UI;F1E;G0Z(#`N-6EN.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!C;VYD=6-T2UO=VYE9"!S=6)S:61I87)Y+"!#;VYT:6YE;G1A;"!4;V]L($=R;W5P+"!) M;F,N("@F(S@R,C`[0V]N=&EN96YT86PF(S@R,C$[*2P@=VAI8V@@:6X@='5R M;B!C=7)R96YT;'D@;W!E'0M:6YD96YT.B`P+C5I;CL@9F]N=#H@,3!P="!T M:6UE2!F;W(@=&AE(')E=&%I;"P@:6YD M=7-T2!4;V]L(&1I=FES:6]N+"!A(&QI;F4@;V8@<&EP92!C=71T:6YG(&%N M9"!T:')E861I;F<@=&]O;',L('=R96YC:&5S(&%N9"!R97!L86-E;65N="!E M;&5C=')I8V%L(&-O;7!O;F5N=',@9F]R(&$@=VED96QY+75S960@8G)A;F0@ M;V8@<&EP92!C=71T:6YG(&%N9"!T:')E861I;F<@;6%C:&EN97,N/"]P/@T* M/'`@3L@;6%R9VEN.B`P<'0@ M,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@;6%R9VEN+71O<#H@,'!X.R!T97AT+6EN9&5N=#H@,"XU:6X[(&9O;G0Z M(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE#L@;6%R9VEN+6QE9G0Z(#!I;CLG/DAY+51E8V@@;6%N=69A M8W1U'1Y('1Y<&5S(&]F('1O;VQS+"!W:&EC:"!I;F-L=61E(&EM<&%C M="!W2!C;VYS=')U8W1I;VXL(&]I;"!A;F0@;6EN:6YG(&-O;7!A;FEE M2!T;R!T:&4@;W)I9VEN86P@ M97%U:7!M96YT(&UA;G5F86-T=7)E6QE/3-$)W1E>'0M86QI9VXZ M(&IU'0M:6YD96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X M.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3L@=&5X="UI M;F1E;G0Z(#`N-6EN.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM M97,@;F5W(')O;6%N+"!T:6UE2!C;VYD M=6-T2UO M=VYE9"!S=6)S:61I87)Y+"!#;W5N=')Y=VED92!(87)D=V%R92!);F,N("@F M(S@R,C`[0V]U;G1R>7=I9&4F(S@R,C$[*2X@0V]U;G1R>7=I9&4@8V]N9'5C M=',@:71S(&)U#L@9F]N=#H@ M,3!P="!T:6UE#L@9F]N=#H@,3!P="!T:6UE'!E;G-E65A'!E2P@:6X@=&AO2!!9&]P=&5D($%C8V]U;G1I;F<@ M4W1A;F1A6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E3X-"CPO:'1M;#X-"@T*+2TM+2TM/5]. M97AT4&%R=%]F9&,X,C$Q,E\Y.6,Q7S1F-V%?8C@P,U\Q,C(P9C(W,#,Y9F$- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO9F1C.#(Q,3)?.3EC,5\T M9C=A7V(X,#-?,3(R,&8R-S`S.69A+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!$ M:7-C;&]S=7)E(%M!8G-T'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P M<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE3L@=&5X="UI;F1E M;G0Z(#`N-6EN.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@ M;F5W(')O;6%N+"!T:6UE28C.#(Q-SMS M(&]V97)A;&P@;65T:&]D;VQO9WD@9F]R(&5V86QU871I;F<@=')A;G-A8W1I M;VYS(&%N9"!R96QA=&EO;G-H:7!S('5N9&5R('1H92!V87)I86)L92!I;G1E M3L@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA M;BP@=&EM97,L('-E2!I9&5N=&EF:65S(&$@5DE%(&)A3L@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M87)G:6XZ(#!P M="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE2!H87,@=&AE('!O=V5R('1O(&1I6QE/3-$)W1E>'0M86QI9VXZ(&IU#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU M'0M:6YD96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F M;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E2!T:&%T(&-O=6QD('!O=&5N=&EA;&QY(&)E('-I9VYI9FEC86YT('1O M('1H92!6244@;W(@=&AE(')I9VAT('1O(')E8V5I=F4@8F5N969I=',@9G)O M;2!T:&4@96YT:71Y('1H870@8V]U;&0@<&]T96YT:6%L;'D@8F4@#L@9F]N=#H@,3!P="!T:6UE2P@5TT@0V]F9FUA;B!,3$,@*&YO M=R!K;F]W;B!A2!B96YE9FEC:6%R M>2P@8GD@8V]N2!H87,@8V]N8VQU9&5D('1H M870@:70@9&]E2!D:60@;F]T(&-O;G-O;&ED871E(%=-0RX\+W`^#0H\<"!S M='EL93TS1"=M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W M(')O;6%N+"!T:6UE#L@9F]N=#H@,3!P="!T:6UE7!E.B!T97AT+VAT;6P[(&-H87)S970] M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P M="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE3L@=&5X="UI;F1E;G0Z M(#`N-6EN.R!M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W M(')O;6%N+"!T:6UE#L@9F]N=#H@,3!P="!T:6UE2!O=71S=&%N9&EN9R!O<'1I;VYS M('1O('!U28C.#(Q-SMS($-L M87-S)B,Q-C`[02!#;VUM;VX@4W1O8VLN(%1H92!A=F5R86=E(&UA6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU'0M:6YD96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q M,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E#L@9F]N=#H@,3!P="!T:6UE M6QE/3-$)V9O;G0M6QE/3-$)W!A9&1I M;FF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B M;&%C:R`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`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)#PO=&0^#0H\=&0@6QE/3-$)W1E>'0M86QI9VXZ(&QE M9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X- M"CQT9"!S='EL93TS1"=W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS M1"=T97AT+6%L:6=N.B!R:6=H=#L@=VED=&@Z(#$T)3L@9F]N="US:7IE.B`Q M,'!T.R<^-#F4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/"]T6QE/3-$)W1E M>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I M9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXH.2PP,#`\+W1D/@T*/'1D('-T>6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;FF4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I M;FF4Z(#$P<'0[)SXD/"]T M9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D M;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXW M,#8L,#`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`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT M.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)W=I M9'1H.B`Y,"4[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE6QE/3-$)W9EF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE M/3-$)V9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&-E;G1EF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T M9#X-"CQT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI9VXZ(&-E;G1E6QE/3-$)W9E6QE/3-$)W!A9&1I;FF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<@ M8V]LF4Z M(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CPO='(^ M#0H\='(@6QE/3-$)W1E>'0M86QI M9VXZ(&QE9G0[('=I9'1H.B`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`S.69A+U=O'0O:'1M;#L@8VAA6QE/3-$)VUA#L@9F]N=#H@,3!P="!T M:6UE6QE/3-$)W1E>'0M86QI9VXZ(&IU'0M:6YD96YT.B`P M+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R M;VUA;BP@=&EM97,L('-E'!E;G-E(&ES(')E8V]G;FEZ960@:6X@2!R96-O9VYI>F5S(&-O;7!E;G-A=&EO;B!C M;W-T(&]V97(@=&AE(')E<75I65AF%T:6]N(&]F(&-O;7!E;G-A=&EO;B!C;W-T(&ES M(')E8V]R9&5D+B!!&EM871E;'D@)#$U-2PP,#`@;V8@=&]T86P@=6YR96-O9VYI M>F5D(&-O;7!E;G-A=&EO;B!C;W-T(')E;&%T960@=&\@;F]N+79E65A#L@9F]N=#H@,3!P="!T:6UE'!E8W1E9"!T97)M('=A M2!I6EE;&0@:7,@ M,"4@87,@=&AE($-O;7!A;GD@:&%S(&AI2!N;W0@9&5C;&%R M960@9&EV:61E;F1S(&%N9"!D;V5S(&YO="!E>'!E8W0@=&\@9&5C;&%R92!A M;GD@:6X@=&AE(&9U='5R92X\+W`^#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P M="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE#L@9F]N=#H@,3!P="!T:6UE2`Q,"4@65A2!R96-O M9VYI>F5S(&-O;7!E;G-A=&EO;B!C;W-T(&9O#L@9F]N=#H@ M,3!P="!T:6UE6QE M/3-$)W=I9'1H.B`Q,#`E.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-EF4Z(#$P M<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI M9VXZ(&-E;G1E'0M M86QI9VXZ(&-E;G1E6QE/3-$)V)O6QE/3-$)W!A9&1I;F6QE/3-$ M)W=I9'1H.B`T-"4[(&9O;G0M6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q M,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R M:6=H=#L@=VED=&@Z(#$Q)3L@9F]N="US:7IE.B`Q,'!T.R<^-C4U+#$R-#PO M=&0^#0H\=&0@F4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M M6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,3$E.R!F;VYT+7-I>F4Z(#$P<'0[)SXV+C4P/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[ M(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US M:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!R:6=H=#L@=VED=&@Z(#$Q)3L@9F]N="US:7IE.B`Q,'!T.R<^-2XR M/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@ M,24[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T* M/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N M="US:7IE.B`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`[(#(P M,3(\+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ M(&QE9G0[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE9G0[(&9O;G0M M6QE/3-$)V)O6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)V)OF4Z(#$P<'0[)SXF(S$V,#L\ M+W1D/@T*/'1D('-T>6QE/3-$)W!A9&1I;F'0M86QI9VXZ(&QE M9G0[(&9O;G0M6QE/3-$)V)O MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/"]T6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ M(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M M86QI9VXZ(&QE9G0[(&9O;G0MF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[(&9O;G0MF4Z M(#$P<'0[)SY697-T960@86YD(&5X<&5C=&5D('1O('9EF4Z(#$P<'0[)SXF(S$V,#L\+W1D/@T*/'1D M('-T>6QE/3-$)V)O6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;FF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=B;W)D97(M M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI9VXZ(')I9VAT M.R!F;VYT+7-I>F4Z(#$P<'0[)SXW+C0R/"]T9#X-"CQT9"!S='EL93TS1"=T M97AT+6%L:6=N.B!L969T.R!P861D:6YG+6)O='1O;3H@,BXU<'0[(&9O;G0M MF4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V)O'0M86QI9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P M<'0[)SXT+C`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[ M('!A9&1I;FF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C5P="!D;W5B;&4[('1E>'0M86QI M9VXZ(')I9VAT.R!F;VYT+7-I>F4Z(#$P<'0[)SXR,"PP,#`\+W1D/@T*/'1D M('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F2!O9B!C:&%N9V5S(&EN M(&YO;BUV97-T960@6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UEF4Z(#$P M<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q<'0@'0M86QI M9VXZ(&-E;G1E'0M M86QI9VXZ(&-E;G1E6QE/3-$)W!A9&1I;F6QE/3-$)V)A8VMGF4Z M(#$P<'0[)SY.;VXM=F5S=&5D('-H87)E28C,38P.S$L(#(P M,3(\+W1D/@T*/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q M,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L M969T.R!W:61T:#H@,24[(&9O;G0M6QE/3-$ M)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T M.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL93TS1"=W:61T:#H@,24[(&9O;G0M MF4Z(#$P<'0[)SXD/"]T M9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!R:6=H=#L@=VED=&@Z(#$T M)3L@9F]N="US:7IE.B`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`P+C5I;CL@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E3L@=&5X="UI;F1E;G0Z(#`N-6EN.R!M87)G:6XZ(#!P M="`P<'@[(&9O;G0Z(#$P<'0@=&EM97,@;F5W(')O;6%N+"!T:6UE7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'`@2!A9&]P=&5D('=O=6QD(&AA=F4@82!M871E7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&5X=#X\<"!S='EL93TS1"=M87)G:6XZ(#!P="`P<'@[(&9O;G0Z(#$P<'0@ M=&EM97,@;F5W(')O;6%N+"!T:6UE6QE/3-$)VUA#L@9F]N=#H@,3!P="!T:6UE6QE/3-$)W1E>'0M:6YD96YT.B`P+C5I;CL@ M;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T('1I;65S(&YE=R!R;VUA;BP@ M=&EM97,L('-E6QE/3-$)V9O;G0MF4Z(#$P<'0[(&9O;G0M=V5I9VAT.B!B;VQD.R<^)B,Q-C`[ M/"]T9#X-"CPO='(^#0H\='(@6QE M/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H.B`V-B4[(&9O;G0M6QE/3-$ M)W=I9'1H.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT M9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W:61T:#H@,24[(&9O;G0M M6QE/3-$)W1E>'0M86QI9VXZ M(')I9VAT.R!W:61T:#H@,30E.R!F;VYT+7-I>F4Z(#$P<'0[)SXX+#`S,2PP M,#`\+W1D/@T*/'1D('-T>6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('=I9'1H M.B`Q)3L@9F]N="US:7IE.B`Q,'!T.R<^)B,Q-C`[/"]T9#X-"CQT9"!S='EL M93TS1"=W:61T:#H@,24[(&9O;G0MF4Z(#$P<'0[)SXD/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L M:6=N.B!R:6=H=#L@=VED=&@Z(#$T)3L@9F]N="US:7IE.B`Q,'!T.R<^-BPU M-3,L,#`P/"]T9#X-"CQT9"!S='EL93TS1"=T97AT+6%L:6=N.B!L969T.R!W M:61T:#H@,24[(&9O;G0M6QE/3-$)V)A8VMG'0M M86QI9VXZ(&QE9G0[(&9O;G0M6QE/3-$)W1E>'0M86QI9VXZ(&QE9G0[('!A9&1I;F6QE/3-$)W!A9&1I;FF4Z(#$P M<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)OF4Z(#$P M<'0[)SXI/"]T9#X-"CPO='(^#0H\='(@6QE/3-$)V9O;G0MF4Z(#$P M<'0[)SXF(S$V,#L\+W1D/@T*/'1D('-T>6QE/3-$)V)OF4Z(#$P<'0[)SXF(S$V,#L\+W1D M/@T*/'1D('-T>6QE/3-$)V)O'0O:F%V87-C M3X-"B`@("`\=&%B;&4@ M8VQA2!$:7-C;&]S=7)E(%M497AT($)L;V-K73PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'`@6QE/3-$)W1E M>'0M:6YD96YT.B`P+C5I;CL@;6%R9VEN.B`P<'0@,'!X.R!F;VYT.B`Q,'!T M('1I;65S(&YE=R!R;VUA;BP@=&EM97,L('-E6QE/3-$)W=I9'1H.B`Y,"4[(&9O;G0M9F%M:6QY M.B!T:6UE6QE/3-$)V9O;G0M XML 15 R8.htm IDEA: XBRL DOCUMENT

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash Flows from Operating Activities
Net income	$ 706,000	$ 462,000
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Loss from discontinued operations	9,000	17,000
Non-cash charges:
Depreciation and amortization	428,000	398,000
Amortization of other intangible assets	100,000	87,000
Amortization of other assets	68,000	71,000
(Recovery of) provision for losses on accounts receivable	(2,000)	19,000
Stock-based compensation	47,000	35,000
Changes in operating assets and liabilities:
Accounts receivable	(1,478,000)	(990,000)
Notes and other receivables	(9,000)	45,000
Inventories	692,000	700,000
Prepaid expenses and other current assets	(124,000)	(252,000)
Other assets	(6,000)	0
Accounts payable	226,000	14,000
Accrued liabilities	(650,000)	(488,000)
Total adjustments	(699,000)	(344,000)
Net cash provided by operating activities of continuing operations	7,000	118,000
Cash Flows from Investing Activities:
Capital expenditures	(620,000)	(183,000)
Proceeds from disposal of fixed assets	0	1,000
Purchase of product license	(200,000)	0
Net cash used in investing activities	(820,000)	(182,000)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options	4,000	0
Proceeds from short-term borrowings	12,856,000	7,525,000
Repayments of short-term borrowings	(12,180,000)	(7,318,000)
Proceeds from term loan	381,000	0
Repayments of term loan	(101,000)	(101,000)
Net cash provided by financing activities	960,000	106,000
Cash Flows from Discontinued Operations:
Operating activities	(12,000)	(15,000)
Net cash used in discontinued operations	(12,000)	(15,000)
Net increase in cash	135,000	27,000
Cash at beginning of period	443,000	874,000
Cash at end of period	578,000	901,000
Supplemental disclosures of cash flow information:
Interest	151,000	200,000
Income taxes	$ 30,000	$ 0

