| September 20, 2001 |
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| Randall W. White, Chairman and CEO of Educational Development
Corporation, announces the Company has achieved its sixth consecutive quarter
of increased sales. Net sales for the second quarter ended August 31,
2001 increased to $5,108,400, a 15.7% increase over net sales of $4,414,600 for
the same quarter a year ago. Net sales for the six months ended August
31, 2001 were $9,909,000, up 14.4% over net sales of $8,665,000 for the same
six months last year. |
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| Net earnings for the second quarter ended August 31, 2001 increased
20.2% to $423,800 versus $352,700 for the second quarter last year. Net
earnings for the six months ended August 31, 2001 were up 26.2% to $793,300
when compared with net earnings of $628,800 for the same six month period a
year ago. |
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| Sales in the Home Business Division increased 42.4% for the first
second quarter when compared with the second quarter last year. Sales in
the retail division were down 7.9% for the second quarter when compared with
the second quarter last year. |
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| In the wake of the September 11th terrorist attacks, the
Company has experienced a tremendous outpouring of support from its field sales
force for the relief effort. In addition to the individual contributions
from the 5,000 member sales force, the Company has pledged 1% of sales for the
month of September to the relief effort. |
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| 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. |
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| Educational Development Corporation's common stock is traded on the
NASDAQ exchange under the symbol EDUC. |
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