TULSA, Okla., June 1, 2009 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) today reported results for the fiscal fourth quarter and the full year ended February 28, 2009.
For the fiscal year 2009, the Company reports net revenue of $29,398,400, a small decrease when compared to $30,520,700 for the previous year, and net earnings of $1,912,600 compared to $2,324,400 for the previous year. Earnings per share were $0.50 compared to $0.60 the previous year on a fully diluted basis.
For the fourth quarter 2009, the Company announced net revenues of $6,267,900 compared to $6,792,300 for the same period last year. The Company reported 2009 fourth quarter net earnings of $460,400 compared with $482,500 for the 2008 fourth quarter, resulting in earnings per share of $0.12 per share for 2009 fourth quarter and $0.12 for 2008 fourth quarter on a fully diluted basis.
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
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Three Months Ended Twelve Months Ended
February 28(29), February 28(29),
2009 2008 2009 2008
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NET REVENUES $ 6,267,900 $ 6,792,300 $29,398,400 $30,520,700
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EARNINGS BEFORE
INCOME TAXES 805,500 781,000 3,138,900 3,732,100
INCOME TAXES 345,100 298,500 1,226,300 1,407,700
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NET EARNINGS $ 460,400 $ 482,500 $ 1,912,600 $ 2,324,400
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BASIC AND DILUTED
EARNINGS PER
SHARE:
Basic $ 0.12 $ 0.13 $ 0.50 $ 0.62
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Diluted $ 0.12 $ 0.12 $ 0.50 $ 0.60
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WEIGHTED AVERAGE
NUMBER OF COMMON
AND EQUIVALENT
SHARES
OUTSTANDING:
Basic 3,710,822 3,710,822 3,796,709 3,748,121
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Diluted 3,796,577 3,796,577 3,797,785 3,859,937
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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 (http://www.ubam.com), 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