ZIP 16 0001144204-12-027853-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-12-027853-xbrl.zip M4$L#!!0````(`&]6JT#Q_@O+MSX``(36`@`1`!P`<&9I;BTR,#$R,#,S,2YX M;6Q55`D``W(GK4]R)ZU/=7@+``$$)0X```0Y`0``[%U[;^,VMO^["^QWT,T% M%ET@CBV_G9G.(LDDW:"323;)=+NXN"@8B;:YE24O)25Q/_V>0TJR)$N69%%. M.I,6,Y.(C_,[A^=%BJ3>_^UY86F/E+O,L7\XT(\Z!QJU#<=D]NR'@R_W%ZWQ MP=\^_/E/[_^GU=)^.;W]I)F.X2^H[6D&I\2CIO;$O+EV_GM+E`8]:?VC#OP_ MTOZO,VAW1NUN1^]JG>[QH'O<&VHW5_^OM5IAKZ?$A5Z@C>B@>Z1KZT+QZ&-( M\0I@35F,Y,^,/E&N_1P0!?1'/2`*/_Z3FC9U3;(ZU*[(2NM,#C6)H7?$L!!N=7D\_"*I: MS/XM416[.7+X#&IV>FTL?@#NPNI8:K*H0;SRL"T+HZH;73_U1%U],IFT16E4 MU659%:%3O?W+U:<[8TX7I,5LUR.VD<#"MF!/UV>NT^_JHVTM9(VP@>W8MK_( MKF]ZO.VMEK0-E5I0BW)F1.V*&R4;F'3)J8&JF`MNTB;"WZO+2( M33R'KR[@][`C3J>Y/0S;4!I!I-X64H(.5$F,NINZ`THZ%)678;*,BH3I^->79]+,EHP.Q' MZGK936191B.;,,/-;B.*,IJXS,AN``59U;TESZD/)1D-?+O<>P* M?W!+IYKP(L>!96SW->TE=Y:4>PSHQ[R:Z`!1_7#@LL72BI[-A2VAXVR%/O/H MV34/V@('>OTSQ_;HLZ?=4<-#WRV]\7>!.S:"4@8V'=3\M7=U_FM/;UT1CGWJ M@J6P/D0'YJW$D_`1,_$AA`NN"9:3'(8#?G;YT\&'#OXW&O3ZG??M=&-)I;U! M)J`"0F&.F2`,?I-['\$?P=-PK#HZ1)KV9OEW,0[,1)L>C.^ZS;IT#69-.GP2 M2*U`CB?NK]=3E.1':KQN2R!NSCC.+N.[U],YS MC-].GIG[ZYFS6#BV>'QR116F?D27SB/4'MITL M-M?VLY7?9DWIZU*<>TZ)Z_.5\%%?K;IDM*E%B_^ISOD06O"&31B8[FP;T-J?=ZV3G-0[S MVYSV#SK,P=)%YX_AX3I[6J)_C9K?RVS]A=8YWQ;NGG52K#7 MB%'D"=Z68;XQJW\;\&_,PM_6T+XAZWX;[&_(LM\6/[])&W\;]C^0M>.NMR\V MR]ORYF,1*L/=G'`*O`?/%R)]H1\";D1AV'U8%OZ.?61U^>7NXT9_P7;=8RC; MH;L;R@7.J%N3/8)J?(A5_8S;='&3[8Z4-]KCPX_4=A;,SNJVK(`27;23Z-., MXYB=6T)!$\/VWJ3L^%QHT2V=,=?CH`N?R8)JP8C?XO['W/TH-W\AB^6["^WR M\\WE^=W\./9^W9>KP++NO`,X'!B7=HF??Z)KLK1C)MR;E<1H3.Q:=B[ M8*Y!K']1PL_EVYIRM%K224I">5VEF+I@%N5G\'SF\)(LW2V(!8VT6[ITN`=^ M04/_0>Q5G,-$OQ'->T[PB,/=:O'@6.6HX6Y6V7&B<7ILUBF)-.1KWT-/@0TR MZ4B?KR.EE:2DH?J).H$KT$QJ,.#5_>&@<_"A-]2'@V$W,8I;B$;XPF,4]ZME MR6'4.ZU_2#+QME&')_#$Q*<7%LGF;:/'*3!!99>)UAL@;X0KK:1T:R^=Q)SH M:H.05$M9YP*>N>6(_2-%9*.;'$*H_Q7(X-]9A*)N!)DH'2;N_,0V\1\,IX_$ M$I'4.R. M:?3&9AO2\:C_\DBC]RC;D$Z`E7I(3PQQEL6]I0:%^@\6_4R]($PH4,]AKSM* M(-Q&3Q&P4MH(RCC>#=BE_0B/((!!N0()Z>/!.(DD3F!'RJ5$H(_&DV$YRA_I ME((DS'OR?.*ZU'.5*LE`[R9@;*&F!E4Y?[4CJAM.EX29Y\]+F&!1L,9K;TZY M;*).9OU!TD>5H*H693D9IE2[*DI96"HU'DVRI%#PPUY_E`&T)NUR$H+8/RA)^Q-D M]2HBP``)QBABOQ4)E7/XA81.?6;AT+M@FI>+)7<>Q7S;!<5PL]/D:JR.!IVD MV]I*4!6T<@G!0)_L".V*&'-F4[Z"FIAV+;&>*I'IPW$G:;7YY)2@*ID[]%/Y M4TE4-_+PZNK&(K;7A+RZ@_%@E`HZVT@J0U?.O0S[HYW108KJ+WP+C]=_%`?M MF7#)\+-%\0=H?;+`U9??Q?/>`^R.K)Q\.Y/!CLA^=!SSB5G9:X=5IR*I$!GVO0/!DK.,,@0O;8_8 M,P:3TFCJ0J0>CE`2&O6Z_$HQPF?"&K'"- M4.&DM]N=I-.+#$JUP93SK_W!8`F,7P>AIUPNGU>ANKM=G$5$`J MFR_GG\61//*IP$Z-^ M3\^#NQO=DHNKDT&NF)+[#)S%@GEB61HU78AI1FUC9_Z?779L,^N'`P]RF>"* MP-K$\IC>1NR&!S-2L9-*U6Z9Y*O(-(%Z`$H-;04`L8UD%=BO=K'`UIP[O1Z7 M!K0WM*=%:%N]A&05`MWMOH8"L8Z;$NMNUPXH$6O.,RA^,Z*-,[[!,O&J:XN5Y)<.OVDDEZ,5FE*,N&PKY>!V7BR*&J,-+J3E+K M(YMD:J$H)9O**,3CN6.9E+ORC(>2K%5/H=@D4PM%N;QR,DEMUU*,0LD5#M5\ M6T-R;)*#E-][F3'(.DM=S8Y>1O*O#O?.1YDKI94O(^S*H%^#9N><,:P6YE]& MWCM!3\?^`NBQ63),4!N)=IOOYXJ(*D2XXSN]2@B3L](;PJ^Y&%A3I!/A4<-= M)!D=4TQ'C;PI<1YQY7BSY;H/O/*$V(GOS1W.?J?5=Y-FGDKKBO.%N3C31)7A MRY#C7O!=NJZO2G8%J"0I)8C*2JLZHEALJV?`-58]\JPG9BBDWY(S.H>P>S[-IB&/=Z:8^<1TL=I.VR&8\Z:0];"I(XT73# MG6G.JZ$J8AGHJ;.LL>7=J&LZ"?\H[D51'A*)7O9-!0 M@*'`GL;5,%P""?"^GBHUZJ8.MJ7ZKTF[R,]V*]`.Q7'!G87<@.2#F*)=8>XI MG3JBL_@B@U.]4US-$GQM3?L MKUAF!>=N>NF+4%Y29M!?H(2GX*-4Q*P-UC9(*()1Z1*(\E"VC<0+&(QZA-6. MA=5"F+FK%4_=74_Q#%[P,6H\:W/O1'?JG8L;YFJ+NI7*;)4A>S%^"S;*;-,L M5>Q""X5I27^8#(N)WFO1+=#Q5&:OD&YC^TY>!&[5S1HO`K+:)H<7@;C#OH#R M.EKLH6\H/R4N,_)?26RUVJQW#'B_ZY'>JQ(G$B@:YJ#$6V[!0;=2I"O+P79O MV\!H9*5=.X#9&TOE-B$H9RDTOY">J-:0/6324H)F%]TN1E-*^S\RR_>H^>)^ M)(ZC<2[*REN?-,-%H;:K'Y5:QO=";#7M4W+92MM64'%/?B6@I@C1+KI>!M$_ M*9O-X>')(TAV1C_[F/]<3S?N#M_%(^?=69ZM-XL]KLN%]\57 MEGSJU'E%#`WC+R%]A?@SO0JN0DVGU/#$8>#-ARG<1 M5)W`R-2M5OIU\W;MJ8A;R:3^!7`K.(%1;H_,2TA[%]3I.Z.VH3XQ_^T'R_OW M3L[RDNCA@;C41'#4=H6)W%+`ZS*/!J^RY;RW=J+:FR1#71FB3:`LB&#= M'5'B![R.XT^OI^*6S?0]KO6WS\E04):>:G!%-T5TU*%3)+#@\.!V*FJ`%%S- M.2X+)-2^&^X\,ORFY87#/SK^@S?UK?#BROK;49,OD;?14@FJZ`J(W4"%*]U) M7UC?:0TVT_,-*FJ`5,JL2P"YM`W,BBC,N,2_E_;F!Z%JRV99[YD:GZ>V4'18#+ MP-@/)T77C_:;YT34C/8S*QJ#K:"S*#8#LB!]*1#N#CA3EW#73VF*%"!%4#F\ M@GVJW2(95L:7NJ!;023:^'9C,=4F8!:YV8W/952$F9A@X^S8-ICX0N;Z5?&] M@Y\=%2FH2#."EE@(JF3./-;]25 M0'0+\RCI4,D!%(M)3IUG+(8H+$J];(+8!?B/^*0>5T\9B M:NK!;9=;;YSO\K<@%$M-D82OIUCXR2'UEW+U3NP]0`:!NM2+7HR4H%[@RRZ8 M#4+;0[:Z>1RE!IS]8*S]"%HWK7&)S0GKQIOZ:]FA#:\K2 M;A)T08CH;=KP3JC#JP)PLXB*>XNZ&^]:$OW7I%WT7=?LFSRR:4>W)F!Q([<; MR*YKDBU(G#96-G-)W[&9S:;,P#FH7#D&-WCC6`P_870/A$^MO"^`I!%]^(OE MO5MJKK>RZ`\'"\)GD*AHG:4'?Y[?:5-H=JSI^+O'%M35;/JD029'[$/YX%!S M03.G[P[^,O/>85\/^,/GZ_MS3==:VMV7JZN3VW]IUQ?:R=G9]9?/]Y>??]1N MKC]=GEV>WV']]D/8LKW$G_[\)Z6(R&+Y[G_U82>?`HJE12P0Z;&&RY!LNGJG MJ1($'M=P-6>J!;D%L;1H^YAV`QH-_PJO^7I%(1XRVZ1(K',T8'9M\=S/J49` M<1=+8J]P%[9O$]]DP?DE%Q39),$O)KZI,[5I)#XW%)^KSV+>7/PN+02J,>ADB2_(9_*Z)FN%Y73IR;8>`/MB"R!BF,30 MG2P`N4&T[Z4$Q]UNY]V/)R MC5L#@)Q8A#2UAY6&`A)"P5&VJ$@YJ`-:E/"."A#FD$78AG\)@>-4V:#)*$[US?FB3[Q_")@ M)R`T:(J2QZ_ZX:C8Q/,Y/=)NJ>M;4#.N*$L1U&5KE':(C`$2L#A0.KQ!##OF M06M`_$`U^KRD!DH`.R/:U`=(*TKXT3?B.PKUX8%8P@&X)-#DT%?HHW>N=F+;/K22E[!H M`.H"X*VAZ)W63V)DL3T.JT9M[#$?])%V/R^P9\P%Q+YD3>HQB,;Q+1.U"3)) M`1>J_-NW#2&FP$\1+T#YZC1+58"^68<$T(NS:'R_Q9"\FYO=T*S0[WI!E!<; M1$&X,F#BGPMP^R8P@WNA#M="@)3W2(04!@U<_\%E)B.B3B+VQOJ)A^#`,Z]3 M8VD00981N@092#U.;)<8,M:NTPAJL06P"$SGZWNCVIA2B.W*URB2^YCOVA%* M`UKZR@PF$)#FB+4/Z@JG_X1)!4SK(+^PP"R$ZC_X+OX(/8!;=^E,6,ZQ]CW[ M*T1TQY)*Z6"*`6T=TS?``.(J?X^5$ODF-OB>0?LY9']/F$#@$\QE75=N:8RW M_WM0*6DO<8/,,CN1EP1&S8.]E6K6<)PPDD1+"#$"NP.,TV1*M-?%1[4--!(OO$VH7 M58RK^2%TS2!;1]/T.60Y\FO;5LQJ0Q0(,!N'B$$7%AB62;0;F_J831K:%;'] M*8017V3Z9PZ'5$FFF7%@&^TV#/GOJ]8]!8Q7Q)@#"QG,!342]ONF;8&V;0X, M1@X<)R&A7DXQV-]UB%.RT3B M`MHH'*X/X!PQ2X,&OU'/E?/\;20Q(^'"36LPZ82DRH(T!:;"FVP0RW76_<;5 M])3RWRRZDA9A,GE8!DB+D"/X8DL*NNZ)=0^)"/-\_"W@\0G,P)@'"1&G2XL8 MFW?#')XB)J;:6UD!KM[CF?^J-I<.@`%I%# M"<;%Q'O$\=Y.*OTG^*5HB&.JN-9B,;A'D4<1&B13"LQ$'B'!<-FSM]*\U5*F M)J$V!$Y2INZ@NH`B4I%#;<91"AQ^,L$LK$#+0?,=H;D^Q]P%K,,+=3;&A\QP M,&\`N,X"(/@V^X\/L_,E-42N+O+P(^T29Q-!G?7R#60>P+!TP0!F(11SB?NO MT%"=)^A/+N;)5;8Y)8\BZ(!H?$,^`3A3GRD!JJ[1.&AM7V%$6W>0D55& MM9*3IWCS!)@(@[-^'U^<80*@SZ*RZ#"V/+():5TOB2C6GJ$1FQ3<#8(X#`V3 M!VX[YF:$1Z!BUTLTE02WBEU%QBI;F0YF`.(=AFTZ3XFYIO35V`?'N2'&"0C[ M,X0?U);"<+#$)>Y4Z-"%N]=^APXT@P@?Y:ZI&9;CBM1H?1."E114/$.* M>:;?F`>A0J9=#\2;0Y+U+/SG:W,GKVS5!R8TD#2+6'0.72_0&;_>Z6U#+D:^ M3)1Y.UI'UJ*GS)DM$44A'*.BBO`LE]'Q=0/>]RY6T<6;L.#5F(NV%TK80\W] MC6HTE+2<44`D7RQ#MX&!5=R!%DQ"@OA*%M&J*I&G_+"I%3MI%>0)`3`Y[1`O M09%R7AM)!5=]PQ=QN]_:VS:2+/KY++#_H6].!D@`VM%;=G)V`,56 M9GR.8QNV9@;[:4")+8L3BM3P84?[ZV]5=?,ED8JH)R7U`INQ)+*[NMY5W57M MBGNEQ$-<%%J*O-@(9#E[$S!!_^BO*^YB5CF5STWNY,K##@)%,@6-VO0OD9A* MXCD?OW&F&F$+Z0ETD:O`;;RP?0J&?J*`%S30L^,8K^`'XY=A9XLD5D4JSW+L MYS.+=I+$;_@XGNI@/A[K$#2*\FKX528JKKDW<,U)T%CB?@&YCN(!AC M.S;TB`US@.R:N>`.>-L!&A>&3!.+!X3VG$07@AK=QNW=/A"*@Q4>TVX)*0?J M,B-C=S#(M',L=GH'M#UGF#"$FY0"S$F(;4GDV5RD9H*:.#?$Q$D"1!WH$-QJ MCV0T'E/`@EBE*0?18=CP[9#=LA#-4$#$_N+0$MO5\NEE=E%#G,HM\I(FN]:W MN-A'@8C:,1PZA1(?Z,)@R#;`)SLM$WPMLJG(*)A'XF=C>'TD&4'JI*^Z"\&D MU$,U+:GR0&0,.DRA(T*1M6FZA.WP0K0FF"K18F6ILW5QU<#ONFMBS79TWQ?= MJ'(=F=[2',>K17LTU=HG]GOG\:;S^;;+;NYZW MCO7$W!EF,L9TXY9C.<\B.2R-'+%LQ29C:'802C!T,IG#PVG' M7*1Q0#6[)AXBT=$)^AO,$6`9=_AT!M!\BC<=\\8+9=`4HX7[H'VZB6N`86[H M6,)XAY$3W@*+W0S3R,*Q0>5PB6=&O?W0*Q).=H+&Z#.`;;I*[3C!9W91K5"VUD>O!U0K1BR"9A[:<@-0PB?(!)'#$M$9WEJ*O'@*$"V] MB:>II$*/V#+EUTLOCMCKK\`0N^,:ZX./A^.)U/08"(+>!,C?QU-EG(B,K4^9 M>GIK?_V1(>,CN?,O4O#(*L"F,E#5XV81"8:@6&WL`!W3_JS<;8@54DKQ1KZE M9%/TR$D5*2XH$1%[.`-#8R8L?H9N+X^"4=PP;1 M3NH$N4F";!/NP&*+?A&<8^LQ+M4.;DV&QS17G.%D#5$RHT6>L36B]@)CK7[B_47[-**D.A"5X3)V^3PH#- M:\0)8&)#F,APD`XPZ9(3P%NP>`V/DHMW"=@73DF216*VE)S`T$A831QHQUMG M-<0CPA?B2S)!!EKGZPCFPJY$<(]SE2YPW[(84=)#6JID5@O+]8!('F5&PN3J M4E*&!,MTQ"0KX^]A%698("#\2#K3A]NTVNP[2<*-]6EX!%;D)G-(GPR6BT6^ MB2:[<^TVL:V*/W:ONS>\42'?NKEGG]O;^C\[= M59=]N7]DU_>_?>Y]^>TV>KP\@?1F!2!J`^S&S5O/X!6I4CS:&ICSVNDNVA"J M5]/P1Q_99>6G(I.S`;O=/D0`F(9!6;H@Q[F M;C1!W])!-F`:1NI7*CJY1LPQVUR4?#U+S-U7V ML/P/OILE*'U8^[,+@FV<`?2.^Y']]V`P'`X&GU@1&4JB#(^]?6)2UENMG^;! MS],G"]`BAZOFC;84X7.AS!WV[9*CD3\6#]?