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quality products inc (QPDC) Key Developments

Quality Products Inc. Announces Management Changes

Quality Products Inc. announced the promotion of David Somers, the company's current President, to the position of Chief Executive Officer of the company, succeeding Richard Drexler, the current CEO. The appointment will take effect October 1st, 2014. Mr. Somers will continue to report to Mr. Drexler, who will continue as Chairman of the Board of the company. Mr. Somers has several decades of experience in operations management, strategic consulting and investment management. He was most recently the CFO of AnswersMedia, LLC.

Quality Products Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended June 30, 2014

Quality Products Inc. announced unaudited consolidated financial results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported net sales of $7,195,569 against $7,113,807 a year ago. Income from operation was $1,919,473 against $1,713,073 a year ago. Income before income tax was $2,334,270 against $1,991,132 a year ago. Net income was $1,495,730 or $0.63 per diluted share against $1,281,132 or $0.54 per diluted share a year ago. For the nine months, the company reported net sales of $28,654,854 against $16,324,773 a year ago. Income from operation was $7,135,459 against $3,877,582 a year ago. Income before income tax was $7,721,088 against $4,791,187 a year ago. Net income was $4,821,171 or $2.04 per diluted share against $3,021,367 or $1.27 per diluted share a year ago. Purchases of property and equipment was $595,803 against $270,430 a year ago. Net cash provided by operating activities was $6,747,625 against $1,072,465 a year ago.

Quality Products, Inc. Appoints David Somers as President

Quality Products Inc. announced the appointment of David Somers to the position of President of the company. Mr. Somers will report to Richard Drexler, who will continue as CEO and Chairman of the board of the company. Mr. Somers had previously been a consultant to the company since mid-January 2014. He was most recently the CFO of AnswersMedia, LLC.

Quality Products Mulls Acquisitions

Quality Products Inc. (OTCPK:QPDC) is looking for acquisition opportunities. Richard Drexler, Chief Executive Officer and Chairman of the Board of Quality Products commented on the appointment of David Somers as President of Quality Products, "I am pleased to bring David aboard. As we continue to grow the company, his primary focus will be on growth through acquisitions and integrating those acquisitions under the Quality Products umbrella."

Quality Products, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Quality Products Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2014. For the quarter, net income was $1,196,188 or $0.51 per basic and diluted share compared to $757,215 or $0.32 per basic and diluted share earned last year, an increase of $438,973 or 58.0%. Revenues were $10,155,977 compared to $4,449,798 last year, an increase of $5,706,179 or 128.2%. Income from operations was $2,024,942 compared to $943,817 last year. Income before provision for income taxes was $2,027,361 against $1,192,372 last year. For the six months, net income was $3,325,441 or $1.41 per basic and diluted share compared to $1,740,235 or $0.73 per basic and diluted share earned last year, an increase of $1,585,206 or 91.1%. Revenues were $21,459,285 compared to $9,210,966 last year, an increase of $12,248,319, or 133.0%. Income from operations was $5,215,986 compared to $2,164,509 last year. Income before provision for income taxes was $5,386,818 against $2,800,055 last year. The company generated positive operating cash flow of $4,084,463 against $1,074,799 last year. Capital expenditures were $330,667 against $262,830 last year.

 

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