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Last10K.com | 10-K Annual Report Thu May 05 2022
The following information was filed by Educational Development Corp (EDUC) on Wednesday, May 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Educational Development Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Educational Development Corp.
Assess how Educational Development Corp's management team is paid from their Annual Proxy
Educational Development Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Financial - Shares Highlight
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.
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Financial - Income Highlight
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.
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Financial - Income Highlight
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.
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Financial - Earnings Highlight
The increase in gross margin primarily resulted from the increase in net revenues.
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Financial - Debt Highlight
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.
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Other - Other
The Company uses available cash...Read more
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Financial - Cash Flow
These cash flows resulted from:...Read more
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Revenue - Product
Executive Leaders and higher receive...Read more
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Financial - Earnings
Cash used in investing activities...Read more
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Financial - Earnings
Gross margin as a percentage...Read more
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Revenue - Product
Customers receive varying discounts due...Read more
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Financial - Earnings
Gross margin as a percentage...Read more
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Revenue - Product
This market has seen continued...Read more
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Financial - Shares
In April 2008, our Board...Read more
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Financial - Expense
Interest expense increased $0.3 million,...Read more
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Financial - Earnings
The decrease in gross margin...Read more
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Financial - Earnings
EDC has a history of...Read more
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Revenue - Product
We believe allowing our consultants...Read more
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Financial - Cash Flow
During fiscal year 2022, we...Read more
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Financial - Shares
Management believes using excess liquidity...Read more
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Financial - Earnings
Gross margin increased $1.9 million,...Read more
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Revenue - Product
Consultants Our UBAM division's multi-level...Read more
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Financial - Earnings
UBAM gross margin decreased $48.6...Read more
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Revenue - Product
Sales commissions decreased $25.9 million,...Read more
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Revenue - Product
As such, much of the...Read more
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Other - Other
Organizations sell variety boxes of...Read more
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Revenue - Product
Estimated allowances for sales returns...Read more
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Revenue - Product
The use of social media...Read more
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Other - Other
Inventories are presented net of...Read more
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Financial - Expense
Total UBAM operating expenses decreased...Read more
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Other - Other
The outstanding borrowings on Term...Read more
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Other - Other
Our borrowings outstanding under the...Read more
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Other - Other
Our borrowings outstanding under the...Read more
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Financial - Expense
General and administrative expenses decreased...Read more
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Revenue - Product
Management uses a moving average...Read more
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Revenue - Product
Sales associated with consignment inventory...Read more
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Revenue - Product
The following table summarizes the...Read more
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Financial - Expense
Operating and selling expenses decreased...Read more
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Other - Other
Our borrowings outstanding on our...Read more
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Financial - Income
Operating income of our UBAM...Read more
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Revenue - Product
An important factor in the...Read more
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Financial - Dividend
We also use available cash...Read more
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Financial - Expense
All other supporting administrative activities...Read more
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Other - Other
Management has estimated and included...Read more
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Revenue - Product
An additional fundraising program, Cards...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Balance Sheets
Balance Sheets (Parentheticals)
Statements Of Cash Flows
Statements Of Earnings
Statements Of Shareholders' Equity
Statements Of Shareholders' Equity (Parentheticals)
Accounting Policies, By Policy (Policies)
Business Segments
Business Segments (Details) - Schedule Of Information By Industry Segment
Business Segments (Details)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details) - Schedule Of Debt
Debt (Details) - Schedule Of Long-Term Debt Instruments
Debt (Details) - Schedule Of Maturities Of Long-Term Debt
Debt (Details)
Debt (Tables)
Deferred Revenues
Deferred Revenues (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Income Taxes
Income Taxes (Details) - Schedule Of Components Of Income Tax Expense (Benefit)
Income Taxes (Details) - Schedule Of Deferred Tax Assets And Liabilities
Income Taxes (Details) - Schedule Of Effective Income Tax Rate Reconciliation
Income Taxes (Tables)
Inventories
Inventories (Details) - Schedule Of Inventory, Noncurrent
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Details) - Lease, Cost
Leases (Details) - Lessee, Operating Lease, Liability, Maturity
Leases (Details) - Lessor, Operating Lease, Payment To Be Received, Fiscal Year Maturity
Leases (Tables)
Other Current Liabilities
Other Current Liabilities (Details) - Schedule Of Other Current Liabilities
Other Current Liabilities (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details) - Schedule Of Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Details) - Schedule Of Quarterly Financial Information
Quarterly Results Of Operations (Unaudited) (Tables)
Stock Repurchase Plan
Stock Repurchase Plan (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Details) - Nonvested Restricted Stock Shares Activity
Stock-Based Compensation (Details) - Share-Based Payment Arrangement, Cost By Plan
Stock-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Details) - Schedule Of Diluted Earnings Per Share
Summary Of Significant Accounting Policies (Details) - Schedule Of Property, Plant And Equipment
Summary Of Significant Accounting Policies (Tables)
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
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