(&^]"JP`/5"J5C4*YU.*/!(,M MK=FL[Q*#2PO.Z\CT^;IBDRTJH?-$R6A#ND]1W=6ZVF0[FG/!>C8^EV2>S,G> MU6K%^65YO+U7V/\!]EL[Q?YV[=SF?,7:>7,+W$"CDH:P^-(,L4A%%YQE$2NT MM8O*Q=J\L#;>%"%:6KW6WAB-N4/G32JGE'0<0.V'#%=.ART-1;6N5:G%.W;O?KXB]&K$;S;(1>YM^ MAC)HFS-HM8I6N6@HGV*_)&C7E5M1*%W`X<.+V,!V^J!(L5LT-SL?,B MFEM'^6%EBW9DB][5M.K%^MMR*Q!AI9US1>,5:=PLGLW8"HVWZ68LV*(LEI(O MOG6\"Y989D]Y,ZFTU3>;"SG!%Y?KGPW9'@T4M3=)[0NMN0$SLVD:Y)Y&6.;\ M0.J@P2^R6TS'-FZB=C$=Z@A3PJ,'%^R,_7)_?_W'S>TM%37<]W[M/F*?@,[= M+S=4Z?#TU#W>8H;B_2=$*17='&$[LC5*6%XXT%V7KKC!-@'45BGL'?2#JL/] M-#'<[*RB:^1\BZ171)?NR7)P+_]\Q]96G76"HUI1Q2?;\$M7VXJO5E3UR=:P M>E`G')3,%#N^\XWU(4(:>K+-A1&D9I&*5A#HX6I=EFQEI4&;-SP,H!A4*/0H]"CT*/0L^.3UO+I&0]M]O!57B; M4JK+[`(,'%27AXN\X9I:I5U1;3)61V!=:[6*GSM7"(R&JVJ-%8K5%0*5"&]. MA)L7JE70>B)\4?R0YBXZ!6TS1K]S[#-Q%:$X7\G'$\N98D?*&'+]V>6BV?@A MN8?__,?B]B*MXNKF5)QGA9L?!1;4@T/A1_&.PLV!R=6VZY;F8.FYNL'Q.LJ# MLIX+:56]7*V:1?&QPH_B'84;)5>'R3M[:)9Y[>IX-]3QV,[:I?(!<_WCU>J4 M3P$UM6KQVJ>3P8T2J7R14JC)99O:]G&S\VCSUAQP&^_)7K`LU6?\4[W2W&*; M\=(JW3[1JQ=,"ZAJ0C1.BH357R,\<)B'^^8]2DP(49+-X M['J8I"@U(5I:0RFG,A"BH35.1CF5FA!5[7)_JBFG/9/XO,,.1.M>G9RHZ&7\ M^X3;GNB$.=\UQPOZ?]']\0Y+U@%3WZ'2-=-I%NJE(QL-G2&'A,V'MMY?9_O5 M\BWA^&,7J1A[U$[*BS]31ZGX8]3P9MW`,0NTU:*BX5`ZB1B,?@1?%<]6'?9?S(1;%'NJ&\#YJAO?HI297 M\E?@^>9PNG9WQUS7E>O@P3A#T4+SE5LOZ1Z:'C;1Q):8J=Y^=>RVZ03/H_37 M;6;"\P#PF)KA@._;3[6.%*^>L;?U-JD+]@F_:>`WM7H]_J:9^(:^:(DO2$=3 M-11-!M]5V[0[KB?ZA<4_:8JUF4UUJKWG?WTP[VFTP&T[0QS_N ML$?M)1#JNONY1RCHA[_OC/-7%3CZ0"B8PXT]NOTK,>!VY#)[HA;P5QR#:4)7$W7>>4NC$V.)'`W<"_$F>P* M_C9]U@G+`C7V+CR=6ZM\FOTU^JGZZ;V`XTJ?F+YNL7N;LULN)>:+:>.=S>S* M<2>.2Z`0&/";[:`\9YU,?1)JD/!; M^!<5'P1(NOZ4?KMRQA";3*,CX.U/0#MYHS?,&M[] MK3'4NL_`,5X(>]:;+@?>`U*`6@94@SXC*P(,#*+3IS1Y8+0'.5J21EH6!L(K2Z:BV/;OP)P09^`G7/C`=3S0O8$. MH/A<8&``(^L`GK2>64OR@KYG&J9.5V6_PZ<2$#Z%/T[9+V)@Q_72`A0A/T&: M/@J%23+D^?[Q_9NUO'-@"[-_C+9]W^QNZ'0Y*S1\#C>^8(>81+`$O_CBK;X!-@7E,,0QR0]!J23-;] M?-.[[J1H=A#&;0,&?J^6]-YF=\Z+4)6U%%=)*22RH4%*6QM\XHF#EV2P#C"X M03(.WV=8SAEAC1Z?MW#13QHR"NIGZJ_GCY#)8"3S/:@V(QB@2PR/)U@])0)H M>S+E?0I(JS5_0@D&[%5^(@:5;KGD^^28H>$F6XW3P_RF/0#MZDD(0NND/\-Z MGW6?W&+0V2@R$Y0L'Q5OZ`UTO]-D/BA^T&'S2N,6%Q%A[CVM(S)HY/$/@8[P M*3$?6D3Y]^$5`B'[ MQ?835148`NXC8L`YF'T5F";M1=&4^!8M(!82V>?L2^`B@PLO$)V+P/)#(S@#1QZONW3M`LU40Y;& M.>KT!P(H#%I"!)`%Z.%J^'`M>CCYF!^;MW/!EY%],0P1D69)6'9L-^>+"3^K M=MX&6<0'JOA7VKO2,D`2J\$74O;W,`S%%G1W+R$F)GI]X&RY@CC2#\_6HY26 M`/]C2`&)"?P-ZL`7_4_B7V./&UT#\M',H8FN)&V\O7++PO^FO@?>1#FAA^TTZ^+/Q_F"/S51#?B>Y&PC)O=@PV3;H.J-^*(4 MF?6(AS]M3IR)\'3+2AF\K)G7:=[Y2'`YEX6Q=Q(>7Z1'9/QJD06%H.9L+T MJ0AW?,`IF$_$1`Z3BDEE1`I\Q<.%).!85I^"($*^B1CDQ]&L=%,@:AS/JKSE0])0 M`LEN-R.[WNQFD55,!/IYB3IX&^@W$!R@Q_H\I7GUM+?J M]"G]YP5X^`/#T^Y]VL61]B7.'[RMA>NFQ)D- MD3#U/(:YD2;3K%=D9*D)>8Y2Z%(Z#9D2B+8)FF(/\IS)V_]$\B<9$>L)HI`: MB1P&L<]!>0`IK."D3\`DA^"\QMY!##F$(*Z$G[A@HIMD(XOH8F&88[;2[ M@&%['E29NX,Y6WSI;<#H]_LADA3,+@W]*.#&JU^\IY'N:.-CS(G<6;5%.RDN@8I!`170H`1U2WW?-?N"'VP$HC,^X/R(VTK0HF>+R M,6A@_);TLF?ZZ.JZ+Z"WHO,+H#EH3N9,J/%Z8I\B18L(@-G9\U>4>MEWE,K,:76)K;N>W/7(PB.$D,ZS#>Z3T$#&$H/'-Q!G-AF.BA M0_#@$D"$7G[]!*RUNM``OO<8!*+9XU#S:G[-?09V_8*:2`K+OW!V8 MGMX7@;YT^F($,]NQSQ!"C,4$KX3>&&XZZ;A-S,\2>T^&2![AJ@<0X=D&F&=T M/35F.#"8#^*`1D$'QV0*(+LX%49ADJ,%D.^\]\E=2#EA&HNI[2>9K$KC0A+; M!5ZB+!,\E&:IM"FARSD1[#L,6;83DO,0AP'`J(P0>6CMYT.((`T'!PZ4[( M&<@8\DE*H4@'A@H##@E!45?=2Y%PZ"#,`[FVLFV"<.& M.Q,!:%/,L,=G>^"!JB8/CC,/O6S2NU>6[B4J1CJX-C#Y`OXPN@M''@->,2^) M(($88'2"W,UM>:A0&BD^'$H;%09#)%J)]48'52(K9W%YFBD<+3KNB/$*OA^. M1=I:$P8.A9I$S\)PQA_!R'C5=C@EMLOE?GP_.H&Q:,&A(T%SX1]BY:@CI)$X M3]`XY:A%5H2VAZ=X1EX\,'(L0YX$F5\M)H#66VYUR\M]F-FZ39)1F.D4JU_1 M)J[/.:E0&ARB/I?3CX@:-+ED@_\.0%J'F-Y.XE%,[(G(-]S8BAPQW=7'J.Y! MD]]+M(_`U,YZ:KAX,]03^ZE`&G",;W!B!N!%=GX MV*33>&E79:$+*'>S42R%X_%C%S3?6>S-T4)X**&YY+37)YPI4U`"@GKT\!"* M_-12]?*RF!Y[H%S4K!:;,W1@,S=O#-)F`:;(,PR;MP'BE#@R"(:`@-OQ&(_& M2;$#[6L_"Q(X@0\QB#S_(KEM8925&63MK?:23.J_WH@JL#=SA4"%:C&W7G>Y MY88Y!U%S)V0U!HDR:D6:PZ@[E8O>X_M'6+=!"4.7B?M[.S(&3'W9E;%-^ML' M-.UE0>"I4"OA%651ZC'*UJ6^QL2SJP]\\%[B`6[-X;Y(YHX+B9OFP/I. M;ZW<>4/N7T1^8L'Z#K%(7MW#HO"S#GY4#XH]L\\>FMV&$?3QZ,+BC8I/A8UK MY]6V0DP9`"L'%"5#S\Z]P"^..^2F\@-/C9,5?I0B+#-Z]N(&3K"R8<&RU!T8 M*VL/=1N)HL1Q4Z*P2E2$."9"[-QS3VVXQ8VXX^*.@EVG2W0EP#:F6WA;1K-> M>*].7=&P>3*<-Q?U]CYM&NQ:)IKGBA9[EH?F92GN*]E-]*5"995)4.A1Z"D9 M>G;NUO\N"TFQSU54V^A0[8@V]=N>KFY"SR MC.EEN>KD-JGH5.6VR] MU_.OUV4_U['_BS_CK(Y]@4V?[^5"N M\:Y6V1G[_-O3S5WWZ8D]=7_YVKWK/1&V^N'3I]B%.7&IMVR&+K98Z!XVUZ3- M%VQ$210;'X[<3Q< M]]Q-Y31V=%FY2[WH^\DKL@C0<*G44A.D/[[1'#>IXDMQ2)!M^,.+KT:6XX1P MAD.E[^'CV**5,"]_QLZ/H&/&I%]DVW$B!O9B=^SH,=F^'G?+;`"=BV'E)6RT M=O#X!_+R*[J>1.J;D'BT:/I"'W/1]!I0!<@;$V/B9;4^9Z6Y/"IK/ZUL MC2=_%((MNRG4P_W,&!5B8S/^3#N<\<>5'>+#W:.[2MS=MM<%'P]*A7)6N-P$ M+B/[M/O%Y@3S93_J/??F+$IW/;^"?$OS[VF?O-G,VX!\Q!;P`9XFPJ;[@:T/ MAZ9EBEM!P:L!_\HMHA=EZ+Z1[=Z5$D[K[`BOEG(*9ZSE;KHWM'JUO:FS"L05(>)I6I>-4I3R[.E4J[Q,=^"X M$PDKA+]U@=IM[?G3U=G0$ MK?J)V=PO8#U.\(SDNVIC_<1(/MY6NC#J>,]%[GL)AP;OP:*\!*Y15W?QMC>/ M]?G0P7-7%$4R7_]>J`;T]#SJ=OWB"`.;'<"\9FQ?EF4<(LP'C7K5[^V`?'Z% M'H6>0ZFH6YA?USV/^SOUA$J;56\TM,M*\?L&RV]Y#\[WK->T1G-C>]Z*$FML M<``E&JW2I]:WF5F[BI+JA77E"6;2:MIE>_VN:BK!XZO M6WOP'`_.>C;:VD7[&#U*E5L4I3>P!$1W-4@[3HG3#A59M[BW=H"B1H$1=JU]LK,1+46*- M($)KE20#MX,^]6E(]M[@736DP(^IAA2+;J0[GHI_U9!"-:0H,2Y50XJUWU1M M'8X43J57H4>@Y\`)+U9!B84.*2G-O!?@J69QPA+76YAJS*4*LD;6O[XT,)=@6 M/8F&%/455%[F6*HAA?*7CLY?4@TIUFI(4:NM?VY4-:0XD"4<&KP'B_(2N$:J M(<7*A^F/L=.>.LZM4%_29:B3]`?D\ROT*/0<]$EZU9!BWN-I:JV+C5W84"++ M>W"^9[VNM2NJ(44)*%&M:I?M\J?654.*LF32ZEJ]L?[6I$KP'-H2#@W>@T5Y M"7Q'U9!BV1S:I5:I'6-]I@TZC+6Y(4:]754.* M@@TI+JO'V`C_\"@!0?Q1[@`?'"4:6K.R-Y'8=4,*G(6:1/S/A\`[>];UR4>Y M4_'(07]B(<"UZ0TLQPM?__F/__J?\/E';F&QYX/N^M.>J]N> M/O!-Q_8RW@.M;"/J'OGP7V^NQ-]_UK]V_ZQ7S[[J[EFM4JV]^3FUU"2F_PH\ MWQQ./[%UUP\3]/&/N_M>%]Z*CN[5/CUV;SN][C5[Z#SV_LUZCYV[I\Y5[^;^ M[HE0U0]?S^S=L158,VBUS+3TI6D;'">KG#=->VU0>B/.)B[W3(,*18;,L3G^ MQX?OKYSQ1+>G$2;;GSSF!7UXUM1=$T8V/1`1%UY[M;D[\W+T8/K]%VX;CNN= ML^O`1?..C_K8V>.,&GJP"8#F&!ZC=AXLU<6CQG3;H'8>6A(\-@G@(=U#[V$R M<9WOYAA8UYJRM]7+2^$YP&MO:\*-T!@L=L*!FU_P&0`67C&"@2\JG?V1&<)X MGB5'!>0B)4\/KC/@W/"^P"1//OQZ/Z'WNM^Y.S`1]A]+4?4-"VQ3//';T_4; M9O`!K-7RL$O+SY48R!].MG'0:@M!:P#>5X6.GKCQO(`;@F,>B$%^UZV`[P+: MPO-O'_H_GWS@053GW;\#TY^B'(#@V;[7^6YZ?W;`9N&@NO6@F\:-?:5/3%^W MOO)QG[L+5UX[\)7W7*Z#"$YI_"76>]"+A8^@,9==ZJ&3]I'[NFES(SR)6@+J M/HUT,"7[(*^8>14*+X`YM>00S?`6O;*.L[=1OZ[.$GX=ZW8>[V[N?GEB#]U' M]O1KY[&[A$-W/+[;9]TS!XR'A[/!=0+R(-LP#XF&[EF?_"+'1E?')J])?^&N M_LR9'2!7H0-$#WOX5_@V\@=S`M_SP75"+VWHN/2R],[`>S.M`)O!Y$_N\J$% M;I9'[_'A$/Y>,)D)K$J][(*)A)-+QB2W4O"J!B)@<2\]I!W#`.O5;1^<3H`- MW+OS$V"!'],!D`*?)_14X$4NMS25$OUC[H\4Z3&A81LKPG/42H@$T^<9]]H+F88;U$9T!A1KI546`3%QS]]/N=^W/L2 M\[$MEDL@_.N-:(KW)H1.=H>Y+%<7SLWMFHCTUXK-!I.D6ZV98$MRWQ+-0+>Z MIKWV%#R&KI""D%&&9P^K523<2&-/]/GWNM"C0N4^>A7OX;C'';A-KN[#H&K# M7IUG.*[S#!%O4_`P[_E&+J]T@;,]7T5S)1([%HG-=A=NM?(:9$;]!"CXQY2B M:0ROR5SW4#R;R4.@I6][MFMO.V+15YDUQ M\Q%FWA+0+?PK(06)'%UJ*YHR<3*-COO]\FQ`,D_G)8\E'`VWU+56M;B+=2JR MA-@IGKE^$`"T57,% M19$L';'+VOZ9&79U)K[CYQ5EBR-.ZU9UNYR]XC_)@@]962++/EY'CI01B7EF+,I0YC9T:/HV,))H(!;HGJS*\_/H)51:A MRB)4641)#X*KLHB#)Z$JBU!E$5LY-_O':IY!\3!B(T=$5XHH]C'SLB=.FQ<; MNR]Z(\M4Q"M"O&H9B)<3+L:-.W([;Z3ZK>]5CGZNK^M[O>S=TO[.'Q_@[^ONI^A1^6:+)=`MY-D$X.M0/=J/-T7XTV<9!6]QN#/OV5`K#-P&R?`Q[]\A6 M/@5!6=!%*&MTFO;_G9VQ+X[C`S-R]B2(RL[.Z#?+M+]]',H?;^$#^TY?^=,) M2!3`0M'G&_FMZZ"``3-OOQS^%5Z=)$QBN:R44S]GQ&4W7^@Y=]70(DF7-FJ.1L$2!;5$%(!69VWZ:$ MW02=-18KR5SVUZ]D[(2++9`&2;>;:EV M42U9X-G$P=[S;>GK\+[\N?3+__[]KYL?R^7?[YZZ5HO8_A0\;O5$F3$&QUI@ M/K':?Y6_85@`M;ZMZ[)$51?7%Y\L\>/0!^:@U<]6#ZVLZN>?KE6_JM4_75N/ M42LN]OX8(0:6P-=CMZ4)Y[-ZI;)8+"Z6(^I>$/I>_2HEJXF3JWWY\J42_%449;C.`ODNL1$/&$_5 MRTHL(7\K1\7*\J-R[;)\5;M8,JW7^6H&MR6&IS-7ZAU\ M-J$POBW-QM@K2R"K5VOQGP8<<9#L],?WV!.68N0^$H:ETDT7,18P5K)D"U^? M.EMVR-K0A4VF%?G7BF95E4!C&[FV[P;8=(5^6YK#DH/GR%;7G\K:3]"P;/>' M&Y?86XVYDB%"MW$*VPIH&",V"KCP6?D9H9G@I%:K@,M9](E$M%:NUD)*?@H_ M_MY@##AK^I0*W:(&7#0"-VCV>WRYRKOKV41LTO`<^:W]IX_GR!5ZL`9O(DI7 M(CY]0ZX/"OWUY$.[-HAOT&T3$;6C5L2/>ZQO=XJP1(7YTVE06QD+)XCDQY1, M52!'[9)#++$(=8#>EBY%#/>94)+,I`+(+5D+P,\3+N)[#C0V;)OX0MTGL$&H M/G+A`;B&]ZG$BD":VNZ0JVNSN.IX]C,(O9L*8SG5$R#V9[+,U[U'*%I"D%"C.3W1ZR M)]@#NLK2]15"A61.!8*9>7*BG>HYBU+,5.HV3-K/O]1TFQDSQ:38GTJ(P6G! MC(*-`WS$SRX$L'M.8THHQW\%GR<:J5XX.