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Q.E.P. Co., Inc. reports developments in its flooring installation products business, including specialty installation tools, adhesives and underlayment sold through home improvement retailers and professional specialty distribution outlets. The company markets products under brands that include QEP, LASH, ROBERTS, Capitol, Premix-Marbletite, Brutus and Homelux.
Recurring news includes quarterly and annual financial results, cash dividends, share repurchases, capital spending and updates tied to manufacturing capacity, including ROBERTS adhesive production. Company updates also discuss demand conditions in home improvement, operating expenses, sourcing and freight costs, and the completed portfolio actions that narrowed QEP's focus around its core North American business.
Q.E.P. Co. reported record quarterly net sales of $114.4 million for Q1 FY2022, a 33.0% increase from $86.0 million in Q1 FY2021. Net income rose to $2.6 million or $0.79 per diluted share, compared to $0.7 million or $0.21 in the prior year. Gross profit also increased by 32.3% to $31.3 million. However, operating expenses grew due to higher shipping, personnel, and marketing costs, totaling $27.3 million. The company faces challenges from rising raw material costs and inflation. Cash from operations decreased to $1.4 million compared to $10.6 million in the same quarter last year.
On June 16, 2021, Q.E.P. Co., Inc. (OTC: QEPC) announced a one-time cash dividend of $0.05 per share, payable on or about August 18, 2021. Shareholders of record must hold shares by the close of business on July 14, 2021.
Founded in 1979, QEP specializes in flooring and installation solutions worldwide, offering a variety of product lines including adhesives and flooring tiles. The company operates from its headquarters in Boca Raton, Florida.
Q.E.P. Co., Inc. (OTC: QEPC) reported its fiscal 2021 results, revealing net sales of $387.6 million, a 1.6% decrease from $393.9 million in fiscal 2020. Despite the initial decline attributed to the COVID-19 pandemic, the company achieved year-over-year sales growth for the last three quarters. Gross margin improved to 28.0%, up from 26.4% in the prior year. Net income reached $6.9 million or $2.06 per diluted share, contrasting with a loss of $12.1 million in fiscal 2020. The company emphasized cost control measures and restructuring as key factors in returning to profitability.