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Founded in 1979, Q.E.P. Co., Inc. is a global leader in manufacturing, marketing, and distributing a wide range of specialty tools and flooring products for professional installers and the home improvement market. With over 3,000 specialty tools and products, the company focuses on surface preparation and installation of ceramic tile, carpet, laminate, vinyl, and wood flooring. Headquartered in Boca Raton, Florida, Q.E.P. Co., Inc. serves customers in all 50 states and over 75 countries worldwide.
Q.E.P. Co., Inc. (OTCQX: QEPC) has appointed Robert Costello as an independent, non-executive director. Costello brings over 30 years of corporate legal and business development experience, including roles in multinational companies and private firms. His expertise includes domestic and cross-border mergers and acquisitions, as well as operational roles in various industrial sectors. Lewis Gould, Executive Chairman, expressed enthusiasm for Costello's appointment, highlighting the valuable insights he will contribute to the board. Founded in 1979, QEP designs and distributes flooring solutions worldwide, with a comprehensive product line offered under several brand names.
Q.E.P. Co. (OTCQX: QEPC) reported its fiscal 2023 results for the nine months ending November 30, revealing net sales of $335.4 million, a decline of 1.1% year-over-year. The third quarter saw net sales drop to $102.8 million, an 8.2% decrease. Gross profit for the nine months was $87.8 million, down 5.4%, with a gross margin of 26.2%. Operating expenses rose to $85.1 million, reflecting higher freight and marketing costs. Net income fell to $0.7 million, significantly down from $7.7 million in the previous year. The company is actively reducing debt and focusing on profit improvement initiatives.
Q.E.P. Co., Inc. (OTCQX: QEPC) announced an amendment to its loan agreement with Bank of America, enhancing financial flexibility.
The amendment enables up to $10 million for facility upgrades and permits the sale of property in Apple Creek, Ohio for $1.45 million. Additionally, it adjusts the Fixed Charge Coverage Ratio requirements.
This agreement supports the company’s working capital needs and general corporate purposes, ensuring the continued pursuit of strategic priorities.
Q.E.P. Co., Inc. (OTCQX: QEPC) reported net sales of $232.6 million for the first six months of fiscal 2023, up 2.3% from the prior year. The net income for the period was $0.5 million, with a net loss of $0.5 million for Q2. Gross profit decreased 3.5% to $60.1 million, impacting gross margins, which fell to 25.8%. Operating expenses rose to $58.5 million. Cash used in operations was $14.7 million, leading to increased borrowing. The company will hold a conference call on October 26, 2022, at 10:00 AM ET to discuss these results.
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