$T3!72*T\&;'K++^67NJ5EXWMQM MJQF?2N]FQSH]U4Q[U)YJYN#_*R'.`KNNPI5>BA@-_JLA9@[7'8\C[QF/7'A9 MWVDOPUFC!@E:XD83I`>`F4M=<:MS#\2S#UJ6W!`TFK`THPU=U-I8?].B*+Z\ MT@L2P<4_C]-1Y,1&XX!#J](Y22A9S0*U2.*YVS^R1# MONM*L:8:.V<*-A(?T4KN(NIOG>X(%(:;)(/-S"2%MM0')U-O3Y8I$DE)9IN9 MB&YH>N*=GV-K+@SG1T-H9I;;)=ZS'`I:,.+!,9L9YLCM`F+0'[GX.;!!9PS/ M5$]Q6,\&CZ'I\8:]>EW9(((T^N,AJTG&=;&C^U81.--$PLQDY]`10&M&>H+* M"\#_"1`T/L$2CCW@Q/YC0ERA*9,+PGREQWR\J#F\*DU3D&UJ9,[$T_DP$U=2 M.^3>5';N"1QYVZ'9?QCTNYU68]AN#8;B:Z_],!ST[SL/S7ZOK77+(:6*T]]N M2&GP_3=TY+;W(R5CK!IB-DOET->0"^P)YB`BN_JTPF[)G'M9#+A['6K7-C/# M79,PWA_+?9<@7@"=8QO80`0"!1L*(?.)45ELZ"Y_F/1XSR(E(E/HJH]DQ97. MF1:%`7O[MYL,FMEG!N"Z!<4A31<1 M0_O7JX'W`H7F>JXA['F9;+`[&!,*ZW)#M`36PQZA(DOJ>!PH,#EUW:YEG43U M@$^((Z_;,!Z<`%5N[;^?%CF[5@Z`[^V=QGFWF?$F,CD]L.R6_(?F/>P*&X*. MBASF>T(R@>_H0Z;V_]"TT(GOQ#"KGM8E213<"V(@,+0[BQF?5JZ^72YG>F*5 MSMX?S>Y&D>:QB\KR:%M_+`^Z<4[QR.?RO,60/,%,'A+WGMM"0+D@>+HVBN<+ M1R%JYO9.&U%/'H5Z!#J8(`IWB&%;07]\^;Q=/:Z3"@T#Y0(UCTHMMFO*V6V5 MA&4/93LH%3^N'49[ECJ+ZP"9D"M&O&IAU^>@6LI-DLC;C1-Z8ZC>2:+65EV& MN>T.<0=%KFVLSB)V'41_MEJ+[`@9\]2Q:LXSF8@LVSOF&W M7\&;OERWW]S['[!V_N^'*Q8RD1:,VSAX3.O5&89$ZOE(R1P+,^]67QDX'>]E MR;-AZ-J<(N4JQ,R99#S9#;ZY$ZSK@-,E4[@:E#:P)`A^`WR2H M#+TA+BRG\N)'"];?.][^H\'J=#Q=_`.PK@=CY`.GVSI-&'>;$S'>@Y@P/Q`> MG$H/QI-751+'WW3!,R93%[J(1D7VE->!EATGC!Z=5B\[J.7.F'!-X"*^%0F8 M(7R'+R)'S\?$OHR@+Y=C]Z!H@#/P[X-#J>-'F8>8$I`;GU(_PT" M@&[%.:QHHU5(=X3]./?U`J%MQ MS@%0OE+3#QAB[250&S/EZ>9T63/=/B/-RF`7#YF9QX&W%(]>))8OP^ERO"5S M_MQN0V3FL/4$LS`*]\>ZG";+G"6G"H@,'9XVO;##F"__]WI_O/F6HV:/31`^ M2YIU0#OU\:J$/?D7C^N/9=M=@N(.T"06/2MZD@'1.`!E4G(8?Z8Z>RZ84$\. MCY/I+69EMONX>LUT?C4(>X^@'8>LF=FC-"IX0IA-Y&1^+J;YX4B0W9^AC!IC\T9+@.<(4PI`3<] M+8R[JGE3D2J,A#;BE[\!4$L#!!0````(`&]6JT"X\#G!]1(``(8Q`0`5`!P` M<&9I;BTR,#$R,#,S,5]D968N>&UL550)``-R)ZU/M3W5X"P`!!"4.```$ M.0$``.U=6W/B.!9^GJW:_\!F7BK>*1+(%+5)H`(],_ND,K8`[1B+ MD>TD]*]?R1?"19;E&Y)3O'1HD.3SG4^7HZ.CXR^_OBWMQ@LD+L+.U[/6Q>59 M`SHFMI`S_WKV;7)__NGLUW__\Q]?_G5^_N?M\T.CATU_"1VO\4C+S!"T&J_( M6S3ZW\]_1_`5DL;O85L-VM3%U<5U@WZ<^-"UC/5/C4=CW;C\]%.C?=EJ-R[; M-]?7-Y=7C>YCX_P\]S,Z%[^P9_P!+6?[*9^CI[0N;ZXN;UJ?JGW*9>>FT[JY MOFJ,XJ?8R/EK:KBP0?7KN%_/%IZWNFDV7U]?+]ZFQ+[`9-YL7UYVFG'!L[#D MS9N+=DJ_=N*RK>:?CP]CO=;GSY^;P:^TJ(MNW*#^ M`S8-+V`\5:Y&8@GVO_.XV#G[ZKS5/N^T+MY<:R,7+6-YF\=L-W#=#'\\H^KZ MX8M!3()M^`QGC>CCM^?!83WD>$T++9M1F:9AV_113(@;;[V"7\]`L$6,L`!/]F@G](VNM640<^ADZK-.<6W!F^+97HG"';9;Z"7*"BO]4+B.MCKECINH@9#H6*) MTEI?S:CVV>QYV0GGC!_C&;GK6'W'0]YZX,PP608SU5EC'QX3B[5A7)AXV0R` M"1LH*MW8,SS(6A_.[NE3'1,9]@B[B#5^9QNN&RPB4G)*-E54XEO#9FO$>`&A M-S((?=X">L@T;"DADVL7E>MN^#0>/@QZW4F_-Y[0?Q_[3Y/Q\'[P=#=\[$L) ME])$M1)FUV66]DKLI^,%;7F!;8M:,OV_?3H@Z,@8TB>1.[Q[BWL:O[L"Q$(&F MEY6=PP9"Z:CM@)Q@HGF@HNP("=\\2$%;L9BLR=RS+7O8#U]L;.X\PF9V)R;< M92988F:&.PW6&=\]GQO&BJXWK583VIX;?\-4UCJ_;$6&YH_1UV"#G>*"`_K1 MC9]B&U-H!\\&R87!9:@@-3)/C.E[]Q#)&Q0$K5C6=S:[9%=JNM;'[47+?B9C M>D;P4D)E\2-QBK@-3.B@^7I&:_@NE02OF,QL6(:FQ(V)'8_VO[X=5*,#!L[9 MA_??;4S'XM]T:V0F]V]>F7D M;/#H1!)>+J--1_=Q9XO-(^F@,+BJB!S>IO^0&/X02&"$)WSI3+C0O)CCEZ8% M44@"_;"O>_H5""VF9SA'KD<,QWLRECP#(*DHN%:J=QEC0"!ZK/66(K7?4M\K"WZND>(/98\UWSZZYN]\PO9*]\BE6Z7_0H/T':M'P20H M/ZDX^*46^A>('U/04=3Y[Y%-M^A4ECDFXJZ_4Q)\JH7B^9+'.K\ZNLXGQ&!G M:>/U]M( MZNX[94"K(B=$R2H^$#K6\2=EG7@$"<*6V'KAE@6MJKP,U73K`^%CW7]6IOO0 MG@H%NZ??\?QOPO*@I7;#FI4#+H#W[9-B(IAA*T_#IC1HU6/W*A!_0T'"%O9+ M<_>@I>RS%\D3Y-,IS.D4YG0*FYWRHZ.3$]`PV[!&IS0)`JND_I9!%G7L=@? M%NSV8M@4E-OU[@Q"ULB9_V[8OLA:EJJO^#CGD("$L2*)1:.)K&N:V*="/D,3 M4H&I>?D$O>A82C26!-44'P')DI4"0:J%"8K*F$`E*VBRD^'Y(E84_D M\L^=\RN=VG^0=@9K8KR%:*0&AJ"6ZF,B64Y2()1_,)V?HQ&!*P-9_;<5"\*. M`\M#J=.YDJBM^HQ)EC-)*.4?UVX:S'G)7V#7LWPCV5P/'M'UV$DF_96XF MY/C0&JX@"<+%)=:EW(VJ/NJ27K8*(2S__+UH!Y#E=`-"[>E8-IJVA"[_6+W( MM(EIW_#6(]L([V508W7%-B-TII?82,E45WV")C]QRF$I_]`^/WT/AF,)Z&$_ MJSX[DU8KGY48@D8;I5L?V6R&=2F:P7)%\$NP?7?I_.N*3A:$]4!+K1>B($VI MV'3:1#T:Y@(YD*RW<::QEUP)M-3Z)`I2)P:FTSXL$6@:=^**H*7635&0OW1P M.NW3NJ;I+WV;W9CMP16!)@H,4_K9AH'>':N[Q,1#WX/O$\&)/5*E/`*TU'I. M"O:+,M6@TVY1I):9/M^$="NA\=E6][R MHTV+^(H]PYFCJ0TWSKO^6^0=D*!!ICIHU\-5(HNE_(#5WRN" M=CW<)NDH*HAJS<_6EI=5BB1N>="NAZLD4?BT*%<%7L54=R)HJW609/,C,FDW M6M9A4_:`C"FRJ=(@V_L'@22[.7[2O8BR38!V?2(ULF#2:8\]7M`MP022Y2TF M!+\REXZ`.4YIT%;K##YW":@T2C-'8K@+9:ST<)7"4# MT\GC2*4D/K2V\$I1QJ\#VFK]$N6PEHQ-I^EP2\*2SZ<+M@PZ:ET6)72"$C2@ MDV?S`3MSMFCTX-0+0O]6R#/L!VBX<#BUT3R076+<9VH'=-3Z2,KH!EGQZN2, MS#2C`N43BY'N0Y6>$2"CEK'RM&&(@.J4PQ+WG5$RD]3O''0 M4>O44;A2[RI!J\"9=T1RY(..6B]1N2PR-#H=5;"K1<@+(D;8O!-TI#ET3#$] M@EJ@H]955`)=*>AT.JK(Y?43**53?Q>2$)Q6)Q MA+I..C/GXM#(Q[>5G2OUYMQ>4=!1G1,N!R,\$%KY\"P+A0\?&<@:.)%UO"6V MR)F76AEH4>U`:V^09P@7G4[2FJ&3"1:LM(K@RO5F>AR ML"@'2R=?VX30/:E/UE*SXV%A<*4ZF5T.EO@P='*&'<+*9/Z!*]7I[G*PPH>A ME?LKQ9HM<#`/KCZ2:R,1HNK<;L`/7]3-3%5:JP5M^I$#HY-W<#!T\HL>B)HZ"R;44)T9KA`_ M[Q!T"NG;.>L(!94]X`E+J\[AEH63!/%3PN6J=CK?#9_&PX=!KSOI]\83^N]C M_VDR'MX/GNZ&C_V3Y_GD>?Y(GF?#ANXS?(&.#\5I1/9*5N5EKF":.91Q)`M`Z+1S#/))C0B>"6-DMDHI M=EMF(6%7:ITV@V-HVRQ+"70@,6R6M,E:4EVR@VT/O<`HSZ]HQI)JH`;O!\\, M2*==870GPID/'&IBP0=QPCI.Z1JY,?G2Z[3W&U!KA)K97OKHV2M9(Z_DH>0Z M[?#>N\8]11G>;O!IE]G<'7)OX0P3&):;&&_0?40.)LA;Q\!8JM&=5L*(G4?H M+;#%7B?@AK38H:.4J/JQ6=KH5M$$6#YI:N,6)S)Z%&C3RLR0ATNB&6 MWB<+#?,Z^5CET.AT/VQ78NY549;>;3ACR=X\CZ"I[S'/P@0_PQ5+4>K,^\$; MZZ4Y+O",.KES2P6MU:TT*K64I;Q3KDY>WP/!M\WTA>\CV/6CE6$_W:JI^]4B1 M%94#93.J='"\2RT1$8A25M7MME2_DT2&K`(KZS[4^JZMN3I`IE95OX:DK*Z0 M&;3.:VPD:_:96_6K1O*S*0"D\UH;&A*.%8D;I*YG7='&KL_B$_/N:5-;5/WZ MDO*8S@!8IY/S/R":+QCB%SK9S.&3S_0UG(41=D/?[XO2$S?(T6\P39MU>:;0C9.T%22ZK?LG*T;B!20,H"KC:"]91((;_,IW!6 MS<-98T!C$SH&05@VB<)V^7HF4-A#H-%:%$OVS7%7T$0S!*W4^_J)=31*I;"O M\02"!$@^+DGZY58HS):.Z16XK@46T3*;0=,+4E8?_BY@-%=[-8IVSHM/L4&W M@1CM/G9S?3FA57N'EROZ$QL8+U&$VLFZ.UEW']&Z"SL^Z_#8"=*$2UIYO'KU MM/82D&BT-.U)F&I,<,MK9.TE:3S!DYB`YN,1I)^E5PI3.EI[._>E4W,X<4HK MOL21."CXS/`!:,3'?OKH5$KX%11?<,K(2B(&G4XM$]*SIQ(DK*?XIF!&GM*@ MZ'1TN96<0S(UW?:]N,+K-(EE.:4[/(:JSSTL MGNPZS4XY;V34YU[5@>#:34AALJ:>3VCO&$&"<)@(+?AM&,CF]M_H=ANYPM"D MS&W5Z4I4+G`Z90I(`!!.#R51+6BL3G>H\J'3*1%!U_J?'UV%GN`$6S6`,S6H M],R\@HX;N..?(5VL7>3!*&-,"/T9FG@>]+>&)RBE"YG2&\N'/4$X1,OHX$D\1,J<(&?7G)II%R+!E MG''1ONQ$3+!O0&S11@8N1_F\8C6(44D06Y_0DSO#7=S;^-4=.!8BT/1.IM') M-/I`IM$3]%@7'Q'\@N@(N5U_H](,G$U2OZ[IH9?PA8GI=Z>R-U:CC+JYP.GD M6L_GTE6[K<^G=!F/KU9FUHY'@KD3'!/9<$?@"2YOG%;Q.,7&1ID=I2+UZ#07 MU"M'F]H8A*JZ`[_SE:DU/6>X)ZI`JJU@N3WR;%?)HQ6',AVW>QY!F3K-DSVX MHIL^%`P[^MF&`;F.U5VRH?8]]6J)1'7%\8G'()3?E2254Z5?9?M1PUEPHV3@ M>(8S1W1&[;HNY.:3EJVJ."[H^,QF4$PY@UR>ULQD1I*JC2C2A\*-.G0*4@J0 M,H?O/28][$^]F6]W31/[XCSPHFJJ0YC43<=I6M$J/BK*#/]N@8W"-"3,?_E&5`=#'7VCF4$O.DW[AY+'\Q15 M&D0O*4<.,M55AS-E)$>683[0*BWLNP6U_*`[<)ZP!]WXVO;[\Q--LM2*JI-1 M%Z)('J).N^%#R.SE+@Y]&A*^LE583W5&Z8J&VAY"O>?/$8$K`UF]Z)7IT;MA MXAZ9N'=O[@Z8CE`=7HU M79E;P2,%`JC.@*SL'*P4S>ED#ATVE]2>RF^7&?^[2,"*1;:,[WUR#8<]K)8=N-L%47! M)A[22#<"VEJ&GJ41EG`*DPFV1@$^5$X30BN(6AH;-AS.JQ$!(5T7=!6ZR.J=FSST.HTDR=Q:MC*E*4NN"MMK0JYST2"SO26AU->86 MF'@32)8].)4VW;;K@(Y:)V)U3.ZCU,DL>X:KR-Q@V3[D*$RL`SIJ?7NE4BA$ MJ9/YM=W76-XCBI5N#!ZP,\\X'/F504>M/ZVR<9D,MYS5,R'49=.OAC/VS`=L M\"(2DXJ"CI8W+;.Q(0)7`WHT3TB>P/!!"=@OU"[H:.D3DV"6WU,**T.CC5,FW90U M/8".EEOEW!TB,WB=G"),\JYCL3_,9?]BV&RG$2:*W(]$29DA9)L!5_5)NYP5 METXV`%_V+NVLA*SI7)66@U6J/KBJ3_9E:4`IV5"/>W?,7ZW"9$R&'6?W&C@S M3);!A")ANTFV`*[JD]PH`R2=PN0&C@<)=#V6NI>N&L)HQYV2X$IQ0$@&??,9 MXP#2R`X*0Z(FQAMTF8#B,-3MDN!*<=+"$H@Y`)0]G>&7)FN;Y9^F__D_4$L# M!!0````(`&]6JT"^W*1UHRH```*!`@`5`!P`<&9I;BTR,#$R,#,S,5]L86(N M>&UL550)``-R)ZU/M3W5X"P`!!"4.```$.0$``-U=;7/C-I+^?%=U_P$W MMU7K5,EC>R:YR\PF>R6_3%9UGI'/5K*[E=I*421DX98B%9*RK?SZPPM)420` M`GP!X'Q(Q6.CP6[@Z4:CT6A\]]\OFQ`\P21%S=^?G[LZ+A&];RXTN* MCEH_OR_:7IS][?/M@[^&&^\416GF1?Z!BG3#H[OX\.'#&?TK;IJBCRFEOXU] M+Z,SWLH7$+8@_SHMFIV27YU>O#M]?_'V)0W>X#'XE^^2.(3W<`7H]S]F^RW\ M_DV*-MN0\$U_MT[@BL]$F"1GA/XL@H]>!@/R@6]/\3?8!_XC__4;0!K]>#\K M>Z$][-*S77KZZ'E;UDGH+6%8=/7F;!3N/A#Q+_ZSRMTM^6R3Q?I8?CCJBQ$9 MX_$.)B@.;J)NS-:H#7/]D'E)UH/O"KTQSA=QYH6=>*Y0&N/V"^PVOB6=N7'% MYAIV&]<#Y:#<9DU.M0?S:!2I%;O%WS_B#+YD,`J(*62_)902P\[L(5D02)^X MT]@_ZBXD:T.<'$NZ7:'HE"QUY^]S^TM^\TNQADXC;`(RE.UGT2I.