Educational Development

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TULSA (JR) -- Educational Development Corp. of Tulsa on Thursday reported net income of $1.09 million, or 27 cents per share, for the fiscal year ended Feb. 28.

Net income for the quarter was up from $1.08 million, or 24 cents per share, for the previous fiscal year.

Revenues for the year totaled $17.6 million, up from $16.8 million a year earlier.

Xerox

STAMFORD, Conn. (AP) -- Xerox posted a $158 million first- quarter profit, primarily due gains from asset sales.

Excluding one-time gains and losses, however, Xerox lost $86 million, significantly less than what Wall Street expected.

For the three months ended March 31, Xerox earned 19 cents per share, compared with a net loss of $243 million or 38 cents per share, in the year-ago period.

However, the profits include a gain on the sale of half of interest in Fuji Xerox of $300 million and a restructuring charge. Excluding the items, Xerox lost 12 cents per share.

Ford Motor Co.

DEARBORN, Mich. (AP) -- Ford's first quarter earnings fell 49 percent due to weaker U.S. sales, but the results beat Wall Street's expectations.

The world's second-largest automaker said Thursday it earned $1.06 billion, or 56 cents a share, in the first three months of the year, compared to $2.08 billion, or $1.70 a share, in the same period last year.

The latest results include an accounting change related to the treatment of derivatives. Excluding that change, Ford's first quarter earnings would be $1.13 billion, or 60 cents a share.

Analysts surveyed by Thomson Financial/First Call had expected 54 cents a share from Ford.

Ford revenues for the quarter were $42.4 billion, down from $42.9 billion last year. Revenue from global automotive operations was $34.65 billion, down from $36.2 billion a year ago.

UPS

ATLANTA (AP) -- United Parcel Service reported first quarter earnings Thursday that slightly exceeded analysts' lowered expectations, while also warning that it sees no respite from the tough economic times that have battered its business.

The Atlanta-based delivery giant said it earned $556 million, or 48 cents per share, down from $813 million, or 67 cents per share, in the same period last year. The year-ago results were skewed by a one-time gain of $139 million.

Not counting a one-time $26 million charge for an accounting change, UPS earned $582 million, or 51 cents per share, in the first quarter of 2001. Excluding special items, the company earned $674 million, or 56 cents per share, during the same period last year.

Revenue was $7.5 billion in the most recent quarter, up from $7.2 billion during the same period of 2000.

McDonald's

CHICAGO (AP) -- McDonald's profits tumbled 16 percent as Europeans' wariness of beef and weak currencies carved into the burger giant's international sales, sending earnings lower for a second straight quarter.

The world's biggest restaurant company said Thursday it earned $378.3 million, or 29 cents a share, down from $450.9 million, or 33 cents a share, in the first quarter of 2000.

Revenues increased by 5 percent to $3.51 billion from $3.34 billion as the Oak Brook, Ill.-based fast-food company continued to add an average of five restaurants a day to its total of more than 28,000 worldwide.

Sales rose 4 percent in the United States, where nearly half its restaurants are located.

Allstate

NORTHBROOK, Ill. …