EDC Posts Gains, More Expected
by Staff -- Publishers Weekly, 10/13/2003
The good times continue to roll at Educational Development Corp. The children's book publisher reported that revenue for the second quarter ended August 31 rose 16.3%, to $6.5 million, with net earnings increasing 17.6%, to $534,000.
As usual, the gains were led by EDC's home business division, which had a 31% sales increase in the quarter. Sales in the publishing division fell 3%. For the first six months of the year, earnings rose 11.8%, to $1.1 million, on a revenue increase of 14.5%, to $13.4 million.
Revenue has risen in 38 consecutive months, and with the company expecting growth to continue EDC is expanding its warehouse. EDC plans to add 20,000 square feet of warehouse space to its Tulsa facility, bringing the total square footage in the building to 100,400.