-G1MF2[3 M+/'\K.B(,D^[_T6=]BSGD=`><9G`--XE/M02FHW],3O>4H,=LMIB2N(;P>CT MQX0?IY\:6+`F MN]/D6`&\Q"^^B7]LX3=O<>;'V!O;9J='&%LE\487\04KL:ZH9QKJ7'655EZZ MI/(4#A-6\XLS&&:E"T44_^+T_*)PO?)?_X)7SPP2OA;>\F`:*WHN:&A$J85, MU@%1-@`_TR86%'5(7DV@60Z``KHMLV\!IWCIA#/\8ZJ"U4-C.WBM,BO!`6D& M:#L7@#L$TU80W("&$,5-7.@B.87^V\?XZ2R`B($8_U#'+O[5+\S6W\-'1$Q\ ME'WQ-CPK*VQJ!+<21NL`R-V(0SM`&II'[0@LF\!L&R0*Q+;B85R\7F$=2;QP MAK)1TX;'_:;9=P8\YS]XS;&L%EGK3[)^=\!:V`'CGUY-(5` M[C17L<>?XY%]U7BSB:.'+/;_^;#V\`S-=QDY6"6,R!U7&:%I+U8NA,@YI%2` MDDT`(P052JL>KB&)#'N_"F#CN,(J2!M+2XK`\P)W*]"'HR;&D%]C3'AZ0?YN M!\G].#2%3-X$5S'(G=VQT#;%7PK(USZ%GLC\'KY"CK^'(]MX\I,%LG&G]_6N-6KLRHT+JRAY>W^\%R;MHY<:/#,)!\7 M8R.7Q1;8MS_AW_&.M^3MC2.8Q[(0#WGP)X<%;6X7R<-S;QK10LCP4"W&BQED MDZB9.JX/K2VANLIN&RIH0-,91`_%N1TT-V`BQG(3(Q:R$>:K3RCR(A]AW8I3 MU)(SIT5N)V-!+I`X'6"^`B4A*"BM9LX-)EJL+9J5[`<%*`KS(51P:$&[KD(O M3>.!Q48QSF6T#-VMH$=X:7,?M7)M$MA@<=4A+D&$0 MRS3835F9?H:;)4QD6&XV-HME'K,-5+!#"0:.*?B9-;2)90VN3:*9"$T M&D@6X\(*DB]UD'QI& M-JYDCS0O&5C"1Q1%9`JPO\V^.YI`AYOQHXD#,=(D@AA=4'6,0&.-U;(`!I== MWX]WF)-[Z$/,U3*$7V"6)^;*%F$9F=DE62Y`8]'+FX-#^PG`%!.0TUA3EF/[=8>V)!$(;Q$4CO64 MR`V[XTH"-=U61C8!E)!5/RQ(Z0[6B>/!KM+=S^]N[A=_!],OU^#F?W^BXA,JKD M4N;KH"H;U[TLR^K=0PA8-+>EV./P;E*)V_%?UV`%\#NPD6I3X19"-S9/(B2U M;)LL*W1G<<"VE*;4#O`XDC!*^OTZ1-'(F!L%:A-P62;277HA>5#(9AK=2#+> MT%I)8@&=V,5++;>BS3.:4+?;[$+R>,HUW";01S3,C7\.(;T`&@7339QDZ#?Z M>R'_LH#T4)\PG:@WU,!P4N&*KD&U[PDH>Z<*4.T?*\:QBDR.=<1J'N!8`W4+ M4[S_JHQ64/D`E=^K]&PM0/\['@"-=>V5*8QC*^:K&SV7UN*A%S%.PN^P*Y@# MNS-YLK"4S(V=&3]+M_TXR\%=&5^4+S<+H'I^97DOYH``0^S`ND+*L;5D!/E< MLO8J)DWGW-2"5?XACH-G%/**I#>:&+6V%<;J,"G^9,]^RIB;SZ__.KN]M6M8 M%$;/,5.AQ+%+RE_7G+JB-]3&Y#VL#(\?6H:PO&MP\Y+G$BHHO!*YX7M;2@(U M+TH59-5[,."DI`4%\5.PP`F*8EA9'N%NPK*79A-T587K'$L=B"ET:HJ M,6#43EQ:Z"/B;'HYNYTM9MA7(J'3A[],[V_^,K^]OKE_^",-I"[^;CEI7!.8 MC<1R750:+#V]CI-L`9/-99PD\3/)E96H%Z^UV7+37'8;ICLFTTB*FS?*AG1/9XA)8-\IB2S!MOMK7G;L<[)"VH-+8#5W5EB`\-+8.>#ER.)AO@8V5+=G`96?Z]FQK`S=0(9+JONYU M5J$9?DR*XBP5U76P'LVX6(A[8,&)]7T@BR'90K^2(C:WT61":7$H0$Z?Q7Q"6EB3^\0A0M93*./C*LE9(?3CZ&VXE83 MK"I,J^F]-066X\T)31)ZCV[YNMW8M*2D"MIFZ450E-&::63UISK]""-?KD8R M*N-OA(K9YST6FK=FKFJUO=W';S6$F'_^/%N0FZW>>XD'VH)YMS M^87Z&85.Y1#>)?E%$3\_-S\A](UUB=TS^!*,Y_ M!$@@J>$G?$30XCS9(\25Z2?4E12AT=3"\^E2$.6/I[N%?W6^*?)M;4/Z#:_P M)+\W\SKO'?<4P:G;_WV%<:DP@,C&\)QGKH$QF#89!(C$?KSPSD/!+,KCQQ7. M)`92@=AL(J6*,(U\Q)(($"HPBXHCD`FH(LYB=F5/L:#&2R):Q[Y:GFV%?"3;>2H0&]4?)6'J0"N(0$$%3HZK M_%%"B^4U^DD%PR::L_*+!'KI M+MDK;1LYC8U:<2ZSC7.6O-&1-VW/1NOQG#*>O0SX<9J!4_#^ZW>5&`GYPS7T MX68)$_#^8@+(K-(#`_S#N5W%$".IK@@2&-D,J&L%TFT'T'L%SEV*E@M/2M5B MY69<%??8UG!#E)AWP(?HQZ?=0Q/UPQ('BYM(#%\KJ5/%3#AX42ABXD1>BZH\ MC2P2C;HE9FRE8:%<*L8BL@+*6J1B$[8K%!%-?W?^/M=S\IM?8)=P`P&=!=U!Y,'LDU4SH`0=F`Q*4(B5&N>!*8% M\P0P:K;Q!Y@>T`Y%]AB`9^H6"(#G%"TO8R) M-G3*DRA:H6E+Z2@7Z;3,9%%6M@:A127C"-&J7(P&'(A<42@M87)%*L)I$F'L M:8X(8G*-$>++KJ:P+`9-+HHQ+%6B++OS.P?!YP')ZJ2 MM"N%BE[7-,)*5F$'?U.%VE;NH88C=IR?Y:B;V4NT5^%@:F!1DI#FD&M9X4K# MKY11V5(F!2?L6(D<&F(ZD`*(EF..!"-KAI]1]%%'8U0>BQ\+3`J=1V M-?Y=\AB'&7PGG,46^+?JKC4W\2BG@_$BT5E>:WN91"6[;:E$K*$CN43M7!_I MJ-TB%,[^$3C'90_I9\O:79_,0& MFXWD1-("Y$TLOQ#?SBUY235A#:RE''884B=<6`%D&YEQ`KR:W&JFV7Q%'EZE M63DP>4(^3!_B4+[;%!(9WG!*F&]N>]*,U%&CS5D:7$X`"(7-;:>N%/$*I`0Y M]O::PW%L=F/9!O;FWK(5Z>9T]8E"^`Q,V);[%5DUB-GBMS3YYSF6W\6QXT0KD M`8L3TM#B/7Y=MA%M9DN;A^+6I'I*<-QXEUT"8I.AS@SB&<)-:"76UE"_&2XL'!^8&EY! M3)\MD8#0@@,+AY+[*6!,%!?/6=>@TO>D6&TIAQ-L#[!W$R5)(S8%^(?9.CP0`)9LMMC:##+R?5O^Q.]BJ,R?9AFUM_P3,K/&UO2" MAKG.U]1+O"^31QY%%!86"A[;`M#CIH5;!D[RUA:W0=K\8UT4NVHFC5_Z)J;U\<[?_B:UMLL$+:'Y`(D MPU2]\N9Y#JOS#[U@18=T5RY<%5O-H-6\_?3[M$@?*NH$6]/PK5HDESRR`5P8 MN>,VA/]BSK_#?"F=51^W,^IGU5GD;0J._277=F\J$M@]I.[#H4E=YL*UKH]\ MK)K3J:)B>7%3_M)+D:]P^T9.9U3GVD2HXZ,L25\6=I@`2N/$E1Q=:1CGQ8,/ MAWH.=K&O!*NZ+JAARJ48).:4,ME6*T6W)\>BDW4QNX8J)U3E&&(M5U3I+_05 M+Y[G9&V5CCC6C_GQ0>QF`+";ZNKTZ6R`KX,Z*P7T'%7N?H-Q+0HW*"JZ>S&8 MCA*[9,,ZJ':?C;!MN\9UC'2=
<1_NI*KW'9#?Y5Z\F\PNV;1.:MYS/V[9S@D<)WU7W@D77L]U=\Y?_WWL MS4<2QH%=B.;NPP%U9B>/49!S-,_6Q.*D?ABG.U)&N^OY>'N/]H-T2F*KGZF3 M/+J\OPF@/8)*ETZ&`;H/PU\A>EP3M\O#G_8>(?#SDMJLEG:\R]+,HV5B/[JE MJ9J`5SNY5T>[.4TO9FC*)NC+CF1]SE>L[NW\,#]M(7:]?HQJM:Z(0A#G'0#6 M`]E>Y"\[5#JQ'JWO*RVS4F0U94IJS1\81!"[5J63??JT]Q3WSU%YX3ZR^Y`V=^A%#VM(Y/' M2G\^ZM2!-\)?R5@8>[!["+4X>LM[$)TPYSUP`YNDX`(MB41,$N?O$A^B6W]& M/8FN(DLCX67#"2MU0OLBX.>WLN=5#"7]HGJM,2KB@0H7(^TNX+WP7E_&^X'= M8)'FPOS@;0MY56<=AP%,4E8%22%XJ$9OMD2SHDB-,K_E@S'$[:]0%M7D7`@` M]AM!"(( M$3>2B815?>%F5>V`H-.9U1F+2)4(?, MH3T@!*>S".0DC@!(:4[J8%*;$'/`NH>9AR(8%&>!K8@2$!B%DI#I.H:*AJ`\ MZ78#.O)1KV.F9<@MO2G:WMO"@LQ.1#K*WZ`].N,:WPD/1@+!O=[:B>IO4[+QMJ[X]M MU"Q-=S"XWB68ASLZ-S]YX0[2O\VW-/IY\P(3'Z72U%S]O@S'"/1%;6ZUR8K$ M.@&L%\"ZF0#:T21?M/*^0-F9S7!"?[F+OY$`W3M:_2_>.A`5[XS>9K"A*W2M MJRJS(@/IJJPS%Y15+BS79SB]]%)ZR+LAAS[T*`-,DX0\ET)#SI=[4&UWY^WI MKZ?/7D(R;;?YQ:#B._2)%<:,T,>44%5\&[R9C2_^WR)ST6 ML2`N03E>$JA6$7T/?]VA%&4P?X2827IH:7MY&O+1`>B`&7SJW;N2S*H+YF];`AA2N6>V8B6U!O9DZGFPP*?>RY:+ON/X7QL\K]7"F9KJ+$RJ)82IH30DN2*R?& ME=$G$P@;=TG\A`(87.Y_Q.9P%I4/H4_]##UA#UKI3GN'SDP_OJ`O+*_8`L5B MT0T)M)V0GO!>^"M0=@8.O3FA>X,(7U%"FE+.D];ZHPH=`:$KFBU%ULA^ M-_)1"(\>C5C$PVGX*)^S%T$;;L!:HF;EAT#S@1?\Y]=H3RP,9!:#I!S(Z%#T M!O^>_,LGH[@M1G&Y+^ZXX+'S#F.'70F?5QO00 M"6]18BH3.LCDC263TC%+-Z'(T8OW^)C05WW+X@3,&<$6[=%#49H=GDK`VS@O MI'H`Z4F,'Z+(O8^N/<21_%F3_[M M@72?XC4?\\\*3K(]GQ>"C1=%>*#QIP]G/REEU2T?UCYI6R47;)&F!7+-[&@:&^B4RH_N/%@'J""R;`]P>%`2@H+"WW="4XX1L@7'7>VP&OF*Q M4RK5"DM%*@>1>"E>/O,.2/05HB?R$KE=)UT%;G7G7`EKAF\Q7M;S&&4)"7P" M\_<9>4RK7E"P?+-1B77EE%PSFV[-,5]RLJ\=V%;+X)KJ,E#^=R6P*K-R%M'-8^,FJ7,BU*?A`Q,B M9]_F--BU;&+5;[=I$KWOYE$00K1` M8AM$J>BJR$)B%4);5V\Z"'20@D7&DE&E4`J/=1&#WGP@>5&4MAKI2N"6Q([P MOUC,BP0!O0U3^6`':0B-N#L1!'OH)>`D3N@_EKL413!-@;_W0YB7%8XP1Z`H MVDH"!Y57C$`8>U'Z%DS#-";96N$N(+5N\H!CY8MY`/[`&!X0E.TG>:B?/&B& MOU.)]P=P1XK$(BJYAA<@EE[!-EC&95GVIM??PHZ/A%P9CK#FU5B:AKQ?;@VF[;BO' M`K7[JSSS8].,WN%EVD/!-5S!)('!#3O8+XR^\*BW9X>6#:^BT(H6.>^-I$.Q M_D#>8<5YMG6>//@8Y&1%!DC5Y_%W";ED/=[A$USWG=9 M,2^KW=5(QY"W+U-:5MSJ&0[AYY#0K;]><3NP?7;#%TKUW(:BM7)YPKFU1U&^ M^4"Y3`-;4N53,:1/AZ-4F>M):O5'1'M*(R MJ\#9X#U>]D@0>7Z!W9S&[&*#DNWO\,1ETR@@E=&WI(E$<34Z,7O'5T>XQAEO M3DS?0&'DH*"?`-K#A)[[EIU8O`3<1]#BWA8]S`Y0MDOLQ9V&F;%,=<9L)U\X M/6]Z1X@&1#%ZX5S;+C:NG^L;1:/E&WP(@_03%OS!"^%\USM18 M;]$5TOJ4-`>DO2,ZHBH"JX!.1)G4KK=B8"@EA@/!S%(^P%.?GH& M+,:>$&N&BJ?;4@/%56QSAND>;O.P"7D37,TPB6F,&B89ZW40'=JR)^(=,4P= M12`+M4N&J;L8PQNF7D?2#L^'GH$=71"3!K;51M4-;+N!LN/YS=)TAS=V<+ZZ MC:-'31=00&S-%Q0*(W<*"S)BAPFA"V:XGUC4+Z$*0\K_N>.+R-$F9:LP?J:%-_,*FD-+T\F!<&L"-"IY#LRSL;J=$D-R5*E39D5< M/`,9YAA8M6-'ST:&.0;FG1R\EF/@?H-R=#"Z*H?!V6/@`:2MWJ12D]C-$Z,! MCH)UE=^Z&;Q&:7[)#08'_KJ?!K?TYX+1:Q59T]95^ZO8-9>/A;6'H'XR+)#9 MS<-A-8PK:K@BP,TIMN*]33[?$@7OUZ]11>\[!%RTZ]P?%ZB#/;T?>D0.8KNR MK`\"^[K.#X-YN[K/R48;1/?5^[6N^SI#H*'[_-S65Z'[?49DYEQVYR"P5]%] M?1??U,>_H9GZH M3;S#F_?!-NVO9*>N&HT+JE(Z6\Q)7\8BOJHLG[-1B$&B#Y:\CVD4D/^12[Y/ M7DA.J.[H&W_U^J4MSH9R-\9]"PT!N:X$N:A/?ZCT,`&L#\"I)VS7;^@A+5', MDZ!2ESL7#:LHT5=;]F8`J=I%,>W\Z&H=S]?15CESAN5AM]V&D.8NA(1'$G2> M1:LXV5!;IW`RH=J#47.B+E8=A55*4,;A0878B9.&@00D*WH8IZ0.#RW`2.2E M62?HT)?E4P9-A-;U3Q>>)BO]9Q"/>W;GH0#;/HF*U5L:KM]?9[,9L6(MP!U] M"@TWLEF27Y5;VP7KN9/?K$W/GWFC[U'$&[CP7F!*F)"B]+BEZ5`GNZ!46/=W&(?+5+]A(BLV\9 MR)@7O"M$PH1%:R=\DE&%,%I-OQ5*C=KX[3@RZ-.CQPBMD$^*@C7X6L"7[!)_ M_)\REUZM`[,>O:I0#7_W0`BXH"/$@%+;].?MB&?4D=>"9<./U\-DCXL;/WD) M(H]_%;[7#?Y4MK\N=TJ2946/WMP5#PV1ZO@J2$'IY3-B<*"VNOC8EL_8-0!= M6![=#=#&Y(CZ(UN!-#MP1X-D)EH)8E97H=^#B$IWL/K(>'T<*WLJ1$:%R)!T M1M;[A#>N<,$M&V":F8@U+:E/P6 M_V+C)7O<,H)X14;TYUT&UAZ6`XMV<$B:8Q0GI"?22[HE7TT8)^LX#`AQ@X"5 M7SYY5V>[RO);AZVRT*_I:.G,[2)NO"0B%^+O8/*P]J1N3RN)T9V"A/&Z2A=- MR2$AH(V=V$B/)X%)?[\-0'4/OQ4]]K"OLFD6TUA%OVQ%XX''B=WPJ$+8U('6 M;6X[BLQIP6$=FJ^NXLT61BEU+NYA2);=JSC-4LKDTDMA4-2D5E@G>G9L5)]Z M#X+8C225%*I=@KQ/0#N=,#"?7I)^05E?WH7U:)0$EAZ2-Q591'A MM39<_)?';K-N6=G*B3WBL%R;K<$JA$>S^JH8&SU.4',%2@_=8PV:AF'\3$I5 M?HJ3ZWBWS%:[L&BH<;@Z2-_FSET'&@J!:4[!H5]JF\N>`>X:%'V#LKE;)[8& M!V?JU.`HG?6.-#H+=BY*'G@\W)Z@53J]8B"2BE4CJ/+*@1,ULWF$.:2U.3K= M'-34F,QX?\+S&R=J*5\J5(8SX67L\ZJ-T-:NY',9$L-L"GTKH)KI].UHLJH1 M*CM9*9EMG9"9>#Z:G-B3CB^)9OK>MH1QP;3".`RTQK"140F#WT%S'=.+3U;^D9AWN@!NA0R MC7-Q.5YL(5TI$49`81'KT@R-.EZ<6#S&XM\>XMM305IP8_(0CB:?W'E)ME\D M7I1ZRFD=K:2&C^=:!6F>>K&L)$H#JD1.