January 8, 1999
Randall W. White, Chairman and CEO of Educational Development Corporation, reports net earnings of $537,600 for the third quarter ended November 30, 1998 compared with net earnings of $561,000 for the third quarter a year ago. Earnings per share was $.11 for both quarters.
Net sales were $5,453,700 and $13,564,800 for the three months and nine months ended November 30, 1998, respectively, compared to $5,559,100 and $15,486,100 for the same respective periods the previous year.
Sales for the first six months, March through August, were down 18% from the previous year. The third quarter sales comparison is a significant improvement, even though there was a slight decline.
The Companys positive cash flow has allowed the elimination of bank debt during the month of December. The Company has also repurchased shares on the open market and will continue to purchase shares as market conditions warrant. The Company has acquired in excess of 350,000 shares through the end of December.