EXHIBIT 99.1
Educational Development Corporation Announces Second Quarter Fiscal 2010 Results
TULSA, Okla., Oct. 15, 2009 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) http://www.edcpub.com today reported results for the second quarter and first six months of fiscal 2010, ended August 31, 2009.
Quarter Results
EDUC reports net revenue of $6,005,900 for the quarter ended August 31, 2009, compared to $6,367,500 for the same period last year. Net earnings declined from $323,000 to $225,400 for the same period.
The Publishing Division is experiencing a record year for sales to retail outlets, with July sales the largest single sales month in our history. This trend has continued with another near-record month in September. Net revenues for this division increased $319,700 during the three month period ending August 31, 2009 when compared with the same quarterly period a year ago. We attribute this to a 28% increase in sales to major national accounts and 26% increase for independent retailers and specialized markets.
For the four months, April, May, June and July, the Home Business Division experienced a 25% decline in revenue. In August, we instituted a recruiting blitz resulting in 2,700 new sales consultants which had an immediate impact as August and September sales rebounded to slightly under those for the same months of the previous year. October has had a strong start as well.
EDUCATIONAL DEVELOPMENT CORPORATION
SELECTED FINANCIAL DATA
Three Months Ended Six Months Ended
August 31, August 31,
2009 2008 2009 2008
---- ---- ---- ----
NET REVENUES $ 6,005,900 $ 6,367,500 $12,396,500 $13,742,300
=========== =========== =========== ===========
EARNINGS BEFORE
INCOME TAXES $ 359,200 $ 520,600 $ 1,025,200 $ 1,288,600
INCOME TAXES 133,800 197,600 384,400 485,900
----------- ----------- ----------- -----------
NET EARNINGS $ 225,400 $ 323,000 $ 640,800 $ 802,700
=========== =========== =========== ===========
BASIC AND DILUTED
EARNINGS PER
SHARE:
Basic $ 0.06 $ 0.08 $ 0.17 $ 0.21
=========== =========== =========== ===========
Diluted $ 0.06 $ 0.08 $ 0.17 $ 0.21
=========== =========== =========== ===========
WEIGHTED AVERAGE
SHARES:
Basic 3,867,023 3,826,869 3,855,435 3,765,812
=========== =========== =========== ===========
Diluted 3,868,155 3,828,075 3,856,507 3,767,045
=========== =========== =========== ===========
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.
The Educational Development logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5083
CONTACT: Educational Development Corporation
Randall White
(918) 622-4522
