Exhibit 99.1
EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES ANNUAL EARNINGS AND INCREASES
DIVIDEND 25%
TULSA, Okla., May 26 /PRNewswire-FirstCall/ -- Educational Development
Corporation (Nasdaq: EDUC) reported today record earnings for its fiscal year
ended February 28, 2005. The Company announced net revenues of $31,650,779
compared with $31,127,268 for the comparable period last year. The Company
reported net earnings of $2,406,074 compared with net earnings of $2,373,450
for the previous year and basic earnings per share of $0.62 a share versus
$0.60 for the same period a year ago.
The Company has elected to early adopt Statement of Financial Accounting
Standards No. 123 (Revised 2004), "Share-Based Payment." Early adoption is
encouraged by the FASB. The Company has decided to adopt Statement 123R on
the modified retrospective application method to all prior years for which
Statement 123 was effective. For the Company, this begins with its fiscal
year ended February 28, 1997. As a result of the early adoption, the Company
has applied for a fifteen-day extension in which to file its Form 10-K and
will file the Form 10-K on or before June 13, 2005.
The Company announces that it will pay a $0.15 per share annual dividend
on June 10, 2005 to shareholders of record June 3, 2005. This represents a
25% increase over last year's dividend.
Educational Development Corporation sells the Usborne line of children's
books through its multi-level sales organization, through 5,100 retail stores
and over the Internet. The Company offers over 1,400 different titles for
children of all ages.
February 28, February 29,
2005 2004
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Revenues
Gross Sales $ 41,361,612 $ 40,940,822
Less discounts & allowances (11,324,165) (11,424,127)
Transportation Revenue 1,613,332 1,610,573
Net Revenues $ 31,650,779 $ 31,127,268
Pretax earnings $ 3,885,074 $ 3,832,450
Income taxes 1,479,000 1,459,000
Net earnings $ 2,406,074 $ 2,373,450
Basic earnings per share $ .62 $ .60
Diluted earnings per share $ .59 $ .55
Weighted Average Number of
Common and Common Equivalent
Shares Outstanding:
Basic 3,902,075 3,948,193
Diluted 4,088,130 4,293,802
SOURCE Educational Development Corporation
-0- 05/26/2005
/CONTACT: Randall White, President of Educational Development
Corporation, +1-918-622-4522/
/Web site: http://www.edcpub.com /