Q.E.P. Co., Inc. Reports Fiscal 2002 Fourth-Quarter and Full-Year Financial Results; Earnings Rise 28% and 47%, Respectively.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April 29, 2002 Q.E.P. CO., INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq:QEPC), today announced its financial results for the fiscal 2002 fourth quarter and full year ended February February: see month. 28, 2002. Net income for the fourth quarter of fiscal 2002 rose 28 percent, increasing to $551,000, or $0.16 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income of $432,000, or $0.13 per diluted share, for the fourth quarter of 2001. For the fourth quarter of 2002, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight remained flat at $26.9 million. Net income for the fiscal year ended February 28, 2002, of $2.1 million exceeded the $1.4 million earned during the prior fiscal year by 47 percent. Earnings per diluted share improved to $0.62 compared with $0.42 for the prior fiscal year. Net sales for the fiscal year were $109.7 million compared with prior-fiscal year net sales of $113.0 million. Net sales were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. equal to those of the prior fiscal year after giving effect to the Company's decision to license the sale of tackless carpet carpet or rug, thick fabric, usually woolen (but often synthetic), commonly used today as a floor covering. Carpet Types and Modern Manufactures strip to domestic distributors in May 2000. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved to 34.47 percent in the fourth quarter from 34.18 percent during the fourth quarter of the previous fiscal year and to 33.80 percent for the fiscal year ended February 28, 2002, from the previous fiscal year's 31.91 percent. Last year's results included restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , incentives and other one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charges totaling approximately $2.2 million, including $200,000 incurred during the fourth quarter. The Company will be hosting a conference call today at 4:30 p.m. (ET) to discuss this press release and to answer questions. To participate in the conference call, please dial 1-800-700-7860 five to 10 minutes before the call is scheduled to begin. Q.E.P. Co., Inc., is a leading manufacturer, marketer and distributor of a broad line of specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. 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 This article is about ceramic materials. For the fine art, see Ceramic art. The word ceramic is derived from the Greek word κεραμικός (keramikos). tile tile, one of the ceramic products used in building, to which group brick and terra-cotta also belong. The term designates the finished baked clay—the material of a wide variety of units used in architecture and engineering, such as wall slabs or blocks, floor , carpet, and marble marble, metamorphic rock composed wholly or in large part of calcite or dolomite crystals, the crystalline texture being the result of metamorphism of limestone by heat and pressure. . The Company sells its products to large home improvement retail centers, as well as traditional distribution outlets in 50 states and 49 countries worldwide. --Financial Results Follow--
Q.E.P. CO., INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME FOR THE TWELVE MONTHS
AND THREE MONTHS ENDED FEBRUARY 28, 2002, AND FEBRUARY 28, 2001
(All figures in thousands, except per-share data,
and figures are unaudited)
----------------------------------------------------------------------
Twelve Months Ended Three Months Ended
--------------------- ---------------------
Feb. 28, Feb. 28, Feb. 28, Feb. 28,
2002 2001 2002 2001
---- ---- ---- ----
Net sales $ 109,675 $ 113,003 $ 26,876 $ 26,856
Cost of goods sold 72,603 76,940 17,611 17,676
--------- --------- --------- ---------
Gross profit 37,072 36,063 9,265 9,180
Costs and expenses
Shipping 9,589 9,801 2,363 2,495
General and
administrative 9,740 9,651 2,131 2,089
Selling and
marketing 11,895 11,616 3,011 3,160
Restructuring charge -- 637 -- --
Other (income)
expense (217) (93) 4 (6)
--------- --------- --------- ---------
Operating income 6,065 4,451 1,756 1,442
Interest expense, net (2,557) (2,131) (754) (739)
--------- --------- --------- ---------
Income before
provision for
income taxes 3,508 2,320 1,002 703
Provision for
income taxes 1,405 887 451 271
--------- --------- --------- ---------
NET INCOME 2,103 1,433 551 432
========= ========= ========= ==========
Basic and diluted net
income per common share: $ 0.62 $ 0.42 $ 0.16 $ 0.13
========= ========= ========= ==========
Weighted average
number of shares
outstanding 3,390 3,369 3,402 3,336
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
FEBRUARY 28, 2002, AND FEBRUARY 28, 2001
(All figures in thousands and figures are unaudited)
February 28, 2002 February 28, 2001
----------------- -----------------
ASSETS
Current assets $39,731 $40,293
Property and equipment, net 6,300 7,155
Other assets 16,206 16,588
------- -------
Total Assets $62,237 $64,036
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
(including current portion
of long-term debt) $30,187 $30,505
Long-term debt and other
liabilities 9,000 11,418
Shareholders' equity 23,050 22,113
------- -------
Total Liabilities and
Shareholders' Equity $62,237 $64,036
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