Q.E.P. Income Down in Quarter on Record Sales

Boca Raton, FL, June 23, 2010--Q.E.P. Co. reported that net income for the first quarter of fiscal 2011 was $1.9 million, or $0.56 per share, as compared to $2.3 million, or $0.64 per share, for the first quarter of fiscal 2010.

The company said it had record net sales of $60.6 million for the three months ended May 31, an increase of $9.9 million from the $50.7 million reported a year ago, mostly due to its recent acquisition of Harris Wood, formerly ArborCraft.

Chairman Lewis Gould commented: "The first quarter of our fiscal 2011 year presented new challenges to our business from the integration of our acquired Harris Wood operations to the continuing uncertainty of economic circumstances in our worldwide markets."