EDC Reports Announces 1st
Quarter Results |
| |
July 13, 2005
|
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Educational Development Corporation (NASDAQ: EDUC) reported today
net revenues for the 1st quarter ended May 31, 2005 of $8,226,700 compared with
$8,553,300 for the comparable period last year. The Company reported net
earnings of $745,200 compared with net earnings of $824,400 for the previous
year and basic earnings per share of $0.20 a share versus $0.21 for the same
period a year ago.
The Company reports that net revenues in the Publishing Division increased 7.0%
in the 1st quarter ended May 31, 2005 when compared with the 1st quarter last
year while net revenues in the Home Business Division declined 7.2%. However,
the Company reports new recruits increased 66% in May and 50% in June over the
same two months in the previous year.
The Company is also pleased to announce that for the third consecutive year it
was ranked in the top 100 Fastest Growing Small Public Companies by Fortune
Small Business magazine.
Educational Development Corporation sells the Usborne line of children's books
through its multi-level sales organization, through 5,100 retail stores and
over the Internet. The Company offers over 1,400 different titles for children
of all ages.
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May 31, 2005 |
|
May 31, 2004 |
| Revenues |
|
Gross Sales |
$10,994,400 |
|
$11,111,100 |
| Less Discounts & Allowances |
( 3,111,500 ) |
|
( 2,954,000 ) |
| Transportation Revenue |
343,800 |
|
396,200 |
|
Net Revenues |
$ 8,226,700 |
|
$ 8,553,300 |
| |
| Pre-tax Earnings |
$ 1,202,500 |
|
$ 1,335,700 |
| Income Taxes |
457,300 |
|
511,300 |
| |
| Net Earnings |
$ 745,200 |
|
$ 824,400 |
| |
| Basic Earnings Per Share |
$ 0.20 |
|
$ 0.21 |
| Diluted Earnings Per Share |
$ 0.19 |
|
$ 0.19 |
| |
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding: |
| Basic |
3,738,133 |
|
4,001,449 |
| Diluted |
3,901,588 |
|
4,230,286 |
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