BOCA RATON, Fla.-- Q.E.P. Co. Inc. recently announced financial results for its fiscal 2002 first quarter ending May 31, 2001.

For the fiscal 2002 first quarter, net sales were $28.9 million, down from $31.6 million for the corresponding quarter last year. After adjusting for the more than $3 million in prior-year revenue attributable to the sale of the company's domestic tackless carpet strip business, revenue rose slightly versus the year-ago period.

Gross profit margin improved 260 basis points during the quarter to 33.77 percent. Freight and selling costs increased compared to last year due to higher domestic volume. Net income was $604,000, compared with $943,000 one year ago. Earnings per share were 18 cents versus last year's split-adjusted 28 cents.