September 20, 1999
Randall W. White, Chairman and CEO of Educational Development Corporation, reports that the Company experienced an increase in sales for both the quarter and six months ended August 31, 1999. This sales increase reverses a two year decline, and the Company is optimistic the upward trend will continue.
Net sales in the Company's Home Business Division increased 22% during the second quarter of this fiscal year to $2,021,600 versus $1,661,800 for the second quarter last year. The number of new recruits for the first six months of this fiscal year increased 78% over the first six months last year.
The Company has committed additional resources to increase market share in each of the divisions, and will continue that commitment to restore historic growth rates.
The Company has acquired over 1,000,000 shares of its stock under the stock repurchase programs, which began in March 1998. Nearly 642,000 shares have been repurchased during this fiscal year. The Board of Directors previously authorized the repurchase of up to 2,000,000 shares as market conditions warrant.