Educational Development Corporation Third Quarter Profits Rise
December 14, 2001
Randall W. White, Chairman and CEO of Educational Development Corporation, announces net sales for the third quarter ended November 30, 2001 increased to $6,007,900, an increase of 14.5% over net sales of $5,245,600 for the same quarter a year ago. Net sales for the nine months ended November 30, 2001 rose 14.4% to $15,916,900 compared with $13,910,600 for the same nine months last year.
Net earnings for the third quarter ended November 30, 2001 increased 27.0% to $485,000 versus $381,900 for the third quarter last year. Net earnings for the nine months ended November 30, 2001 were up 26.5% to $1,278,300 when compared with net earnings of $1,010,700 for the same nine month period a year ago.
Sales in the Home Business Division increased 22.5% for the third quarter over the same period last year and were the highest quarterly sales in the history of the Home Business Division. Sales in the retail division were down 3.8% for the third quarter this year when compared with the third quarter a year ago.
The Company concluded the quarter with no bank debt and cash and short-term investments of $2.3 million.
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.