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Educational Development Corporation Announces First Quarter Fiscal 2011 Results

TULSA, Okla., July 15, 2010 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) ( http://www.edcpub.com ) today reported results for the first quarter of fiscal 2011, ended May 31, 2010.

Results

EDUC reports net revenue of $6,295,400 for the quarter ended May 31, 2010 compared to $6,390,600 and net earnings of $188,200 compared to $415,400 for the same period last year.

We are pleased the Publishing Division posted a net revenue gain of 5.9% for the quarter in a tough retail environment and the trend continued as June sales were the second highest for any month in our history.

The Home Business experienced a 4.8% net revenue decline which is primarily due to decreases in home party sales and direct sales. We hold our National Sales Convention next weekend where training on all aspects of the business will be presented to over 500 sales consultants.

During the quarter, the Company recorded a one-time casualty loss of $188,500. While this resulted in disappointing results for the quarter, the Company operations were not affected. 

EDUCATIONAL DEVELOPMENT CORPORATION
SELECTED FINANCIAL DATA
  Three Months Ended May 31,  
  2010 2009  
       
NET REVENUES  $ 6,295,400   $ 6,390,600   
EARNINGS BEFORE INCOME TAXES  $ 300,300   $ 666,000   
INCOME TAXES  112,100   250,600   
NET EARNINGS  $ 188,200   $ 415,400   
       
BASIC AND DILUTED EARNINGS PER SHARE:      
Basic  $ 0.05   $ 0.11   
Diluted  $ 0.05   $ 0.11   
       
WEIGHTED AVERAGE SHARES:      
Basic  3,876,603   3,843,847   
Diluted  3,880,131   3,844,859   

About Educational Development Corporation

Educational Development Corporation sells children's books, including Usborne Books and the Kane/Miller line of international children's titles through a multi-level sales organization of independent consultants, through 5,000 retail stores and over the Internet. More than 1,500 different titles are available for children of all ages, with periodic new additions.

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