EDC Announces 1st
Quarter Results |
| |
July 13, 2006
|
| |
Educational Development Corporation (NASDAQ: EDUC) reported today
net revenues for the 1st quarter ended May 31, 2006 of $8,106,977 compared with
$8,226,679 for the comparable period last year. The Company reported net
earnings of $696,648 compared with net earnings of $745,200 for the previous
year and basic earnings per share of $0.19 a share versus $0.20 for the same
period a year ago.
The Company has experienced a shift in sales from independent bookstores to
national chains. While sales to national chains were up 5%, sales to the
smaller bookstores declined 11% resulting in an overall decline of 4% for the
quarter ended May 31, 2006 when compared with the same quarter last year. Home
Business Division maintained its market share with virtually the same revenue
for the quarters ended May 31, 2006 and 2005 respectively.
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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| |
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May 31, 2006 |
|
May 31, 2005 |
| Revenues |
|
Gross Sales |
$10,743,378 |
|
$10,994,404 |
| Less Discounts & Allowances |
( 3,041,585 ) |
|
( 3,111,541 ) |
| Transportation Revenue |
405,184 |
|
343,816 |
|
Net Revenues |
$ 8,106,977 |
|
$ 8,226,679 |
| |
| Pre-tax Earnings |
$ 1,090,548 |
|
$ 1,202,500 |
| Income Taxes |
393,900 |
|
457,300 |
| |
| Net Earnings |
$ 696,648 |
|
$ 745,200 |
| |
| Basic Earnings Per Share |
$ 0.19 |
|
$ 0.20 |
| Diluted Earnings Per Share |
$ 0.18 |
|
$ 0.19 |
| |
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding: |
| Basic |
3,756,461 |
|
3,738,133 |
| Diluted |
3,886,939 |
|
3,901,588 |
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