EDC Announces 100% Increase in Dividends
July 11, 2001
Randall W. White, Chairman and CEO of Educational Development Corporation, announced today that the Board of Directors has authorized a 100% increase in the annual cash dividend, from $0.02 to $0.04. The dividend will be paid August 10, 2001 to holders of record August 1, 2001.
The dividend increase reflects the strong surge in sales and profits the Company is experiencing and the resulting positive cash flow has virtually eliminated all debt of the Company. The Company is currently utilizing less than $100,000 of a $3,500,000 credit line.
White also announced that July net sales in the Home Business Division are on track to be the largest July in the history of the division. This would be the thirteenth consecutive month, dating back to July 2000, that the Home Business Division has recorded an increase in net sales when compared with the same month the previous year.
Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 10,000 retail stores and over the Internet. The Company offers over 1,100 different titles for children of all ages.
Educational Development Corporation's common stock is traded on the NASDAQ exchange under the symbol EDUC.