Jun. 3--Q.E.P. Co. Inc. (Nasdaq: QEPC, $1.67), a maker of tools for laying carpet and tiles, today reported its financial results for fiscal year 2009 and announced that it will voluntarily delist its common stock from the NASDAQ Global Market.

The Boca Raton-based company reported a net loss for the fiscal year ended Feb. 28 of $7.3 million, or $2.13 per share, compared with net income of $2.2 million, or 61 cents per share, in the previous year.

Net sales fell 6.4 percent to $203.6 million from $217.5 million in 2008. Gross profit as a percent of sales fell to 27.5 percent from 28.9 percent in fiscal year 2008.

In a statement, the company said it attributes the decrease in sales, particularly in the latter half of the fiscal year, to the weak economy and "the softening of the residential and commercial improvement and construction markets," among other things.

The company said it is taking steps to reduce expenses and adjust its operating plans, and has "realized significant improvements in its operations" in the first quarter of fiscal year 2010.

However, the company said that it plans to delist from the stock exchange, and deregister its common stock under the Securities Exchange Act of 1934.

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