Harris Acquisition Boosts Sales for Q.E.P

Boca Raton, FL, Dec. 21, 2010 --The acquisition of Harris Wood has given a boost to sales for Q.E.P. this year.

The company reported net income for the first nine months and third quarter of fiscal 2011 was $6.9 million and $3.0 million, respectively, or $2.02 and $0.87 per share. A year ago, net income was $6.5 million and $2.2 million, respectively, or $1.86 and $0.63 per share.

The company also reported record net sales of $182.2 million for the nine months ended November 30, an increase of $26.2 million from the $156.0 million reported in the same period last year.

Net sales for the third quarter of fiscal 2011 were $61.0 million compared to net sales of $54.2 million last year.

"We are pleased with the general trend of the Company's businesses as we continue to focus on opportunities to improve operations and to expand our product lines and market share," said Chairman Louis Gould.

The increase in net sales largely reflects the February purchase of its Harris Wood operations, the company said.