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