EX-99.1 2 e18261ex99_1.txt PRESS RELEASE Exhibit 99.1 Educational Development Corporation Reports Record 1st Quarter Profits TULSA, Okla., June 23 /PRNewswire-FirstCall/ -- Educational Development Corporation (Nasdaq: EDUC) reported today the highest 1st quarter net earnings and net revenues in the Company's history. Net earnings for the 1st quarter ended May 31, 2004 increased 41% to $824,400 when compared with the 1st quarter last year, which is the second consecutive quarter to record a 41% increase in earnings. Net revenues increased 16% to $8,417,500. The Company's two divisions posted sales increases in the 1st quarter of fiscal year 2005. The Home Business Division's net revenues increased 21% and the Publishing Division increased its net revenues 2%. The Home Business Division just concluded its most successful National Convention with consultants from around the country in attendance at the convention held in Tulsa, Oklahoma. The Company's annual dividend was paid June 10, 2004. The $0.12 per share dividend was a 20% increase over the $0.10 dividend paid the previous year. 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 May 31, 2004 2003 Net Revenues $ 8,417,500 $ 7,263,000 Pre-tax Earnings $ 1,335,700 $ 938,400 Income Taxes 511,300 352,500 Net Earnings $ 824,400 $ 585,900 Earnings Per Share Basic $ .21 $ .15 Diluted $ .19 $ .14 Shares Basic 4,001,449 3,879,605 Diluted 4,230,286 4,253,020 SOURCE Educational Development Corporation -0- 06/23/2004 /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 SU: ERN DIV