Educational Development Corporation Posts Record Sales for July
August 1, 2001
Educational Development Corporation announced that sales for July 2001 were the largest July in history and were up 28% over July last year. The Home Business Division, the multi-level sales arm of the Company, recorded an increase of 37% which marks the 13th consecutive month that the Home Business Division has produced a sales increase.
The Publishing Division, which sells to retail stores, also posted a 20% increase for July. During July the Company liquidated all outstanding debt of the corporation and had cash reserves of $300,000 at month end.
The Board of Directors authorized a 100% increase in the dividend from $0.02 to $0.04 payable August 10, 2001 to holders of record August 1, 2001.
Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 10,000 retail stores and over the Internet. The Company offers over 1,100 different titles for children of all ages.
Educational Development Corporation's common stock is traded on the NASDAQ exchange under the symbol EDUC.