+`/F)#)[K*<&N.89GR+:[.N.WAJB MTXL3&J5FJR50=&X%LB^I"QJHL7YUP:S!PAOPD9Q*WA?W-56JYXE(S!;7$#/> MJ#?!FH*RK1-+UF@"&"V0T0*?1DF,-NS80[[>2J1";54?U.QQ$UG.+3C&!;.I M/QKKB@X"#6I5AA<[PM>##R,O0?'T!TP;FL; M0[(A;Z!&.MX&<9)__LY*C*$UH4N_%=/5; M#?$XQ6;K3R.`601J!7,IM=6:N?U$+.OI@JU(%L-U=741R:FYJP?'7.);W-F? M\<_X?^0J+/[+_P-02P,$%`````@`;U:K0`(378PO0'6.QLIV$ M^?57LC&Q09(EVR!;P\MT)M&1SY>D\Z6C[_]\7WB=5X`#B/P?)]U/YR<=X#O( MA?[LQ\EOD[O3KR?__.__^NOWOYV>_OOJ^;YS@YQH`?RP\T#&3"%P.V\PG'=N M_SC]"<$;P)V?R5P=,M6GBT^?.^3'200"UU[]H_-@KSKG7__1Z9UW>YWSWN7G MSY?G%YW!0^?TM/0W^I]^H=_X%W#][%>^K;_2/;^\.+_L?MWO5\[[E_WNY>>+ MSE/Z%0_ZO[_8`>@0_OK!CY-Y&"XOS\[>WMX^O;]@[Q/"L[/>^7G_+!UXDHR\ M?`]@;O1;/QW;/?OWP_W8F8.%?0K](+1]YP.*3L."ZW[[]NTL_BL9&L#+((:_ M1XX=QA(OQ*O#'4'_[S0==DI_==KMG?:[G]X#]X3PX"_?,?+`,YAVXN]?AJLE M^'$2P,72HWC'OYMC,/UQLIQ"_Y0R\KR?@/\]%<[`=V_]$(:KH3]%>!$C?=*A M\_[V/,QA3^>P/SEH<4;_>B:CN=DYCGR7+*IW?XG(@N" MK(P1^1*^1HLE^1/P`_@*AF3O7P!5S56;O+)$D!\@#[KD\R[YV263`U>(30DI M5?Q&C9*[MH/YG8?>@J'O0@R<4%4ZNQ-4QBY:+&R\&DT'CH,BLKWZLR?"+0>" M0`XY`7Q5W'[:&-HO'E&V$&`0A,GN+X46![0J1K<`5[81HP`2[R88@YG\"MP!4L."Y5QX&"=S^V!&*:6NQ3?J6G2_Q'BN M?WUOOP#.89[U4[[EYDJ`#H8CV;TA(@Y(.62WH`^,-;$@<%@![PS\P3"?H-#V M2N&<@3P8MH^@''\W<(?C*S%S03F^?D#6BFVXBZDR,W-<)&Y*0#:PV+2Y)VCD M$`3O(2!.@)NB2"VL%+S.@H.)W9]I(PO-L]`UX8I+^A]'1/S[OK M2-'?U[^V-A[+A)I$#/39`ZUNBFM6@@.'V""9"/,7\% M^`7EUIT>4<81+.(M4P=B\`X#&:ENPU@]30+F2ZE`F@P*ZA*LITFB69)NT,*& MOD"4NX.M?E-DR)(-6YQ,*EHO1[18K`/+@P>P>`%8),>=P=:%9CFRA<(1(`O] MM@MPH\C$1@%#\J/4GKH9;'UNRD*4W4RSJ*?"ZS;B?`R`\VF&7L]<`!/YD1^V MQ49^926&P3.806H/^.&CO6"9-[RAUI>FB"PGBKS8!,AS5]QA^'Y-$,>V-R3F M^_O_@)60\5MCK5]:Q?E=[/GK9=^\OXXP)?`.!H[M_2^P\:WOWA!B..SG#;>^ MMD0"`@)2(?0T+8`[Z`%\37"9(2Q6_]Q(ZUM+6,_&/>5Z_^!#LWA`T'`I*G>>S5/Y MW!BKVQA?O(#).VBG7/Y%FR)O,C("6X8YUNKJ]IQ557L'_93[7[5Q/[&N$L3N MR.]8KJ]PO-5MC/LK*04F":DDOFF6!+5SY>6P&6UUV^+1"@CX<*W80OA^MIU0 MJC_+)%D[JB]&Q8GQ-LEM)LUKA/[/6&%U+(40.E//,J*M(`(?O*]71)^PF!I0_?VG5YZ M!.GELX3B8DE+0.O/>,I*7)(8?D%`NR2?$#::WL!@B0+;^Q6C:#GT'2^B677R M6P?1"Z<1<$=+@&.A29S(I2?5G[25/K`KT<@O56BC^LAJQ(8!ND-5:D+.H,VO M?U"46[AU#>_`VSTB.AFNGCP[N=%#G(LE]3S)Z2;A-\N`Z\]`RV_X50D>SZ0U=4=_ZHH>#%IIGC=7"8525X, M:'5UA\0J2K^8O-J\U?,+JZ0[15=2I.AEA2F1`Q-*2SH'5TQWWV]?>LR:N-K=>Z\Z3-J$2 M2#D=8O7:$M?+8LRO\&[7$MWN#D:T\/9]'8&2$*(,N-5K2T!.EAI^47F[A,]* M33PBWRF5F/D`M'IM"KH#<6J10Y=A@39TPJL M)WM%RZ_DZ\[R`%9/=WRM!DGS23-E11,*<410_>"5E,#9,%9?=_RK'IGSJ3,E MJ)ZAKN::EXHS6WW=H;$:5*@&'IA247>/_!D]*FD;];B$>PFI,0OL`(Q>/#B+ MZ9;8G5#RP^N167W?P4*-]DF>#,86`']R04QVKKSL:6:\. M4'IJ2P5J/5KH;6P8QM5O=+>,%7@&?$,7G!IQ39F-ZBR]&,T59?=[2R0%*\.APF)89$HC-]3@OONV\-M2YT M1R)+R9-%AC&19M>%">)/-G2'_MJ7R9`L"CD7`EL7N@.'I20N1Y@I8>=G$-K0 M!V[ZV&FNWG0*'2@ZJHN!K0O=<;]2.B!'F"D1X0D&=A#AE=2^OCO8NM`=WBLE M8S8AIH1L=UFB9');%[I#=:5DRB;$D"!M@>]1H=S'NC`KA,8ELKXJO6U5.$2S MX2O;H\]3C^<`A/FW[JN_9YF?._R8N^@QRT+`8Y]@B74@S4KNQG?L$%P(<^P0 MW!S!'CL$'SL$'SL$[\K1TR_`8X?@5DKPV"'8@)!L/GU`C/P1CNEUXP#%$\#Q M\V+2F13>!*WJ*"Q-DB%G:9[>Y#VY013.$89_?#B+A;+?!M3>6[B\S!FDF+G@ M$T*'01`I"SH!TMY5N*J0-V28DF#)Y(U*;.<2T/J[$*O(7)(@4U(K.P^#2FWD M`BC]#8I+2IM%B"G)EATR"W=P#H3^9L25I/M!A"E=9'-)PH1(V=QH,EI_VV`5 MB7((V&,E^R'R)M>CQ_'H?G@SF-S>C"?DOP^WCY/QZ&[X>#UZN#W\XXQ#GZ`& M-G*1J(GD0!Q3*PKK@,_#/VM.I62@J#%'E'J@R)CTR=CV0/`,7H$?`7'7NZV1 MS4F`.[H:([QH%X6A*>W_%M0H`OT('!&/DB6U&'I#V](F*4(5DF!+6 MB3N^/F$T%=9/9D9I3Z"HB#"/=VV1&JWE56/@>;0?'_`!MCW:5M5=0!]2(R&$ MKV#]ZHIHHY6:H#EI%IG]5Y8D4\(UZWN5_BPQ%N_%[:P9HYN86.&*EXU_;4$9 MK`2"`L7K=;(YN8)N%*QW$#Q`'V$8KE*FT,<7W:CM&XW,+4FJ446R M3>FG0`B6+*?0?U^CHB:-TJTIND:9'#E1U`1R+S(X33_UREBF@+ M23&FAWKQ&4AX$)-?5/^C.)/^MRV+A5S6;-@AU)!<@,I)5TYM%.;4_[YF/0JD M2+(I:0$%;$%J?_=S2IV!(.8^E[Z M:-3AP#D6UPRHQ9;(SJ7_04X945>P)[:)_7-:%*741VE6_:]PUJ5(RF2;:EFL MZ50_<_2_M%E>%P0DF6EA)(:7[ZX)C5\_HTO`0T%$J_G+QB\*9]3_>F=]6J)` MLBEU%/\"<#:GW")XV#/P&-%+UJ-I4E$^BL(@M'W:T[K(/U&:1_^#H%4DS]8E M90888L)PZ,Z>KEGRU56(-Y/^1T8/ID0B%NS1;-%_XZ/NWEG$NPB0!UUZDY'\ M[-(TM[OQ:(/1-+$AH`D):+]B*][IT&SX5 M[G691N$F?9LP@BX> MY%,W0-;,9<&US]SE4&&(D+>H*[1\F>.;8_7RA,6)3'.(,42VF7XTDBU,,V.; M8_ZJR91%2.M[F7+>X"F4JA"N.5:MFH2+B*HM]:A+VMNO[12*F0W0G*O5:O+E M4E-;-E"78'/MI`JERAC=G.O4:B)EDU+;S>JV1I@:4V6H'F$RI^-LU9>A=-<$ MLH7#$R0#_;JLW27`$-%L$0ZUR5(A$;Z;YVWB/6*^*%GHU[8F&R#+DI?[&A-, MDI#A#NJF-'F.]YFD^^E-A(ER/L7Z%+:;4Q7&(3_:VFA1%,%DCKP*K:DH!?:;TE!ZX_Q>M6Z!,$"<$$+/BQ0YH M\(Q?D,B*43P!"L>^LE;'L&#IKY\2Q%3[SN^].-O+8L>`]Z_]PPI6M3 M5=]"^_7EBLY%YE9RY69%B4EZZ[LM=2X:$XTKYUQ\A-\JMR=B2?(@5;#"ZD96 MXHWXOT,_4T; M_8$3PE<80JG&".J3-<=@O)?JXZE.GCEZ4B*3J]N&+"4+0347T%> M2<#R1%9W3YH1]-ME%WW[UR=?@TPUD(+37WR^IV6^16/UG;^I2O"$P=*&[LV: MB/7;P>E:X/J[U2;4__#5GM1&EOCJ/DQ3]2DF],,64]E38SU[#Z7\W:LXV9H=.4>XM,8G%$D(?V"_1BMTU5)[;`];][ MM#^U8)!:V^4Y@TI^#E3JH__M)&W9YEIX5ULD5^M37O)U5JS'$6LI7&5-K/^1 MIL,J9W5NU18S;J(Z4H=:BB>+J!/?\:ZIL2EO4J[;3C_B2`& MA`]D182K)\_V0^*UTIO%2SI$E,:4GL3JZ0X9EA0W)T^I1+CV"'%MN6X'`#>N MI1S;'AA-2^F,_"Q63W>$L5ZE4:/VU@PF=73';"LP38NH,^4&HG<0:W8 M+[(0UNKKK@`;J/1HRG%]Q[9K`IMWE"KKSL86HLL1>294JD@SZAZ M'%')B:U^0V.FY7:#ZLRHK1"BB8XH^W9Z>5]4/)_5UQU:K<$=+291_]E2C\Y( M9C?9#!'H3J5YK7Y#8Z\2>L'6L\KL,,315>)K75N3=='0P$AI=5(FWXQ(*Z5Y MX+OT'YK0>K4]ZA4F[S)L5[85[$VRTU@7NH,I*L>9*F5F%*>PJ1Z0)8+QBNRO M10^F2,%;%[J#*M45@4%2;99O`YY@.Y`>Z(ZD[$$//F(E!KQ[$BV77LP?VTL[ MUP[]*<*+1%`2/83E9K`N=,=A5#1!@2A3BK^'?@B(8$+ZUA.QF(0W`'(CK0O= M\1$5:;'ES2#)$!\B*?2=V.\@H,2)+W9D1UH7VD,3-8AUAZ0]YL`.TG8^6BQL MO!I-UQ>4Z$N!R(,.O7%Q^/LB.SC(M!_D`NGI.`]G/IQ"AU;^[6`V(>*Y(A__ M773^24V@O4.]D.V\4U"6M'8_Y?#3QI!>\DL/@=ND#VSUS!5[8AIW\%`085#T MY)1D3B+D^'/V"V,9`X M7G@@6@Z7;61DSA,NC/8C1,!:S@$BHJ7=:R.NL=OM''?XEKJ;?6Q-AFCZW'_E#FEX!G6,;?V MYVJ)PYU[VP?4N@]$V,DKK26D>+2M,"D.9-:219">IK:VI1FJ@*Z+%=+=L,[]^3[7[>K)]IQD#3]1?;.*U^D#8^8Y^N M6[E(K#3JS;-ZL_'A^UJIGS9/&\WS,^TVM<*]*9XA32`VP6*(9IC/D8>O*E,A MYLU:[?'QL3H?$XJJ7CBK21WUT],&Y#[`TJ=NR&8=/$91(*XJ?T8H4`Y6-`"+ M\J84W*E)L3[C>CRMAFP"+/5&[<3^-6)#RG]8D>80X3MDE MU1=+@77F\UI,7+(&!7J_]$'QNE)2P$PH%XAZ*R>VG$Y";%Q<7-04-66E>(($ M]G.57]18&.!:PI9*15R?(#1?2HT1'RF)A"#3W=#K#7V9\%1$1T+DBP&1D5$D M,$_%O#"B@BV>)Y1CKSH)'VH),<.:%S$&TS5/+J%F"/J89,L`(8,=/WG3;'Y) MR1`@]`%SD2T2TS*$*"(>SY91I`P13KQL`2!DHR,6<\PSH5&4+!MBSG*,`"5# M@.%Q[HOVO@;4%0ISAKT=+R9BGGHWQ\@3.GZ:!X@B$;)%%WXO,Q=2&LVRE?B" MU61H-6#2@0LSXJVFA=@])596=IM(U$,%?'>)*`T%$E!"/UVB^9S0<2B?OWMW M*6=F4VIW04B3@SN[EU/1E!-IK3:H;U)!Q*('RMA,*:]H!-)7R!&;3>SZ&'03 MY1940DU?+00PM-IW`W/H:L:PH\&_/?>KUAMV+7M@N#UK>%G;U+"N..+8M^@G M-09<.:A4YF6)2R03ECRIE>+R,AX*O"@H,I0\2O/]4@P,;6/U.Z;M_$LS?[^#_<51H]H.*0\#XLLM,(Q]R#WV"\'* MFIX'*LG'^,,K8?QS)F?/Y#;BTVX0/O(>]0F/3C2;(;:PQH:G;AL(G=S"G/*(O*)0F!0PY$-R(<]4A'M!R".&)3YW M@X%A?Y69-]IMZPZ.6,-K[19@:O?,XX;@'C&"1@&L/`)#="(^QL;9SZ'E)KY1 MWTS\O6'WC%;?A+V%:]JFXR;'VZ-.N8D8A1>9WV*F%HDXV5M/\]/*,=[=:TXZ7@J!/LB-#[UD)<+LRS.2S,:S-8X\^0$0A6VZ&UA_DY_Y\,_>] MX3W,"J6>P.+,^R#C.%U3[W_CG/LM\<=/$H.7VJ4G]H/FZGMF"WWJ%-GXT#>/,`) M7RQ.QIAHDFO*[[56%D]D\ MD(T5ZME4?<&6Z=;3AI(_(,#JTRQ(6:3R@E8-!=!F3A+#J8KDPW9Q`P>8 M"5AJ:ZGSE=KKA`39WS>DYX"]M8`"--HW(!#!P5N,!5[S?6/9F!FO'-%E+6UB M@-&JM4%V.D`P(1,:S6SSRNMABCO$^J&G]!2(R%]Z*J?+1WKC1#]M5)^X'_NV MCP/+J/9T()7;TX'LSK"2IE,!:?.\C+7"!JTE" MEL/&^X-<*%D4U\R+@TT7=Q:6=6==B[E2LJ=WA4VH9=Z,5$8.#GDOMGH92R5B M4^H0;+(;-O?S(J3#(D>2-G/E27'OI#'B@J'TRZSYZF6[B8\(W32 M$W@FSR,5#25<5Q7!(KD+5%RP[R*A[RHY/V+)IP)*@D#>@::\/`)A(B))O69A M-$^-$%"?&=[SUC>Q^@Z?$5L)WK<36''C`[?&<1/+L]Z#C)@/4_.CI&-G'\C> MF=E#X]M)DOF$F4D``AX1\9VB+A/K#Q1A>PJHP'M%AZ'`/+WI M7WWX6H^T!._WB]ACV'^=D&T\1XNX?+B8S?HAHFM!9E)_A+"R.U16MZL9U;6\ MR-LIG[M\=O&3:`6A]VV/.-=DXD#C_\W3%.GSOZ_L[OLENC@1KZ/N;\[192W> MB`Q0````(`&]6JT#Q_@O+MSX``(36`@`1`!@```````$```"D M@0````!P9FEN+3(P,3(P,S,Q+GAM;%54!0`#M3W5X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`&]6JT`%R.M+L0D``.**```5`!@```````$```"D@0(_ M``!P9FEN+3(P,3(P,S,Q7V-A;"YX;6Q55`4``W(GK4]U>`L``00E#@``!#D! M``!02P$"'@,4````"`!O5JM`N/`YP?42``"&,0$`%0`8```````!````I($" M20``<&9I;BTR,#$R,#,S,5]D968N>&UL550%``-R)ZU/=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`;U:K0+[M3W5X"P`!!"4.```$ M.0$``%!+`0(>`Q0````(`&]6JT`"$W,O9Q<``"R*`0`5`!@```````$```"D M@3B'``!P9FEN+3(P,3(P,S,Q7W!R92YX;6Q55`4``W(GK4]U>`L``00E#@`` M!#D!``!02P$"'@,4````"`!O5JM`8G,&?U`(```].P``$0`8```````!```` MI('NG@``<&9I;BTR,#$R,#,S,2YX`L``00E#@``!#D! 8``!02P4&``````8`!@`:`@``B:<````` ` end XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)

