Q.E.P. CO., INC Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2015; Announces Executive Changes
September 28, 2015 at 10:07 pm IST
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Q.E.P. CO., INC reported unaudited consolidated earnings results for the second quarter and six months ended August 31, 2015. For the quarter, the company reported net sales of $81,706,000 against $77,048,000 a year ago. Operating income was $3,702,000 against $1,207,000 a year ago. Income before provision for income taxes was $3,415,000 against $724,000 a year ago. Net income was $2,220,000 or $0.69 per basic and diluted share against $516,000 or $0.16 per basic and diluted share a year ago. EBITDA before non-operating expense was $4,817,000 against $2,479,000 a year ago.
For the six months, the company reported net sales of $159,973,000 against $156,755,000 a year ago. Operating income was $5,973,000 against $3,150,000 a year ago. Income before provision for income taxes was $5,366,000 against $2,367,000 a year ago. Net income was $3,488,000 or $1.08 per diluted share against $1,605,000 or $0.49 per basic and diluted share a year ago. Net cash provided by operating activities was $3,459,000 against $357,000 a year ago. Capital expenditures were $592,000 against $547,000 a year ago. EBITDA before non-operating expense was $8,158,000 against $5,741,000 a year ago.
The company also announced the retirement of Richard A. Brooke, the company's Senior Vice President and Chief Financial Officer, effective October 2, 2015. Mark S. Walter, 49, will assume the role of Chief Financial Officer. Mr. Walter has served as Senior Vice President Finance of the Company since August 2015. Mr. Walter has over 25 years of experience in finance and accounting, including ten years in various CFO roles, spanning public and private companies, private equity and public accounting. Mr. Walter is a CPA and was most recently President of MTN Satellite Communications, a private equity sponsored software, communications and technology company that was acquired by an affiliate of Abry Partners in July 2015.
Q.E.P. Co., Inc. is a designer, manufacturer, and distributor of a range of flooring and installation solutions for commercial and home improvement projects around the world. The Company operates through two segments: North America and Europe. The Company offers a comprehensive line of specialty installation tools, adhesives, and underlayment. The Company sells its products throughout the world to home improvement retail centers and professional specialty distribution outlets under brand names, including QEP, LASH, ROBERTS, Capitol, Premix-Marbletite (PMM), Brutus, Homelux, PRCI, and Tomecanic. The Company's specialty tools, and related products are sold through the Company's sales staff; independent manufacturing representatives; outside salaried and commissioned sales representatives; an in-house telemarketing sales force, and e-commerce.
Q.E.P. CO., INC Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2015; Announces Executive Changes