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Press Release |
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EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
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| April 2, 2003 | ||
| Educational Development Corporation (NASDAQ: EDUC) reported today
record earnings for its fiscal year ended February 28, 2003. The Company
announced net revenues of $24,880,111, an increase of 21% versus $20,554,451
for the comparable period last year. The Company reported net earnings of
$2,038,085, and basic earnings of $0.53 per share, which represented an
increase of 33% compared to net earnings of $1,531,274, and $0.40 for the same
period a year earlier. The Company reported that both the Publishing Division and the Home Business Division recorded sales increases for fiscal year 2003. The Home Business Division posted a 31% increase in net sales and has recorded thirty-two consecutive months of sales increases. The Home Business Division signed a record number of new sales consultants during fiscal year 2003, up 47% over the previous year. The Company is encouraged that the Publishing Division was able to record a small increase in net sales, despite the fact that the nationwide sales of children's paperbacks declined during the past year. The Company announces that it will pay a $0.10 per share annual dividend June 11, 2003 to shareholders of record May 28, 2003. This represents a 67% increase over last year's dividend. Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 6,000 retail stores and over the Internet. The Company offers over 1,300 different titles for children of all ages. |
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| February 28, 2003 | February 28, 2002 | |
| Net Revenues | $24,880,111 | $20,554,451 |
| Pretax earnings | $3,264,785 | $2,440,074 |
| Income Taxes | 1,226,700 | 908,800 |
| Net Earnings | $2,038,085 | $1,531,274 |
| Earnings Per Share: | ||
| Basic | $0.53 | $0.40 |
| Diluted | $0.49 | $0.38 |
| Weighted Average Number of Common and Common Equivalent Shares Outstanding: | ||
| Basic | 3,835,411 | 3,867,221 |
| Diluted | 4,158,781 | 4,061,956 |