Press Release


June 28, 2000

Randall W. White, Chairman and CEO of Educational Development Corporation, reports that the Company's first quarter net sales were $4,250,400, an increase over net sales of $4,122,100 for the first quarter of the previous year. The Company earned $0.07 per share for the first quarter ended May 31, 2000.

The Company just concluded its 4th National Convention in which it announced that it would shortly be launching a new program for making sales on the Internet.  This program will allow sales consultants to generate sales on the Internet via their own personalized Web sites.

The Company continues to broaden its product line in order to expand its market share.  The Spanish language market is a growing market and the Company now has 56 of its titles in Spanish.  A CD-ROM based reading and phonics program for early childhood is nearing completion and should be released soon.

In June the Company had its first sales of the newly developed product for the Federally funded Head Start program. This product is a diagnostic and prescriptive program and is correlated to the Head Start objectives.  It places major emphasis on early intervention in the education process.  The Company is very excited about the potential for this product.
 

Three Months Ended May 31,
1999 1999
Net Sales $ 4,250,400 $ 4,122,100
Pre-tax income $ 447,500 $ 469,900
Income taxes 171,400 179,600
Net Income $ 276,100 $ 290,300
Basic and Diluted Earnings Per Share $ .07 $ .06
Shares
Basic
4,069,128 4,624,517
Diluted
4,121,164 4,659,489