December 31, 1999
Randall W. White, Chairman and CEO of Educational Development Corporation, reports that the Company earned $0.10 a share on net sales of $5,012,800 for the third quarter ended November 30, 1999 compared with earnings of $0.11 a share on net sales of $5,453,700 for the three months ended November 30, 1998.
Nine months sales compared to last year were down slightly. The Company views this as very positive as the two previous years sales were down significantly. Recruiting in the Home Business Division is up 50% over last year which is also a very positive trend.
The Company continues to commit additional resources to increase market share in each of its divisions and will continue that commitment to restore historic growth rates.
The Companys positive cash flow has allowed the elimination of bank debt during December. Under the stock repurchase programs, the Company has repurchased nearly 800,000 shares of its stock during this fiscal year. Since the stock repurchase began in March 1998 the Company has acquired almost 1.2 million shares of its stock. The Company has authorization from the Board of Directors to repurchase up to 2 million shares.