EDC Division Posts Record Sales
December 19, 2000
Usborne Books at Home, the direct selling division of Educational Development Corporation, posted record sales for the month of November 2000, and will report a 19% increase in sales for the quarter ended November 30, 2000, compared to the same period last year. Previously the largest November sales month for that division was November 1996. The increase was primarily due to the addition of over 1,000 new sales associates who have joined the Company from a competitor who ceased operations August 31, 2000.
The Company will report a combined 4% increase in sales for the quarter ended November 30, 2000. The retail division, which is down slightly for the nine months ended November 30, 2000 (3%) had a decline of 18% for the quarter due to timing differences.
The Company also announces that the share buyback program has resulted in the purchase of 1,500,000 shares since March 1998. The share buyback has been funded from cash flow and in addition all current and long term debt has been retired.