July 2, 1999
Randall W. White, Chairman and CEO of Educational Development Corporation, reports that the Company earned $0.06 a share for the first quarter ended May 31, 1999 on net sales of $4,122,100.
Net sales in the Company's Home Business Division increased slightly during the first quarter of fiscal year 2000, which is a very encouraging trend, as sales in that division had declined for the past two years. The number of new recruits signed during the first quarter this year increased 88% over the same quarter last year. The per-show sales average was 5% higher in the first quarter of fiscal year 2000. The Home Business Division's Third Annual Convention, a three-day event held in Tulsa Oklahoma at the end of June, attracted 65% more consultants than attended the previous year's convention. These key indicators are very encouraging as the Company is rebuilding this division to regain historic growth rates.
The Company has committed additional marketing resources to increase market share in the retail store division and believes these expenditures will be effective.
The Company continues to acquire shares of its stock under the stock repurchase programs. The Board of Directors previously authorized the repurchase of up to 2,000,000 shares. To date, under this program, over 988,000 shares have been repurchased, 590,000 since February 28, 1999.