TULSA, Okla., May 28, 2010 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the fiscal fourth quarter and the full year ended February 28, 2010.
For the fiscal year 2010, the Company reports net revenue of $28,670,800, a decrease of $727,600 when compared to $29,398,400 for the previous year and net earnings of $1,913,600 compared to $1,912,600. Earnings per share were $0.49 compared to $0.50 the previous year on a fully diluted basis.
For the fourth quarter 2010, the Company announced net revenues of $6,257,900 compared to $$6,267,900 for the same period last year. The Company reported 2010 fourth quarter net earnings of $347,700 compared with $460,400 for the 2009 fourth quarter resulting in earnings per share of $0.08 per share for 2010 fourth quarter and $0.12 for 2009 fourth quarter on a fully diluted basis.
| EDUCATIONAL DEVELOPMENT CORPORATION | ||||
| CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) | ||||
| Three Months Ended February 28, | Twelve Months Ended February 28, | |||
| 2010 | 2009 | 2010 | 2009 | |
| NET REVENUES | $ 6,257,900 | $ 6,267,900 | $ 28,670,800 | $ 29,398,400 |
| EARNINGS BEFORE INCOME TAXES | 544,000 | 805,500 | 3,052,400 | 3,138,900 |
| INCOME TAXES | 196,300 | 345,100 | 1,138,800 | 1,226,300 |
| NET EARNINGS | $ 347,700 | $ 460,400 | $ 1,913,600 | $ 1,912,600 |
| BASIC AND DILUTED EARNINGS | ||||
| PER SHARE: | ||||
| Basic | $ 0.08 | $ 0.12 | $ 0.49 | $ 0.50 |
| Diluted | $ 0.08 | $ 0.12 | $ 0.49 | $ 0.50 |
| WEIGHTED AVERAGE NUMBER OF | ||||
| COMMON AND EQUIVALENT SHARES | ||||
| OUTSTANDING: | ||||
| Basic | 3,883,036 | 3,710,822 | 3,866,510 | 3,796,709 |
| Diluted | 3,886,019 | 3,796,577 | 3,868,082 | 3,797,785 |
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 1,600 different titles are available for children of all ages, with periodic new additions.
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