Boca Raton, FL, Oct. 13--Second quarter earnings increased nearly 23 percent as sales registered a 3.3 percent uptick at Boca Raton-based Q.E.P. Co.
The maker and marketer of specialty tools and flooring products said it earned $979,000, or 28 cents a share, on sales of $34.5 million for the second quarter ended Aug. 31. For the same period last year, Q.E.P. said it earned $796,000, or 23 cents a share, on sales of $33.4 million.
A 33.7 percent decline in interest expense helped push earnings up. For the three months ended Aug. 31, Q.E.P.'s net interest expense was $331,000, down from $499,000 for the same period the year before.
The company paid a debt early, for which it incurred a $270,000 prepayment penalty in the first quarter.
Citing positive results in the first half of its fiscal year, Q.E.P. raised its earnings guidance for fiscal 2004, exclusive of unusual items, to $1.08 to $1.12 a share, from $1 a share.
Shares closed Friday at 10.65. The 52-week low was $3.64 on Dec. 6. The 52-week high was $10.93 on July 2.
