BOCA RATON, Fla. -- Q.E.P. Co. Inc. has reported that its fiscal 2001 third-quarter net sales were $26.3 million compared with $28.2 million in the comparable prior-year quarter. This revenue decline was primarily attributable to the company's decision to exit the tackless carpet strip business and additional incentives provided to a major customer as described below.

Per-share results are adjusted to reflect the five-for-four stock split that was effected as a stock dividend and paid to shareholders on Aug. 1, 2000.