Q.E.P. Co., Inc. Declares Special Dividend, Payable on February 14, 2018; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017; Reports Impairment Loss on Long-Lived Assets for the Quarter Ended November 30, 2017
January 10, 2018 at 08:56 am
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On December 28, 2017, the Board of Directors of Q.E.P. Co., Inc. declared a special dividend of $1.00 per share or approximately $3.2 million. The dividend will be payable on February 14, 2018 to shareholders of record as of the close of business on January 17, 2018.
The company reported unaudited consolidated earnings results for the third quarter and nine months ended November 30, 2017. For the quarter, the company reported net sales of $80,728,000 compared to $77,960,000 a year ago. $766,000 compared Operating income was to $3,421,000 a year ago. Income before provision for income taxes was $515,000 compared to $3,181,000 a year ago. Net income was $322,000 compared to $1,989,000 a year ago. Basic and diluted net income per share was $0.10 compared to $0.62 a year ago. Adjusted net income was $1,737,000 compared to $1,989,000 a year ago. Adjusted EBITDA was $3,994,000 compared to $4,401,000 a year ago. Basic and diluted adjusted net income per share was $0.54 compared to $0.62 a year ago.
For the nine months, the company reported net sales of $246,857,000 compared to $238,218,000 a year ago. Operating income was $8,772,000 compared to $11,055,000 a year ago. Income before provision for income taxes was $8,025,000 compared to $10,427,000 a year ago. Net income was $5,015,000 compared to $6,517,000 a year ago. Basic and diluted net income per share was $1.57 compared to $2.03 a year ago. Net cash provided by operating activities was $7,031,000 compared to $7,173,000 a year ago. Capital expenditures were $3,188,000 compared to $1,349,000 a year ago. Adjusted net income was $6,505,000 compared to $6,517,000 a year ago. Adjusted EBITDA was $14,071,000 compared to $14,028,000 a year ago. Basic and diluted adjusted net income per share was $2.04 compared to $2.03 a year ago.
For the quarter, the company reported impairment loss on long-lived assets of $1,389,000.
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. Declares Special Dividend, Payable on February 14, 2018; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 30, 2017; Reports Impairment Loss on Long-Lived Assets for the Quarter Ended November 30, 2017