Q.E.P. Swings to Profit for Fiscal Year

Boca Raton, FL, May 17, 2010--Q.E.P. Co., Inc. reported net income of $8.9 million for the fiscal year ended Feb. 28, compared to a net loss of $7.2 million a year ago.

The turnaround came on net sales of $205.8 million, slightly higher than the $203.6 million reported last year.

"Despite continuing economic uncertainties, we are delighted with this year's results of operations as well as our success in positioning the business for future growth," said board chairman Lewis Gould.

"We are continuing to consider new opportunities for expanding our product lines, increasing our market share and improving the productivity and efficiency of our operations."

The acquisition of hardwood flooring maker ArborCraft on Feb. 12 expanded the company's product offerings of glues, underlayments and installation tools to include a comprehensive line of hardwood flooring. The acquisition was completed for a purchase price equal to the estimated fair value of net assets acquired.