EDC Announces Record 3rd Quarter Sales
December 3, 2002
Educational Development Corporation (NASDAQ: EDUC) announces that its sales for the third quarter ended November 30,2002, were $7,827,400, an increase of 30% over the third quarter last year and were the highest quarterly sales in the Company's history.
Sales for the month of November were $3,219,800, the highest monthly sales in the Company's history, topping the previous record high set in October 2002.
The Home Business Division led the way with record sales in each month of the third quarter. Net sales totaled $6,196,500 for the third quarter, an increase of 39% over the third quarter last year. This Division has posted sales increases for 29 consecutive months. Recruiting of new sales consultants was up 67% for the nine months ended November 30, 2002.
The Publishing Division continues to perform very well with net sales of $1,630,900 for the third quarter, an increase of 6.4% over the same period last 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.