Q.E.P. reports record earnings for fiscal Q1 of 2005
Q.E.P. Co. has posted record quarterly earnings for its fiscal 2005 first quarter ended May 31.
For the quarter, net sales increased 24.2 percent to a quarterly record $43.1 million compared with $34.7 million for the same year-earlier period. Acquisitions accounted for approximately $3.5 million in sales in the 2005 first quarter and changes in foreign currency accounted for approximately $972,000 of the increase. The effect of foreign currency on net income was not material. Gross profit for the 2005 first quarter, which reflects a slight increase in the cost of certain raw materials, declined to 33.9 percent from last year's 34.9 percent.