Boca Raton, FL, Jan. 9--Third quarter earnings increased 58% at Q.E.P. Co. as sales increased 13%. Shares closed up 17.27%.
For its third quarter ended Nov. 30, the tools and flooring products maker said it earned $1.05 million, or 30 cents a share, on sales of $36.56 million. For the similar period the year before, Q.E.P. said it earned $664,000, or 20 cents a share, on sales of $32.35 million.
The company's sales boost was helped in part by a $1.4 million favorable change in foreign exchange rates. Also helping Q.E.P.: With a debt repayment, the company said it cut its third quarter interest expense 48.5%to $264,000.
Looking forward, Lewis Gould, Q.E.P. chairman and chief executive officer, predicted the company to achieve the high end of its $1.08 a share to $1.12 a share earnings guidance for fiscal 2004.
Shares closed up $2.15 to $14.60, a new 52-week high. The 52-week low was $4.79 on Feb. 14.
