Q.E.P. Doubles First Quarter Earnings

Boca Raton, FL, June 21, 2011 -- Q.E.P. CO. reported net income for the first quarter of $4.1 million, or $1.22 per share, as compared to $1.9 million, or $0.56 per share, for the first quarter of fiscal 2011.

Net sales were $67.8 million for the three months ended May 31, an increase of $7.2 million from the $60.6 million reported in the comparable period of the prior fiscal year.

"We are exceptionally pleased with the company's continued growth, especially the growth in our domestic Harris Wood manufacturing operations and in our overseas operations," said Chairman Louis Gould.

"The company is seeking to expand its presence in flooring-related markets while continuing to improve on the performance of our other businesses."

The increase in net sales is primarily from the growth of the company's Harris Wood and international operations," the company said.

Q.E.P. makes hardwood flooring, flooring installation tools and adhesives.