Mar. 31, 2012

Dec. 31, 2011

ASSETS

Cash $ 578,000 $ 443,000

Accounts receivable - net 7,808,000 6,327,000

Inventories - net 17,896,000 18,588,000

Deferred income taxes - net 512,000 512,000

Prepaid expenses and other current assets 588,000 454,000

Current assets of discontinued operations 23,000 23,000

TOTAL CURRENT ASSETS 27,405,000 26,347,000

PROPERTY AND EQUIPMENT

Land 1,550,000 1,550,000

Buildings and improvements 7,519,000 7,504,000

Machinery and equipment 17,408,000 16,803,000

Property plant and equipment gross 26,477,000 25,857,000

Less accumulated depreciation and amortization 15,521,000 15,091,000

NET PROPERTY AND EQUIPMENT 10,956,000 10,766,000

GOODWILL 5,150,000 5,150,000

OTHER INTANGIBLE ASSETS - net 2,050,000 1,950,000

DEFERRED INCOME TAXES - net 1,595,000 1,595,000

OTHER ASSETS - net 715,000 778,000

TOTAL ASSETS 47,871,000 46,586,000

LIABILITIES AND SHAREHOLDERS' EQUITY

Short-term borrowings 6,324,000 5,648,000

Accounts payable 2,455,000 2,229,000

Accrued liabilities 2,688,000 3,338,000

Current liabilities of discontinued operations 24,000 24,000

Current maturities of long-term debt 1,115,000 1,039,000

TOTAL CURRENT LIABILITIES 12,606,000 12,278,000

Long-term debt, less current maturities 5,064,000 4,861,000

Liabilities of discontinued operations 289,000 292,000

TOTAL LIABILITIES 17,959,000 17,431,000

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY

Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued 0 0

Additional paid-in capital 10,968,000 10,919,000

Retained earnings 17,941,000 17,235,000

Treasury stock, at cost - 342,000 shares at December 31, 2011 and 2010 (2,955,000) (2,955,000)

TOTAL SHAREHOLDERS' EQUITY 29,912,000 29,155,000

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 47,871,000 46,586,000

Common Class A [Member]

SHAREHOLDERS' EQUITY

Common stock 3,958,000 3,956,000

Common Class B [Member]

SHAREHOLDERS' EQUITY

Common stock $ 0 $ 0

X

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Subparagraph a

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccountsPayableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccountsReceivableNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 14

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AdditionalPaidInCapitalCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 12

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Topic 210

-SubTopic 10

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

-Section S99

-Name Accounting Standards Codification

-Publisher FASB

-Paragraph 1

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Concepts (CON)

-Number 6

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 18

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_AssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6801-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Section 45

-SubTopic 10

-Topic 210

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

-Publisher FASB

-Name Accounting Standards Codification

-Paragraph 1

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 9

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.9)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

+ Details

Name: us-gaap_AssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for current assets (assets with expected useful life shorter than one year or one operating cycle, whichever is longer) of a disposal group, including a component of the entity (discontinued operation), to be sold or that has subsequently been disposed of through sale, as of the financial statement date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1107-107759

+ Details

Name: us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Gross amount, as of the balance sheet date, of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6812-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_BuildingsAndImprovementsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.17)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 17

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 19

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 25

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),19)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14326-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommitmentsAndContingencies

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31928-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 41, 42, 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31958-109318

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31917-109318

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31931-109318

+ Details

Name: us-gaap_DeferredTaxAssetsNetCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31928-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 41, 42, 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31958-109318

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31917-109318

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31931-109318

+ Details

Name: us-gaap_DeferredTaxAssetsNetNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-Clause 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph l

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph e

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 72

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_Goodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 42, 45

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph ((a)(1),(b))

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274

+ Details

Name: us-gaap_IntangibleAssetsNetExcludingGoodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-Section 35

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6386567&loc=d3e3927-108312

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

+ Details

Name: us-gaap_InventoryNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6812-107765

+ Details

Name: us-gaap_Land

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 32

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 25

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LiabilitiesAndStockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 21

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.21)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Carrying value as of the balance sheet date of current obligations (due less than one year or one operating cycle, if longer) arising from the sale, disposal or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1107-107759

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

+ Details

Name: us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Carrying value of noncurrent obligations (due more than one year or one operating cycle, whichever is longer) relating to the sale, disposal or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation), as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 46, 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1107-107759

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

+ Details

Name: us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section H

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LongTermDebtAndCapitalLeaseObligations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Gross amount, as of the balance sheet date, of long-lived, depreciable assets used in the production process to produce goods and services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6812-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_MachineryAndEquipmentGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 17

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_OtherAssetsNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 02

-Paragraph 29

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 8

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 4

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Section 45

-SubTopic 10

-Topic 210

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

-Publisher FASB

-Name Accounting Standards Codification

-Paragraph 1

+ Details

Name: us-gaap_PrepaidExpenseAndOtherAssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PropertyPlantAndEquipmentGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph a

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 12

-Paragraph 5

-Subparagraph b, c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_PropertyPlantAndEquipmentNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_PropertyPlantAndEquipmentNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.13)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Subparagraph a

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),16(a)(1))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13

-Article 9

-Subparagraph 2, 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 16

-Subparagraph a(1)

+ Details

Name: us-gaap_ShortTermBorrowings

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A3

-Appendix A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Technical Bulletin (FTB)

-Number 85-6

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656

+ Details

Name: us-gaap_TreasuryStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY (USD $)

Total

Common Stock [Member]

Additional Paid-In Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

Balance at Dec. 31, 2011 $ 29,155,000 $ 3,956,000 $ 10,919,000 $ 17,235,000 $ (2,955,000)

Balance (in shares) at Dec. 31, 2011 3,956,000 (342,000)

Net income 706,000 0 0 706,000 0

Exercise of 2,000 options 4,000 2,000 2,000 0 0

Exercise of 2,000 options (in shares) 2,000

Stock-based compensation 47,000 0 47,000 0 0

Balance at Mar. 31, 2012 $ 29,912,000 $ 3,958,000 $ 10,968,000 $ 17,941,000 $ (2,955,000)

Balance (in shares) at Mar. 31, 2012 3,958,000 (342,000)

X

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 35

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415241&loc=d3e4534-113899

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 20

-Section 55

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11149-113907

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph A91

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 20

-Section 55

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11178-113907

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 39

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Number of shares issued and outstanding as of the balance sheet date.

+ References

No definition available.

+ Details

Name: us-gaap_SharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A3

-Appendix A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28,29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Value stock issued during the period as a result of the exercise of stock options.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

+ Details

Name: us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "
"+ text.join( "

\n" ) +"
"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "
" + text[p] + "
\n"; } } }else{ formatted = '
' + raw + '
'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+'
'+formatted+'
'+ "\n"+'
'+ "\n"+'
'+raw+'
'+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical]
3 Months Ended

Mar. 31, 2012

Exercise Options 2,000

X

- Definition

The number of stock option exercised during the period

+ References

No definition available.

+ Details

Name: pfin_ExerciseOptions

Namespace Prefix: pfin_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] (USD $)

Mar. 31, 2012

Dec. 31, 2011

Preferred stock, par value (in dollars per share) $ 10 $ 10

Preferred stock, shares authorized 2,000,000 2,000,000

Preferred stock, shares issued 0 0

Treasury stock, shares 342,000 342,000

Common Class A [Member]

Common stock, par value (in dollars per share) $ 1 $ 1

Common stock, shares authorized 7,000,000 7,000,000

Common stock, shares issued 3,958,000 3,956,000

Common Class B [Member]

Common stock, par value (in dollars per share) $ 1 $ 1

Common stock, shares authorized 2,000,000 2,000,000

Common stock, shares issued 0 0

X

- Definition

Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of common shares permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 02

-Paragraph 29

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 02

-Paragraph 29

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 02

-Paragraph 29

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28,29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_TreasuryStockShares

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6

DEBT
3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]
NOTE 9 - DEBT

P&F, along with Florida Pneumatic, Hy-Tech and Nationwide, as borrowers, entered into a Credit Agreement, (“Credit Agreement”) with Capital One Leverage Finance Corporation, as agent (“COLF”). The Credit Agreement, entered into in October 2010, has a three-year term, with maximum borrowings of $22,000,000 at that time. The Credit Agreement provides for a Revolving Credit Facility (“Revolver”) with a maximum borrowing of $15,910,000. At March 31, 2012 and December 31, 2011, the balances owing on the Revolver were $6,324,000 and $5,648,000, respectively. Direct borrowings under the Revolver are secured by the Company’s accounts receivable, mortgages on the Company’s real property located in Cranberry, PA, Jupiter, FL and Tampa, FL (“Real Property”), inventory and equipment and are cross-guaranteed by certain of the Company’s subsidiaries (the “Subsidiary Guarantors”). Revolver borrowings bear interest at LIBOR (London InterBank Offered Rate) or the Base Rate, as defined in the Credit Agreement, plus the currently applicable margin rates. Beginning April 1, 2011, the loan margins applicable to borrowings on the Revolver are determined based upon the computation of total debt divided by earnings before interest, taxes, depreciation and amortization (“EBITDA”).

On November 21, 2011, the Company and COLF entered into the Second Amendment to Credit Agreement, (the “Amendment”). The Amendment, among other things, (i) reduced the applicable loan margins for Revolver borrowings by 0.25% or 0.50%, depending on the applicable leverage ratio, (ii) increased the maximum aggregate amount of permitted Capital Expenditures (as defined in the Loan Agreement) for 2012 and 2013 from an aggregate of $1,000,000 to an aggregate of $2,500,000 and (iii) established a $2,500,000 Capital Expenditure loan commitment by COLF, pursuant to which COLF may make one or more Capex Loans (as defined in the Amendment) to the Company under the terms set forth in the Amendment, a (“Capex term loan”). As such, pursuant to the Amendment, the total commitment by COLF for the Credit Agreement increased from $22,000,000 to $24,500,000. Further, as a result of the Amendment, the applicable loan margins range from 2.50% to 3.50% for LIBOR borrowings and from 1.50% to 2.50% for borrowings at Base Rate. Loan margins added to Revolver borrowings at March 31, 2012 and December 31, 2011 were 2.75% and 1.75%, respectively, for borrowings at LIBOR and the Base Rate.

The Company is required to provide, among other things, monthly financial statements, monthly borrowing base certificates as well as certificates of compliance of various financial covenants. The Company is in compliance with all financial covenants. As part of the Credit Agreement, if an event of default occurs, the interest rate would increase by two percent per annum during the period of default.

The Credit Facility also contains a $6,090,000 term loan (the “Term Loan”), which is secured by mortgages on the real property, accounts receivable, inventory and equipment. The Term Loan amortizes approximately $34,000 each month with a balloon payment at maturity of the Credit Agreement. The balance due on the Term Loan at March 31, 2012 and December 31, 2011 was $5,549,000 and $5,650,000, respectively. The Credit Agreement requires the Company to make prepayments, to be applied to the Term Loan, of 25% of excess annual cash flow, as defined in the Credit Agreement, or in the event of a sale of any real estate assets. Based on 2011 excess cash flows, the Company will make a payment of approximately $633,000 in the second quarter of 2012. This amount is included in current maturities of long-term debt on the consolidated condensed balance sheet. Term Loan borrowings bear interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 5.75% and 4.75%, respectively, at March 31, 2012 and December 31, 2011.

In accordance with the Amendment, the Company, in March 2012, borrowed $380,000 as a Capex term loan. This obligation amortizes approximately $6,000 each month over a five-year period, with a balloon payment at maturity of the Credit Agreement. This Capex term Loan bears interest at LIBOR or the prime interest rate plus the currently applicable margin rates, which were 2.50% and 3.50%, respectively, at March 31, 2012.

In April 2010, as part of an amendment to the Company’s prior credit agreement, the Company was required to obtain subordinated loans of $750,000, (the “Subordinated Loans”). These Subordinated Loans bear interest at 8% per annum. The Subordinated Loans were provided by the Company’s Chief Executive Officer (“CEO”), in the amount of $250,000, and an unrelated party, in the amount of $500,000, each with a maturity date of October 25, 2013. During 2011, pursuant to a subordination agreement with COLF, the principal amount owed to the unrelated third party was paid in full from excess cash flows, as defined in such subordination agreement.

X

- Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

DOCUMENT AND ENTITY INFORMATION
3 Months Ended

Mar. 31, 2012

May 11, 2012

Entity Registrant Name P&F INDUSTRIES INC

Entity Central Index Key 0000075340

Current Fiscal Year End Date --12-31

Entity Filer Category Smaller Reporting Company

Trading Symbol pfin

Entity Common Stock, Shares Outstanding 3,616,562

Document Type 10-Q

Amendment Flag false

Document Period End Date Mar. 31, 2012

Document Fiscal Period Focus Q1

Document Fiscal Year Focus 2012

X

- Definition

If the value is true, then the document as an amendment to previously-filed/accepted document.

+ References

No definition available.

+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition

End date of current fiscal year in the format --MM-DD.

+ References

No definition available.

+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

+ References

No definition available.

+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.

+ References

No definition available.

+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument

+ References

No definition available.

+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name: dei_TradingSymbol

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6

RELATED PARTY TRANSACTIONS
3 Months Ended

Mar. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]
NOTE 10—RELATED PARTY TRANSACTIONS

The president of one of the Company’s subsidiaries is part owner of one of the subsidiary’s vendors. During the three-month periods ended March 31, 2012 and 2011, the Company purchased approximately $199,000 and $231,000, respectively of product from this vendor.

X

- Details

Name: us-gaap_RelatedPartyTransactionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Net revenue $ 14,317,000 $ 13,453,000

Cost of sales 8,706,000 8,330,000

Gross profit 5,611,000 5,123,000

Selling, general and administrative expenses 4,731,000 4,423,000

Operating income 880,000 700,000

Interest expense 142,000 221,000

Income from continuing operations before income taxes 738,000 479,000

Income tax expense 23,000 0

Net income from continuing operations 715,000 479,000

Loss from discontinued operations (no tax benefits for the three-month periods ended March 31, 2012 and 2011) (9,000) (17,000)

Net income $ 706,000 $ 462,000

Basic earnings per share

Continuing operations (in dollars per share) $ 0.20 $ 0.13

Discontinued operations (in dollars per share) $ 0 $ 0

Net income per share (in dollars per share) $ 0.20 $ 0.13

Diluted earnings per share

Continuing operations (in dollsrs per share) $ 0.19 $ 0.13

Discontinued operations (in dollars per share) $ 0 $ 0

Net income per share (in dollars per share) $ 0.19 $ 0.13

Weighted average common shares outstanding:

Basic (in shares) 3,616,000 3,615,000

Diluted (in shares) 3,678,000 3,678,000

X

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 2

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(a),(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfGoodsAndServicesSold

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 7

-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareBasicAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 11, 12, 36

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 20

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 7

-Paragraph 18

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_EarningsPerShareDilutedAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1,2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GrossProfit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 18

-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4613673-111683

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph b(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.13)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_IncomeLossFromContinuingOperations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph h

-Subparagraph 1(i)

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 20

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 7

-Paragraph 18

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsPerBasicShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 7

-Paragraph 18

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 20

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 11, 12, 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=6921628&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 29

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph b(2)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 7

-Paragraph 18

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 20

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8, 9, 10, 36, 37, 38

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

+ Details

Name: us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section E

-Paragraph Question 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 45

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 9

-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Chapter V

-Section 563c.102

-Paragraph 9

-Subsection II

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_SalesRevenueNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 4

-Paragraph 5A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 5

-Section 03

-Paragraph 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 330

-SubTopic 10

-Section 30

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311

+ Details

Name: us-gaap_SellingGeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1505-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 171

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

STOCK-BASED COMPENSATION
3 Months Ended

Mar. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE 4 - STOCK-BASED COMPENSATION

Stock-based Compensation

Total stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options. Compensation expense attributable to stock-based compensation was approximately $47,000 and $35,000 during the three-month periods ended March 31, 2012 and 2011, respectively. The compensation expense is recognized in selling, general and administrative expenses on the Company’s statements of operations on a straight-line basis over the vesting periods. The Company recognizes compensation cost over the requisite service period. However, the exercisability of the respective non-vested options, which are at pre-determined dates on a calendar year, do not necessarily correspond to the period(s) in which straight-line amortization of compensation cost is recorded. As of March 31, 2012, the Company had approximately $155,000 of total unrecognized compensation cost related to non-vested awards granted under our stock-based plans, which it expects to recognize over a weighted-average period of one year.

The expected term was based on historical exercises and terminations. The volatility is determined based on historical stock prices. The dividend yield is 0% as the Company has historically not declared dividends and does not expect to declare any in the future.

