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Press Release |
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EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
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| April 4, 2002 | ||
| Educational Development Corporation (NASDAQ: EDUC) reported today
record earnings for its fiscal year ended February 28, 2002. The Company
announced net revenues of $20,554,450, an increase of 17% versus $17,596,848
for the comparable period last year. The Company reported net earnings of
$1,531,274, or $0.38 per share on a fully-diluted basis, which represented an
increase of 40% compared to net earnings of $1,090,262, or $0.27 for the same
period a year earlier. "We continue to rapidly grow revenues and profits," said Randall White, Educational Development's Chairman and CEO. "We have also continued to develop our infrastructure to support future growth in our Home Business Division by aggressively recruiting new Associates. Our new fiscal year is already off to a strong start, as the Home Business Division recently completed the strongest March in its history. We believe that the best is yet to come." The Company reported that both the Publishing Division and the Home Business Division recorded sales increases for fiscal year 2002. The Home Business Division posted a 29% increase in net sales and recently concluded its twenty-first consecutive month of increased sales. The Company is encouraged that the Publishing Division was able to record a slight increase in net sales, despite the fact that the retail industry nationwide has been in a sales slump the past few months. Mr. White is featured in an interview with the CEOcast, Inc., a leading on-line financial portal, where he discusses the Company's results in greater detail. The interview is available at www.ceocast.com. Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 9,000 retail stores and over the Internet. The Company offers over 1,100 different titles for children of all ages. |
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| February 28, 2002 | February 28, 2001 | |
| Net Revenues | $20,554,450 | $17,596,848 |
| Pretax earnings | $2,440,074 | $1,770,362 |
| Income Taxes | 908,800 | 680,100 |
| Net Earnings | $1,531,274 | $1,090,262 |
| Earnings Per Share: | ||
| Basic | $0.40 | $0.28 |
| Diluted | $0.38 | $0.27 |
| Weighted Average Number of Common and Common Equivalent Shares Outstanding: | ||
| Basic | 3,867,221 | 3,1025,527 |
| Diluted | 4,061,956 | 4,042,642 |