QEP Co. Inc. (QEPC.PK) Wednesday reported a decline in profit for the first quarter, due mainly to weak margins and higher operating expenses, despite increased revenues.
The Boca Raton, Florida-based company's first-quarter net profit was $2.29 million or $0.68 per share, compared to $4.13 million or $1.22 per share last year.
Total revenues for the quarter grew 3 percent to $69.84 million from $67.77 million in the prior-year quarter. The growth is attributed to US flooring related product lines.
For the quarter, gross margin decreased to 28.9 percent from 32.7 percent in the year-ago quarter. Total operating expenses increased to $16.40 million from $15.52 million last year.
Lewis Gould, chairman said, "We are disappointed with our earnings this quarter which reflect the decrease in margins that we discussed in our recent investor calls."
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