Q.E.P. Co. Inc. (Boca Raton, Fla.), parent company of Harris Wood (Johnson City, Tenn.), QEP, Porta-Nails Inc., Capitol Adhesives and other companies, reported a 350 percent increase in its fiscal year 2016 second quarter income. The company also announced the successor for its retiring CFO.
Q.E.P. Co. Inc. (Boca Raton, Fla.), parent company of Harris Wood (Johnson City, Tenn.), QEP, Porta-Nails Inc., Capitol Adhesives and other companies, reported a 350 percent increase in its fiscal year 2016 second quarter income. The company also announced the successor for its retiring CFO.
The company made a $2.2 million profit in the second quarter of fiscal year 2016, an increase of more than $1.5 million from the $500,000 profit reported in the same quarter in fiscal year 2015.
"I am pleased with this year’s profit improvement. Increased unit sales, cost containment actions and decreases in certain commodity prices along with the hard work and dedication of our associates have made a difference in spite of the headwinds from the continued weakness of foreign currencies,” said Lewis Gould, chairman of the board of directors, in a statement.
Net sales for the second quarter 2016 were $81.7 million, up from $77 million during the same period last year.
Operating expenses in the second quarter of 2016 decreased to $18.4 million from $19.6 million in the same quarter last year.
The company also announced that Mark Walter will succeed Richard Brooke, its senior vice president and CFO, who will retire effective Oct. 2. Walter has been Q.E.P.’s senior vice president finance of the company since August. He has more than 25 years of experience in finance and accounting, including 10 years in various CFO roles.
“Over the past decade, Richard has served to help shape the company’s overall direction by leading several of the company’s most significant acquisitions, instilling a financial mindset throughout the organization focused on improving performance and expanding our worldwide financing capabilities,” said Gould. “We thank him for his many contributions and wish him every success in the future.”