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Press Release |
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EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
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| April 8, 2004 | ||
| Educational Development Corporation (NASDAQ: EDUC) reported today
record earnings for its fiscal year ended February 29, 2004. The Company
announced net revenues of $30,362,415, an increase of 16% over $26,257,674 for
the comparable period last year. The Company reported net earnings of
$2,373,450, an increase of 16% over net earnings of $2,038,085 the previous
year. Basic earnings per share increased 13% to $0.60 a share versus
$0.53 for the same period a year ago. The Home Business Division reported an increase in net revenues of 23% for the fiscal year ended February 29, 2004 when compared with the previous year. Earnings before income taxes in the Home Business Division increased 24% over the previous year. Recruiting of new sales consultants during fiscal year 2004 increased 22% over the previous year. The Publishing Division posted a slight decline in both net revenues and earnings before income taxes for the fiscal year ended February 29, 2004. The retail book market nationwide continues to be in a sales slump. The Company's March 2004 revenues were $3,077,600, an increase of 39% over March last year and the highest March revenues in the Company's history. The Home Business Division recorded a 50% increase in net revenues and the Publishing Division's net revenues increased 9%. Recruiting of new sales associates in the Home Business Division was up 109% for the month of March 2004 versus March last year. The Company announces that it will pay a $0.12 per share annual dividend on June 10, 2004 to shareholders of record May 26, 2004. This represents a 20% 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 29, 2004 | February 28, 2003 | |
| Revenues | ||
| Gross Sales | $40,070,070 | $36,036,786 |
| Less Discounts & Allowances | ( 11,318,228 ) | ( 11,156,675 ) |
| Transportation Revenue | 1,610,573 | 1,377,563 |
| Net Revenues | $30,362,415 | $26,257,674 |
| Pretax earnings | $3,832,450 | $3,264,785 |
| Income Taxes | 1,459,000 | 1,226,700 |
| Net Earnings | $2,373,450 | $2,038,085 |
| Earnings Per Share: | ||
| Basic | $0.60 | $0.53 |
| Diluted | $0.55 | $0.49 |
| Weighted Average Number of Common and Common Equivalent Shares Outstanding: | ||
| Basic | 3,948,193 | 3,835,411 |
| Diluted | 4,293,802 | 4,158,781 |