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EDMARK REPORTS YEAR-END RESULTS

 REDMOND, Wash., Aug. 16 /PRNewswire/ -- Edmark Corp. (NASDAQ: EDMK) today reported results for the fiscal year ended June 30, 1993. Sales for the year were $8,733,038, up 46 percent from $5,962,526 for the year ended June 30, 1992. The company reported net earnings of $125,759, or 4 cents per share, compared to net earnings of $364,290 or 16 cents per share in fiscal year 1992.
 "The sales growth for fiscal 1993 reflects strong sales in our traditional education market, as well as our initial entry into the retail channel," reported Sally Narodick, chief executive officer. "Profitability was affected by the cost of building our retail infrastructure, the increased new product development activities, and the decision to expense a greater portion of those development costs."
 Sales for the fourth quarter were $2,339,072, up 18 percent from $1,982,792 for the last three months of the prior fiscal year. Net earnings and net earnings per share were at break even, compared to net earnings of $143,339 or 6 cents per share in the comparable period of the prior year. During the quarter, the company raised $2.8 million for new product development and marketing through the sale of 280,000 shares of common stock at $10.00 a share.
 "Fourth quarter sales reflected strong sales in the education market, a seasonally slower period in the retail market, and the results of intensified competition in the retail channel," said Narodick. "The company released two new products, Bailey's Book House, for the retail market, and Touch Money, for the special education and school markets.
 "This past year was another exciting one for Edmark," stated Narodick. "The new product development activities are expected to continue and will have an impact on earnings during fiscal 1994," reported Narodick, "but we believe that the investment in a broader line of products for the retail market will add strategic value for the company."
 Edmark develops, publishes and markets educational software and other products for the early childhood and special education markets. Copies of Edmark's catalog and annual report are available from Edmark Corp., P.O. Box 3218, Redmond, WA 98073-3218.
 EDMARK CORP.
 THREE MONTHS AND YEAR ENDED
 JUNE 30, 1993 AND 1992
 KEY FINANCIAL ITEMS
 Three Months Year
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Net sales $2,339,072 $1,982,792 $8,733,038 $5,962,526
 Cost of sales 1,039,161 870,143 3,880,741 2,612,714
 Gross profit 1,299,911 1,112,649 4,852,297 3,349,812
 Operating expenses:
 Sales and marketing 650,728 509,100 2,421,528 1,412,149
 General and adminis-
 trative 501,749 373,022 2,016,554 1,305,806
 Research and develop-
 ment 159,112 21,224 286,588 106,917
 Total operating
 expenses 1,311,589 903,346 4,724,670 2,824,872
 Operating income
 (loss) (11,678) 209,303 127,627 524,940
 Other income, net 13,400 6,935 63,327 33,632
 Earnings before
 federal income
 taxes 1,722 216,238 190,954 558,572
 Federal income taxes 856 72,899 65,195 194,282
 Net earnings 866 143,339 125,759 364,290
 Net earnings per
 share $ 0.00 $ 0.06 $ 0.04 $ 0.16
 Common equivalent
 shares outstand-
 ing 3,101,535 2,452,250 3,008,168 2,320,772
 At June 30: 1993 1992
 Current assets $6,716,265 $2,776,186
 Total assets 8,459,854 3,826,372
 Current liabilities 784,159 723,583
 Stockholders'
 equity 7,675,695 3,102,789
 Current ratio 8.56 to 1 3.84 to 1
 Common shares
 outstanding 3,006,317 2,345,317
 -0- 8/16/93
 /CONTACT: Fred McCulloch, treasurer, of Edmark, 206-556-8440/
 (EDMK)


CO: Edmark Corp. ST: Washington IN: PUB SU: ERN

SB-TM -- SE002 -- 2896 08/16/93 08:55 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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