May 19, 1999
Randall W. White, Chairman and CEO of Educational Development Corporation, reports that the Company earned $0.26 a share for the year ended February 28, 1999, on net sales of $16,671,385.
In order to increase its market presence with national accounts, the Company completed a restructuring of its sales and marketing operations. Coverage of the national bookstore, toy and specialty chains is now being handled by the corporate headquarters. The Company has also doubled its presence at national trade shows.
A key element in the Home Business Division is the recruitment of additional sales consultants. During the first 75 days of FY 2000 the number of new recruits signed has increased 80% over the same period last year. The Home Business Divisions Third Annual Convention will be held at the end of June 1999 in Tulsa, Oklahoma. Pre-registration is up 50% over last year and this will be the largest convention to date.
The Board of Directors has declared an annual dividend of $0.02 per share to shareholders of record August 1, 1999.
The Board of Directors believes the stock is undervalued and the Company has continued to acquire shares under the stock repurchase program. To date, under this program, over 900,000 shares have been repurchased, 501,000 since February 28, 1999. The Board of Directors has authorized the Company to purchase an additional 1,000,000 shares as market conditions warrant.