EDC Reports Record 1st
Quarter Profits |
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June 23, 2004
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Educational Development Corporation (NASDAQ: EDUC) reported today
the highest 1st quarter net earnings and net revenues in the Company's history.
Net earnings for the 1st quarter ended May 31, 2004 increased 41% to $824,400
when compared with the 1st quarter last year, which is the second consecutive
quarter to record a 41% increase in earnings. Net revenues increased 16% to
$8,417,500.
The Company's two divisions posted sales increases in the 1st quarter of fiscal
year 2005. The Home Business Division's net revenues increased 21% and the
Publishing Division increased its net revenues 2%. The Home Business Division
just concluded its most successful National Convention with consultants from
around the country in attendance at the convention held in Tulsa, Oklahoma.
The Company's annual dividend was paid June 10, 2004. The $0.12 per share
dividend was a 20% increase over the $0.10 dividend paid the previous year.
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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Three Months Ended May 31
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2004 |
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2003 |
| Net Revenues |
$ 8,417,500
|
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$ 7,263,000 |
| Pre-tax Earnings |
1,335,700 |
|
938,400 |
| Income Taxes |
511,300 |
|
352,500 |
| Net Earnings |
$824,400 |
|
$585,900 |
| Earnings Per Share |
| Basic |
$0.21 |
|
$0.15 |
| Diluted |
$0.19 |
|
$0.14 |
| Shares |
| Basic |
4,001,449 |
|
3,879,605 |
| Diluted |
4,230,286 |
|
4,253,020 |
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