Q.E.P. reports second-quarter and first-half financial results
Q.E.P. Co. Inc. recently announced that net sales for the second quarter increased 23 percent, reaching $33.4 million versus $27.3 million reported in last year's second quarter. Current year sales contain approximately $1.3 million attributable to a foreign acquisition made during the second quarter, according to Q.E.P.
Gross margins increased 150 basis points during the period to 35.07 percent, compared with 33.57 percent in last year's comparable quarter. Net income increased more than 30 percent, growing to $796,000 compared with $609,000 one year ago. Earnings per basic and diluted share were $0.23 versus last year's $0.18 -- an increase of 28 percent.