Stock Option Plan

The Company’s 2002 Incentive Stock Option Plan (the “Current Plan”) authorizes the issuance, to employees and directors, of options to purchase a maximum of 1,100,000 shares of Class A Common Stock. These options must be issued within ten years of the effective date of the Current Plan and are exercisable for a ten year period from the date of grant, at prices not less than 100% of the market value of the Class A Common Stock on the date the option is granted. Incentive stock options granted to any 10% stockholder are exercisable for a five year period from the date of grant, at prices not less than 110% of the market value of the Class A Common Stock on the date the option is granted. Pursuant to the Current Plan, the Stock Option Committee has the discretion to award non-qualified stock option grants with various vesting parameters. Options have vesting periods of immediate to three years. In the event options granted contain a vesting schedule over a period of years, the Company recognizes compensation cost for these awards on a straight-line basis over the requisite service period. The Current Plan, which terminates in 2012, is the successor to the Company’s 1992 Incentive Stock Option Plan (the “Prior Plan”).



The following is a summary of the changes in outstanding options during the three-month period ended March 31, 2012:

Option Shares Weighted
Average
Exercise
Price Weighted Average
Remaining
Contractual Life
(Years) Aggregate
Intrinsic
Value

Outstanding, January 1, 2012 655,124 $ 6.50 5.2 $ 31,000

Granted — — —

Exercised 2,000 2.17

Forfeited — —

Expired — —

Outstanding, March 31, 2012 653,124 $ 6.51 5.1 $ 59,000

Vested and expected to vest, March 31, 2012 478,457 $ 7.42 4.0 $ 20,000

The following is a summary of changes in non-vested shares for the three months ended March 31, 2012:

Option Shares Weighted Average Grant-
Date Fair Value

Non-vested shares, January 1, 2012 174,667 $ 2.43

Granted — —

Vested — —

Forfeited — —

Non-vested shares, March 31, 2012 174,667 $ 2.43

The number of shares of Class A Common Stock reserved for stock options available for issuance under the Current Plan as of March 31, 2012 was 302,712. All of the options outstanding at March 31, 2012 were issued under the Current Plan.

X

- Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

EARNINGS PER SHARE
3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]
NOTE 3 — EARNINGS PER SHARE

Basic earnings per common share is based only on the average number of shares of common stock outstanding for the periods. Diluted earnings per common share reflects the effect of shares of common stock issuable upon the exercise of options, unless the effect on earnings is antidilutive.

Diluted earnings per common share is computed using the treasury stock method. Under this method, the aggregate number of shares of common stock outstanding reflects the assumed use of proceeds from the hypothetical exercise of any outstanding options to purchase shares of the Company’s Class A Common Stock. The average market value for the period is used as the assumed purchase price.

The following table sets forth the elements of basic and diluted (loss) earnings per common share:

Three months ended

March 31,

2012 2011

Numerator:

Numerator for basic and diluted earnings (loss) per common share:

Earnings from continuing operations $ 715,000 $ 479,000

(Loss) from discontinued operations (9,000 ) (17,000 )

Net income $ 706,000 $ 462,000

Denominator:

 Denominator for basic earnings per share-weighted average common shares outstanding 3,616,000 3,615,000

 Dilutive securities 62,000 63,000

Denominator for diluted earnings per share-weighted average common shares outstanding 3,678,000 3,678,000

At March 31, 2012 and 2011 and during the three-month periods ended March 31, 2012 and 2011, there were outstanding stock options whose exercise prices were higher than the average market values of the underlying Class A Common Stock for the period. These options are antidilutive and are excluded from the computation of earnings per share. The weighted average antidilutive stock options outstanding were as follows:

Three months ended

March 31,

2012 2011

Weighted average antidilutive stock options outstanding 584,000 514,000

X

- Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6

BUSINESS SEGMENTS
3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]
NOTE 11 - BUSINESS SEGMENTS

P&F operates in two primary lines of business, or segments: (i) tools and other products (“Tools”) and (ii) hardware and accessories (“Hardware”). For reporting purposes, Florida Pneumatic and Hy-Tech are combined in the Tools segment, while Nationwide is currently the only subsidiary in the Hardware segment. The Company evaluates segment performance based primarily on segment operating income. The accounting policies of each of the segments are the same as those referred to in Note 1.

Three months ended March 31, 2012 Consolidated Tools Hardware

Revenues from unaffiliated customers $ 14,317,000 $ 9,672,000 $ 4,645,000

Segment operating income $ 2,423,000 $ 1,729,000 $ 694,000

General corporate expense (1,543,000 )

Interest expense – net (142,000 )

Earnings before income taxes $ 738,000

Segment assets $ 44,901,000 $ 32,455,000 $ 12,446,000

Corporate assets 2,970,000

Total assets $ 47,871,000

Long-lived assets, including $123,000 at corporate $ 18,156,000 $ 13,387,000 $ 4,646,000



Three months ended March 31, 2011 Consolidated Tools Hardware

Revenues from unaffiliated customers $ 13,453,000 $ 9,720,000 $ 3,733,000

Segment operating income $ 2,054,000 $ 1,617,000 $ 437,000

General corporate expense (1,354,000 )

Interest expense – net (221,000 )

Earnings before income taxes $ 479,000

Segment assets $ 45,682,000 $ 33,705,000 $ 11,977,000

Corporate assets 3,344,000

Total assets $ 49,026,000

Long-lived assets, including $331,000 at corporate $ 18,918,000 $ 14,079,000 $ 4,508,000

X

- Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

Name: us-gaap_SegmentReportingDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6

INVENTORIES
3 Months Ended

Mar. 31, 2012

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]
NOTE 7 — INVENTORIES

Inventories - net consist of:



March 31, 2012
December 31, 2011

Raw material $ 2,113,000 $ 2,301,000

Work in process 952,000 979,000

Finished goods 17,019,000 17,459,000

20,084,000 20,739,000

Reserve for obsolete and slow-moving inventories (2,188,000 ) (2,151,000 )

$ 17,896,000 $ 18,588,000

X

- Details

Name: us-gaap_InventoryDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.6)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a, b, c

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766

+ Details

Name: us-gaap_InventoryDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6

RECENT ACCOUNTING PRONOUNCEMENTS
3 Months Ended

Mar. 31, 2012

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]
NOTE 5 — RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any other recently issued, but not yet effective accounting standards, if currently adopted would have a material effect on our consolidated condensed financial statements.

X

- Details

Name: us-gaap_AccountingChangesAndErrorCorrectionsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 1.N.Q3)

-URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 45

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 154

-Paragraph 17, 22, 25, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 1

-Section N

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794

+ Details

Name: us-gaap_AccountingChangesAndErrorCorrectionsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 31 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS
3 Months Ended

Mar. 31, 2012

Receivables [Abstract]

Accounts Receivable And Allowance For Doubtful Accounts Disclosure [Text Block]
NOTE 6 - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable - net consists of:

March 31, 2012 December 31, 2011

Accounts receivable $ 8,031,000 $ 6,553,000

Allowance for doubtful accounts (223,000 ) (226,000 )

$ 7,808,000 $ 6,327,000

X

- Definition

The entire disclosure for accounts receivables and allowance for accounts receivables.

+ References

No definition available.

+ Details

Name: pfin_AccountsReceivableAndAllowanceForDoubtfulAccountsDisclosureTextBlock

Namespace Prefix: pfin_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_ReceivablesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 32 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6

GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended

Mar. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]
NOTE 8 - GOODWILL AND OTHER INTANGIBLE ASSETS

During the three-month period ended March 31, 2012 there was no change to the carrying value of goodwill.

Other intangible assets were as follows:

March 31, 2012 December 31, 2011

Cost Accumulated
amortization Net book
value Cost Accumulated
amortization Net book
value

Other intangible assets:

Customer relationships $ 5,070,000 $ 3,662,000 $ 1,408,000 $ 5,070,000 $ 3,581,000 $ 1,489,000

Non-compete and employment agreements 760,000 760,000 — 760,000 760,000 —

Trademarks 199,000 — 199,000 199,000 — 199,000

Drawings 290,000 74,000 216,000 290,000 70,000 220,000

Licensing 305,000 78,000 227,000 105,000 63,000 42,000

Totals $ 6,624,000 $ 4,574,000 $ 2,050,000 $ 6,424,000 $ 4,474,000 $ 1,950,000

Amortization expense for intangible assets subject to amortization was as follows:

Three months ended March 31,

2012 2011

$ 100,000 $ 87,000

Amortization expense for each of the twelve-month periods ending March 31, 2013 through March 31, 2017 is estimated to be as follows: 2013 - $377,000 ; 2014 - $233,000 ; 2015 - $233,000; 2016 - $230,000 and 2017 - $175,000. The weighted average amortization period for intangible assets was 7.66 years at March 31, 2012 and 8.16 years at December 31, 2011.

X

- Details

Name: us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 42, 43, 44, 45, 46, 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267

+ Details

Name: us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Tax expense on income (loss) from discontinued operations $ 0 $ 0

X

- Definition

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (b),(c)

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 47

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 20

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6909487&loc=d3e38679-109324

+ Details

Name: us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 34 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

VARIABLE INTEREST ENTITY
3 Months Ended

Mar. 31, 2012

Variable Interest Entity Disclosure [Abstract]

Variable Interest Entity Disclosure [Text Block]
NOTE 2 — VARIABLE INTEREST ENTITY

The Company’s overall methodology for evaluating transactions and relationships under the variable interest entity (“VIE”) requirements includes the following: (i) determining whether the entity meets the criteria to qualify as a VIE; and (ii) determining whether the Company is the primary beneficiary of the VIE.

If the Company identifies a VIE based on the requirements within Accounting Standards Codification (“ASC”) ASC 810, it then performs the second step to determine whether it is the primary beneficiary of the VIE by considering the following significant factors and judgments, both of which must be met:

• Whether the Company has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and

• Whether the Company has the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

The Company examined the facts and circumstances pertaining to an indirect, wholly-owned subsidiary, WM Coffman LLC (now known as Old Stairs Co (“WMC”)) to determine if it is the primary beneficiary, by considering whether or not it has the power to direct the most significant activities of the entity. The Company has concluded that it does not direct the most significant activities at WMC, nor does it have an obligation to absorb losses or the right to receive benefits from WMC and, therefore, is not considered the primary beneficiary. Accordingly, the Company did not consolidate WMC.

The Company will perform an ongoing reassessment of the facts and circumstances pertaining to WMC to determine whether or not WMC continues to be a VIE and if so, whether or not the Company may have become the primary beneficiary.

X

- Details

Name: pfin_VariableInterestEntityDisclosureAbstract

Namespace Prefix: pfin_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosures of variable interest entities (VIE) in aggregate, including how similar entities are aggregated, if separate reporting would not provide more useful information, distinguished between (1) VIEs that are not consolidated because the enterprise is not the primary beneficiary but has a significant variable interest or is the sponsor that holds a variable interest, and (2) VIEs that are consolidated.

+ References

No definition available.

+ Details

Name: pfin_VariableInterestEntityDisclosureTextBlock

Namespace Prefix: pfin_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 23 118 1 false 6 0 false 3 false false R1.htm 001 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.pfina.com/role/DocumentAndEntityInformation DOCUMENT AND ENTITY INFORMATION true false R2.htm 002 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS Sheet http://www.pfina.com/role/StatementOfFinancialPositionClassified CONSOLIDATED CONDENSED BALANCE SHEETS false false R3.htm 003 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] Sheet http://www.pfina.com/role/BalanceSheetParenthetical CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] false false R4.htm 004 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF INCOME Sheet http://www.pfina.com/role/CONSOLIDATEDSTATEMENTSOFINCOME CONSOLIDATED CONDENSED STATEMENTS OF INCOME false false R5.htm 005 - Statement - CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] Sheet http://www.pfina.com/role/CONSOLIDATEDSTATEMENTSOFINCOMEParenthetical CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] false false R6.htm 006 - Statement - CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY Sheet http://www.pfina.com/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY false false R7.htm 007 - Statement - CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical] Sheet http://www.pfina.com/role/ConsolidatedCondensedStatementOfShareholdersEquityParenthetical CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical] false false R8.htm 008 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS Sheet http://www.pfina.com/role/StatementOfCashFlowsIndirect CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS false false R9.htm 009 - Disclosure - SUMMARY OF ACCOUNTING POLICIES Sheet http://www.pfina.com/role/SummaryOfAccountingPolicies SUMMARY OF ACCOUNTING POLICIES false false R10.htm 010 - Disclosure - VARIABLE INTEREST ENTITY Sheet http://www.pfina.com/role/VariableInterestEntity VARIABLE INTEREST ENTITY false false R11.htm 011 - Disclosure - EARNINGS PER SHARE Sheet http://www.pfina.com/role/EarningsPerShare EARNINGS PER SHARE false false R12.htm 012 - Disclosure - STOCK-BASED COMPENSATION Sheet http://www.pfina.com/role/StockBasedCompensation STOCK-BASED COMPENSATION false false R13.htm 013 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS Sheet http://www.pfina.com/role/RecentAccountingPronouncements RECENT ACCOUNTING PRONOUNCEMENTS false false R14.htm 014 - Disclosure - ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Sheet http://www.pfina.com/role/AccountsReceivableAndAllowanceForDoubtfulAccounts ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS false false R15.htm 015 - Disclosure - INVENTORIES Sheet http://www.pfina.com/role/Inventories INVENTORIES false false R16.htm 016 - Disclosure - GOODWILL AND OTHER INTANGIBLE ASSETS Sheet http://www.pfina.com/role/GoodwillAndOtherIntangibleAssets GOODWILL AND OTHER INTANGIBLE ASSETS false false R17.htm 017 - Disclosure - DEBT Sheet http://www.pfina.com/role/Debt DEBT false false R18.htm 018 - Disclosure - RELATED PARTY TRANSACTIONS Sheet http://www.pfina.com/role/RelatedPartyTransactions RELATED PARTY TRANSACTIONS false false R19.htm 019 - Disclosure - BUSINESS SEGMENTS Sheet http://www.pfina.com/role/BusinessSegments BUSINESS SEGMENTS false false All Reports Book All Reports Process Flow-Through: 002 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 003 - Statement - CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] Process Flow-Through: 004 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF INCOME Process Flow-Through: 005 - Statement - CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] Process Flow-Through: 007 - Statement - CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY [Parenthetical] Process Flow-Through: 008 - Statement - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS pfin-20120331.xml pfin-20120331.xsd pfin-20120331_cal.xml pfin-20120331_def.xml pfin-20120331_lab.xml pfin-20120331_pre.xml true true

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
Cash	$ 578,000	$ 443,000
Accounts receivable - net	7,808,000	6,327,000
Inventories - net	17,896,000	18,588,000
Deferred income taxes - net	512,000	512,000
Prepaid expenses and other current assets	588,000	454,000
Current assets of discontinued operations	23,000	23,000
TOTAL CURRENT ASSETS	27,405,000	26,347,000
PROPERTY AND EQUIPMENT
Land	1,550,000	1,550,000
Buildings and improvements	7,519,000	7,504,000
Machinery and equipment	17,408,000	16,803,000
Property plant and equipment gross	26,477,000	25,857,000
Less accumulated depreciation and amortization	15,521,000	15,091,000
NET PROPERTY AND EQUIPMENT	10,956,000	10,766,000
GOODWILL	5,150,000	5,150,000
OTHER INTANGIBLE ASSETS - net	2,050,000	1,950,000
DEFERRED INCOME TAXES - net	1,595,000	1,595,000
OTHER ASSETS - net	715,000	778,000
TOTAL ASSETS	47,871,000	46,586,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term borrowings	6,324,000	5,648,000
Accounts payable	2,455,000	2,229,000
Accrued liabilities	2,688,000	3,338,000
Current liabilities of discontinued operations	24,000	24,000
Current maturities of long-term debt	1,115,000	1,039,000
TOTAL CURRENT LIABILITIES	12,606,000	12,278,000
Long-term debt, less current maturities	5,064,000	4,861,000
Liabilities of discontinued operations	289,000	292,000
TOTAL LIABILITIES	17,959,000	17,431,000
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock - $10 par; authorized - 2,000,000 shares; no shares issued	0	0
Additional paid-in capital	10,968,000	10,919,000
Retained earnings	17,941,000	17,235,000
Treasury stock, at cost - 342,000 shares at December 31, 2011 and 2010	(2,955,000)	(2,955,000)
TOTAL SHAREHOLDERS' EQUITY	29,912,000	29,155,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	47,871,000	46,586,000
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common stock	3,958,000	3,956,000
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common stock	$ 0	$ 0

CONSOLIDATED CONDENSED STATEMENT OF SHAREHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2011	$ 29,155,000	$ 3,956,000	$ 10,919,000	$ 17,235,000	$ (2,955,000)
Balance (in shares) at Dec. 31, 2011		3,956,000			(342,000)
Net income	706,000	0	0	706,000	0
Exercise of 2,000 options	4,000	2,000	2,000	0	0
Exercise of 2,000 options (in shares)		2,000
Stock-based compensation	47,000	0	47,000	0	0
Balance at Mar. 31, 2012	$ 29,912,000	$ 3,958,000	$ 10,968,000	$ 17,941,000	$ (2,955,000)
Balance (in shares) at Mar. 31, 2012		3,958,000			(342,000)

CONSOLIDATED CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2012	Dec. 31, 2011
Preferred stock, par value (in dollars per share)	$ 10	$ 10
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Treasury stock, shares	342,000	342,000
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	7,000,000	7,000,000
Common stock, shares issued	3,958,000	3,956,000
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	2,000,000	2,000,000
Common stock, shares issued	0	0

DOCUMENT AND ENTITY INFORMATION	3 Months Ended
DOCUMENT AND ENTITY INFORMATION	Mar. 31, 2012	May 11, 2012
Entity Registrant Name	P&F INDUSTRIES INC
Entity Central Index Key	0000075340
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	pfin
Entity Common Stock, Shares Outstanding		3,616,562
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

CONSOLIDATED STATEMENTS OF INCOME [Parenthetical] (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Tax expense on income (loss) from discontinued operations	$ 0	$ 0

Three months ended March 31,