Second quarter net sales were $27.3 million compared with $28.2 million for the corresponding quarter last year. Gross profit margin continued to improve during the quarter to 33.57 percent versus 33.30 percent in fiscal 2001's second quarter. Net income was $609,000, compared with $855,000 a year ago, and earnings per basic and diluted share were 18-cents versus last year's 25-cents.
Net sales for the first half of fiscal 2001 were $56.2 million compared with $59.8 million for the same period last year. After adjusting for approximately $3 million in prior-year revenue attributable to the sale of Q.E.P's tackless carpet strip business, revenues were in line with last year's. Net income for the period was $1.2 million versus $1.8 million for the comparable period last year. Earnings per basic and diluted share were 36-cents compared with last year's split-adjusted 53-cents.
Q.E.P. Co., Inc., is a leading manufacturer, marketer and distributor of a broad line of specialty tools and flooring-related products. Under brand names Q.E.P., Roberts, and O'Tool, Q.E.P. markets approximately 4,000 specialty tools and related products used primarily for the preparation and installation of ceramic tile, carpet, and marble. It sells its products to large home improvement retail centers, as well as traditional distribution outlets in 50 states and 49 countries worldwide. For more information, visit Q.E.P.'s Web site at www.qep.com.