Tulsa-based Educational Development Corp. profits drop 9.6%

Journal Record, The (Oklahoma City), Jul 14, 2005 by Journal Record Staff

Educational Development Corp. on Wednesday reported a 9.6 percent decrease in net income for the first fiscal quarter ended May 31.

Net income for the quarter was $745,200, or 20 cents per share, down from $824,400, or 21 cents per share, for the first quarter of the previous fiscal year.

Revenues totaled $8.2 million, down from $8.5 million a year earlier. Revenues for the publishing division increased 7 percent from a year earlier while revenues for the home business division fell 7.2 percent.

Tulsa-based Educational Development sells the Usborne line of children's books through a multi-level sales organization, 5,100 retail stores and over the Internet.