QEP Reports Record Sales on Harris Acquisition

Boca Raton, FL, Sept. 16, 2010--Q.E.P. Co. reported record net sales of $121.2 million for the six months ended August 31, an increase of $19.4 million from the $101.8 million reported in the same period of fiscal 2010.

Net income for the first six months and second quarter was $3.9 million and $2.0 million, respectively, or $1.15 and $0.58 per share.

Net sales for the second quarter matched this fiscal year's first quarter of $60.6 million. The increase in net sales was largely due to the February 2010 acquisition of Harris Wood, the company said.

"While the Company continues to enjoy the benefit of having integrated our acquired Harris Wood operations, we are renewing our focus on opportunities to expand our product lines and market share and on responding to the continuing and, at times, volatile economic uncertainties present in the markets we serve worldwide," said chairman Lewis Gould.

"In that regard, we are actively seeking synergistic acquisitions that are complementary to our existing businesses."

Net income for the first six months and second quarter of fiscal 2011 was $3.9 million and $2.0 million, respectively, or $1.15 and $0.58 per diluted share. For the comparable periods of fiscal 2010, net income was $4.3 million and $2.1 million, respectively, or $1.23 and $0.59 per diluted share.