-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BsZYqki6t+y3q47urg8Q86ERlEYmLS4zkEDmXsbVg06wRMNe7ha8ZjkspBm/B4nL iR0UFerI1OQRy4iUzxUdTw== 0000891092-03-002567.txt : 20030925 0000891092-03-002567.hdr.sgml : 20030925 20030925095952 ACCESSION NUMBER: 0000891092-03-002567 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030925 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDUCATIONAL DEVELOPMENT CORP CENTRAL INDEX KEY: 0000031667 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 730750007 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04957 FILM NUMBER: 03909222 BUSINESS ADDRESS: STREET 1: 10302 E 55TH PL #B CITY: TULSA STATE: OK ZIP: 74146 BUSINESS PHONE: 9186224522 MAIL ADDRESS: STREET 1: PO BOX 470663 CITY: TULSA STATE: OK ZIP: 741460663 FORMER COMPANY: FORMER CONFORMED NAME: TUTOR TAPES INTERNATIONAL CORP DATE OF NAME CHANGE: 19701030 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL TEACHING TAPES INC DATE OF NAME CHANGE: 19701030 8-K 1 e15753_8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 25, 2003 EDUCATIONAL DEVELOPMENT CORPORATION (Exact name of registrant as specified in its charter) Commission file number: 0-4957 Delaware 73-0750007 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 10302 East 55th Place, Tulsa, Oklahoma 74146-6515 (Address of principal executive offices and Zip Code) (918) 622-4522 (Registrant's telephone number, including area code) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 Press release dated as of September 25, 2003 ITEM 9. REGULATION FD DISCLOSURE In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibits referenced therein shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it or they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. On September 25, 2003, Educational Development Corporation, announces record 2nd quarter sales. A copy of the press release is attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Educational Development Corporation By: /s/ Randall W. White ------------------------------------- Randall W. White President and Chief Executive Officer Date: September 25, 2003 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------- ----------- *99.1 Press release dated as of September 25, 2003 - ---------- *Filed herewith. EX-99.1 3 e15753ex99_1.txt PRESS RELEASE Exhibit 99.1 Educational Development Corporation Reports Record 2nd Quarter Sales TULSA, Okla., Sept. 25 /PRNewswire-FirstCall/ -- Educational Development Corporation (Nasdaq: EDUC) reported today record sales for the three months ended August 31, 2003. Net sales for the 2nd quarter ended August 31, 2003 increased 16% to $6,513,600 when compared with the 2nd quarter last year. Net earnings for the 2nd quarter this year increased 18% to $534,400 when compared with last year. The Company announced net earnings increased 12% to $1,120,300 and net sales increased 15% to $13,438,400 for the current six month period when compared with the same six month period a year ago. The Home Business Division posted a 31% increase in retail sales for the 2nd quarter of the current year. This division has recorded 38 consecutive months of increased sales. Recruiting of new sales associates was up 41% for the 2nd quarter of the current year. The Publishing Division recorded a 3% decline in net sales for the 2nd quarter of the current year when compared with the same quarter last year, coinciding with a nationwide sales slump in the retail book market. The Company has experienced significant sales growth and expects that this trend will continue. As a result of this sales growth, the Company announces that it has contracted to add 20,000 square feet of warehouse space to its Tulsa facility. This will bring the total square footage in the Tulsa facility to 100,400. The Company plans to pay for this addition through normal cash flows. Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 6,000 retail stores and over the Internet. The Company offers over 1,300 different titles for children of all ages. Three Months Ended Six Months Ended August 31, August 31, 2003 2002 2003 2002 Net Sales $6,513,600 $5,602,100 $13,438,400 $11,734,400 Earnings Before Income Taxes $861,400 $729,700 $1,799,800 $1,613,000 Income Taxes 327,000 275,700 679,500 611,300 Net Earnings $534,400 $454,000 $1,120,300 $1,001,700 Earnings Per Share: Basic $0.14 $0.12 $0.29 $0.26 Diluted $0.12 $0.11 $0.26 $0.24 Weighted Average Shares: Basic 3,946,866 3,834,772 3,913,235 3,836,324 Diluted 4,301,033 4,144,683 4,277,027 4,150,941 SOURCE Educational Development Corporation -0- 09/25/2003 /CONTACT: Randall White, President of Educational Development Corporation, +1-918-622-4522/ /Web site: http://www.edcpub.com / (EDUC) CO: Educational Development Corporation ST: Oklahoma IN: REA BKS ECM MLM SU: -----END PRIVACY-ENHANCED MESSAGE-----