Educational Development Corporation Reports 2nd Quarter Sales Increase
September 6, 2001
Educational Development Corporation reports sales for the quarter ended August 31, 2001 were up 16% over the same quarter last year. The Company was led by the Home Business Division's record highest 2nd quarter sales of $2.9 million, a 42% increase over the same quarter last year. This division also had a 28% increase for the first quarter and is up 35% for the six months ended August 31, 2001.
Sales in the retail division were off slightly for the quarter at $2.2 million compared to $2.3 million a year ago, and are down 6% for the six months ended August 31, 2001, compared to the same period last year.
The Company has liquidated its debt position and is now heading into what has traditionally been the Company's strongest quarter.
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.