Double-Digit Gains at EDC
by Staff -- Publishers Weekly, 4/19/2004
Net income at Educational Development Corp. rose 16.4% in the fiscal year ended February 29, to $2.4 million, while sales increased 15.6%, to $30.4 million.
The revenue gain was led by a 23% increase in EDC's home business division, to $22.9 million, which offset a slight decline in publishing division sales, which finished the year at $7.5 million. Growth in the home business was driven by a 22% gain in the number of home sales representatives; EDC now has about 9,500 sales reps who take part in its party plan business. EDC chairman Randall White said a factor in the decline in publishing division sales was the bankruptcy of FAO Inc.
Fiscal 2004's sales momentum has carried into the first quarter of fiscal 2005. Sales in March rose 39%, to $3.1 million, with sales in the home division increasing 50%. Sales in the publishing division also had a gain in the month, with sales ahead 9%.
