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Educational Development Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Under the new 2019 plan, the Company is authorized to purchase up to 800,000 shares of common stock, which represented approximately 9% of the outstanding shares as of February 28, 2022, of which 514,594 remains available to purchase as of February 28, 2022.
The increase in operating income resulted primarily from increased gross margin from increased sales partially offset by increased inside sales commissions due to the addition of new retail customers.
Operating income as a percentage of net revenues changed from the prior year primarily due to $1.3 million of reduced freight handling costs primarily from reduced peak surcharges in the current fiscal year due to lower shipping volumes, a $0.4 million decrease in accrual expenses for the Company's annual incentive trip and other consultant rewards resulting from less award earners, offset by a $0.6 million increase in cost of goods sold resulting from fewer rebates and discounts associated with purchase volumes as well as increased ocean freight costs on inbound inventory and $0.3 million in other various cost changes.
The increase in gross margin primarily resulted from the increase in net revenues.
Cash provided by financing activities was $23,633,200 which was comprised of proceeds from term debt of $15,244,700, increase in borrowings on the line of credit of $12,478,200 and net cash received in treasury stock transactions of $617,100, offset by payments of $3,429,100 for dividends and payments on term debt of $1,277,700.
The Company uses available cash...Read more
These cash flows resulted from:...Read more
Executive Leaders and higher receive...Read more
Cash used in investing activities...Read more
Gross margin as a percentage...Read more
Customers receive varying discounts due...Read more
Gross margin as a percentage...Read more
This market has seen continued...Read more
In April 2008, our Board...Read more
Interest expense increased $0.3 million,...Read more
The decrease in gross margin...Read more
EDC has a history of...Read more
We believe allowing our consultants...Read more
During fiscal year 2022, we...Read more
Management believes using excess liquidity...Read more
Gross margin increased $1.9 million,...Read more
Consultants Our UBAM division's multi-level...Read more
UBAM gross margin decreased $48.6...Read more
Sales commissions decreased $25.9 million,...Read more
As such, much of the...Read more
Organizations sell variety boxes of...Read more
Estimated allowances for sales returns...Read more
The use of social media...Read more
Inventories are presented net of...Read more
Total UBAM operating expenses decreased...Read more
The outstanding borrowings on Term...Read more
Our borrowings outstanding under the...Read more
Our borrowings outstanding under the...Read more
General and administrative expenses decreased...Read more
Management uses a moving average...Read more
Sales associated with consignment inventory...Read more
The following table summarizes the...Read more
Operating and selling expenses decreased...Read more
Our borrowings outstanding on our...Read more
Operating income of our UBAM...Read more
An important factor in the...Read more
We also use available cash...Read more
All other supporting administrative activities...Read more
Management has estimated and included...Read more
An additional fundraising program, Cards...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Educational Development Corp provided additional information to their SEC Filing as exhibits
Ticker: EDUC
CIK: 31667
Form Type: 10-K Annual Report
Accession Number: 0001185185-22-000567
Submitted to the SEC: Thu May 05 2022 9:01:34 AM EST
Accepted by the SEC: Thu May 05 2022
Period: Monday, February 28, 2022
Industry: Wholesale Miscellaneous Nondurable Goods