Press Release

June 13, 2001

Randall W. White, Chairman and CEO of Educational Development Corporation, announces the Company has achieved its fifth consecutive quarter of increased sales.  Net sales increased 12.9% to $4,800,600 for the first quarter ended May 31, 2001 compared with $4,250,400 for the same quarter a year ago.  This is the second highest first quarter net sales in the Company's history.  Net earnings for the first quarter increased 33.8% to $369,500 when compared with net earnings of $276,100 for the same period last year. 

Sales to retail outlets were down slightly, 3.6%, while the Home Business Division recorded a 28.7% increase in net sales for the first quarter this year versus the first quarter last year while operating profits increased 26.5% for the same period.
 

Three Months Ended May 31,

 

    2001

2000  

Net Sales

$ 4,800,600

$ 4,250,400

Pre-tax Earnings

$    598,600

$     447,500

Income Taxes

      229,100

     171,400

Net Earnings

$  369,500

$    276,100

Basic and Diluted Earnings Per Share

$            .09

$            .07

Shares

 

Basic

  3,914,707

  4,069,128

Diluted

  4,006,222

  4,121,164