Q.E.P.'s 2004 full-year financial results highest ever recorded

Q.E.P. Co.'s fiscal 2004 financial results have come in with net sales up 10.8 percent to $143.3 million vs. fiscal 2003 net sales of $129.3 million for the year ended Feb. 29, 2004. For the fiscal 2004 fourth quarter, net sales were a quarterly record $37.5 million up 16.1 percent compared with $32.3 million for the same period last fiscal year. Q.E.P. has recorded quarterly year-over-year increases in 22 of the last 24 periods.

Gross profit for the fourth quarter declined from 34.4 percent to 34.0 percent. This is a result of a slight change in the sales mix and an increase in costs of certain raw materials related to higher fuel costs and the weakened U.S. dollar. Gross profit for the fiscal 2004 and 2003 years was 34.3 percent.