EDC Reports Record Second Quarter Sales and Earnings
|September 25, 2003|
|Educational Development Corporation (NASDAQ: EDUC) reported today record sales
for the three months ended August 31, 2003. Net sales for the 2nd
quarter ended August 31, 2003 increased 16% to $6,513,600 when compared with
the 2nd quarter last year. Net earnings for the 2nd
quarter this year increased 18% to $534,400 when compared with last year. The
Company announced net earnings increased 12% to $1,120,300 and net sales
increased 15% to $13,438,400 for the currentsix month period when compared with
the same six month period a year ago.
The Home Business Division posted a 31% increase in retail sales for the 2nd quarter of the current year. This division has recorded 38 consecutive months of increased sales. Recruiting of new sales associates was up 41% for the 2nd quarter of the current year.
The Publishing Division recorded a 3% decline in net sales for the 2nd quarter of the current year when compared with the same quarter last year, coinciding with a nationwide sales slump in the retail book market.
The Company has experienced significant sales growth and expects that this trend will continue. As a result of this sales growth, the Company announces that it has contracted to add 20,000 square feet of warehouse space to its Tulsa facility. This will bring the total square footage in the Tulsa facility to 100,400. The Company plans to pay for this addition through normal cash flows.
Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 6,000 retail stores and over the Internet. The Company offers over 1,300 different titles for children of all ages.
|Three Months Ended August 31||Six Months Ended August 31|
|Net Sales||$ 6,513,600||$ 5,602,100||$ 13,438,400||$ 11,734,400|
|Earnings Before Income Taxes||$861,400||$729,700||$1,799,800||$1,613,000|
|Earnings Per Share|
|Weighted Average Shares|