Educational Development Corporation Purchases Building
January 9, 2002
Randall W. White, President and CEO of Educational Development Corporation, announces that the Company has purchased the office and warehouse facilities that the Company occupies in Tulsa, Oklahoma. The purchase price for the 82,000 square foot facility was $1.8 million. This purchase is expected to generate approximately $150,000 annual pre-tax savings and was funded from cash reserves and required no debt financing.
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.