Exhibit 99.1

     EDUCATIONAL DEVELOPMENT CORPORATION REPORTS RECORD 1ST QUARTER PROFITS

                                                                   June 18, 2003

Educational   Development  Corporation  (NASDAQ:  EDUC)  reported  today  record
earnings  for the 1st quarter  ended May 31,  2003.  The Company  announced  net
revenues of $6,924,800,  an increase of 13% versus $6,132,300 for the comparable
period last year.  The Company  reported net  earnings  increased 7% to $585,900
when  compared  to net  earnings  of  $547,700  for the same  period  last year.
Earnings per share on a fully diluted basis  increased to $0.14 versus $0.13 for
the same  period last year,  and are the  highest 1st quarter  sales and earning
numbers in the Company's history.

The Home  Business  Division  recorded a 25%  increase  in net sales for the 1st
quarter  ended May 31, 2003 and posted its 35th  consecutive  month of increased
sales.  Recruiting of new sales  associates was up 12% for the 1st quarter ended
May 31, 2003,  which included the highest  recruiting month in history in April,
surpassing  the previous  recruiting  record set in May 2002.  The Home Business
Division's National Convention begins June 19th with over 700 registered,  a 40%
increase over last year's attendance.

The Publishing Division recorded a 9% decline in net sales for the quarter ended
May 31, 2003 when  compared with the same quarter last year,  coinciding  with a
nationwide sales slump in the retail book market.

The Company just completed payment of a 10% annual cash dividend, a 67% increase
over the previous  year. The Board of Directors has approved a policy to pay 20%
of annual earnings in the form of a cash dividend.

Educational  Development  Corporation sells the Usborne line of children's books
through its multi-level sales organization, through 6,000 retail stores and over
the Internet. The Company offers over 1,300 different titles for children of all
ages.

                                                    Three Months Ended May 31,
                                                 -------------------------------
                                                    2003                  2002
                                                 ----------           ----------
Net Sales                                        $6,924,800           $6,132,300
                                                 ==========           ==========
Pre-tax Earnings                                 $  938,400           $  883,300

Income Taxes                                        352,500              335,600
                                                 ----------           ----------
Net Earnings                                     $  585,900           $  547,700
                                                 ==========           ==========
Earnings Per Share
    Basic                                        $      .15           $      .14
                                                 ==========           ==========
    Diluted                                      $      .14           $      .13
                                                 ==========           ==========
Shares
    Basic                                         3,879,605            3,837,875
                                                 ==========           ==========
    Diluted                                       4,253,020            4,157,200
                                                 ==========           ==========