Press Release


EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
RECORD ANNUAL EARNINGS AND INCREASES DIVIDEND 67%
April 2, 2003
Educational Development Corporation (NASDAQ: EDUC) reported today record earnings for its fiscal year ended February 28, 2003.  The Company announced net revenues of $24,880,111, an increase of 21% versus $20,554,451 for the comparable period last year.  The Company reported net earnings of $2,038,085, and basic earnings of $0.53 per share, which represented an increase of 33% compared to net earnings of $1,531,274, and $0.40 for the same period a year earlier.

The Company reported that both the Publishing Division and the Home Business Division recorded sales increases for fiscal year 2003.  The Home Business Division posted a 31% increase in net sales and has recorded thirty-two consecutive months of sales increases.

The Home Business Division signed a record number of new sales consultants during fiscal year 2003, up 47% over the previous year.

The Company is encouraged that the Publishing Division was able to record a small increase in net sales, despite the fact that the nationwide sales of children's paperbacks declined during the past year.

The Company announces that it will pay a $0.10 per share annual dividend June 11, 2003 to shareholders of record May 28, 2003.  This represents a 67% increase over last year's dividend.

Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 6,000 retail stores and over the Internet.  The Company offers over 1,300 different titles for children of all ages.
February 28, 2003 February 28, 2002
Net Revenues $24,880,111 $20,554,451
Pretax earnings $3,264,785 $2,440,074
Income Taxes 1,226,700 908,800
Net Earnings $2,038,085 $1,531,274
Earnings Per Share:
Basic $0.53 $0.40
Diluted $0.49 $0.38
Weighted Average Number of Common and Common Equivalent Shares Outstanding:
Basic 3,835,411 3,867,221
Diluted 4,158,781 4,061,956