P&F Industries (PFIN) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. The company reported its results from operations for the three-month period ended March 31, 2020 on May 18 and also announced the suspended dividend in the same press release.

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President commented: "Primarily due to the COVID-19 pandemic and its effect on our results and our near-term outlook, our Board of Directors has determined to suspend our quarterly cash dividend . The Board  intends to evaluate our dividend policy going forward based on all of the relevant facts, and we look forward to resuming dividends as soon as possible."

P&F Industries, Inc., through its wholly owned subsidiaries, is a leading manufacturer and importer of air-powered tools and accessories sold principally to the aerospace, industrial, automotive and retail markets.  P&F's products are sold under its own trademarks, as well as under the private labels of major manufacturers and retailers. The company had paid a dividend every year since 2016 before the suspension was announced in 2020.