BOCA RATON, Fla.--(BUSINESS WIRE)--July 12, 2001--Q.E.P. CO., INC. today announced financial results for its fiscal 2002 first quarter ended May 31, 2001.

For the fiscal 2002 first quarter, net sales were $28.9 million, compared with $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 versus 31.17 percent. The company experienced increased freight and selling costs versus last year due to higher domestic volume. Net income was $604,000, compared with $943,000 one year ago, and earnings per share were $0.18 versus last year's split-adjusted $0.28.

Q.E.P. Co., Inc. is a leading manufacturer, marketer and distributor of a broad line of specialty tools and flooring-related products.