EDC Announces Record Sales for September
October 4, 2002
Educational Development Corporation (NASDAQ: EDUC) announces that its September sales were $1,841,300, an increase of 31% over September last year and the highest September sales in the Company's history. Each of the Company's two divisions posted sales increases in September.
The Home Business Division increased 50% and recorded the highest September sales in this division's history. This marks the 27th consecutive month in which the Home Business Division has produced a sales increase.
The Publishing Division, which sells primarily to trade and wholesale distribution companies, recorded an 2% increase in net sales for the month of September, 2002 when compared with September last year.
The Company expects to earn $0.55 per share for the year ending February 28, 2003 compared to $0.40 for the year ended February 28, 2002. The Company currently has no debt and the Board of Directors has authorized the extension of the stock buyback program.
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.