EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES
|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.
|February 29, 2004||February 28, 2003|
|Less Discounts & Allowances||( 11,318,228 )||( 11,156,675 )|
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