EDC Reports Annual Earnings
April 19, 2001
Randall W. White, Chairman and CEO of Educational Development Corporation, announces the Company earned $0.27 a share on net sales of $17,596,848 for fiscal year ended February 28, 2001. Net earnings were $1,090,262 for the fiscal year.
White announced that the increases were fueled by the Home Business Division, which recorded increases in net sales of 18.5% in the third quarter and 32.7% in the fourth quarter. New recruits in the Home Business Division increased 35% during fiscal year 2001.
The Company incurred $130,000 of non-recurring charges related to recruiting expenses in the Home Business Division, which were fully expensed in fiscal year 2001.
White reports that the trend of sales increases has continued through March. Net sales for March increased 28.6% in the Home Business Division and 6.0% in the Publishing Division, for a combined gain of 16%, which produced the highest March sales in the Company's history.