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Educational Development Corp (EDUC) SEC Filing 10-K Annual report for the fiscal year ending Friday, February 28, 2014

Educational Development Corp

CIK: 31667 Ticker: EDUC

EXHIBIT 99.1

Educational Development Corporation Announces Fiscal 2014 Results and Quarterly Dividend

TULSA, Okla., May 28, 2014 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the fiscal year ended February 28, 2014, along with their quarterly cash dividend.

For the fiscal year 2014, the Company reports net revenue of $26,097,000, an increase of $609,500 when compared to $25,487,500 for the previous year and net earnings of $357,600 compared to $802,900. Earnings per share were $0.09 compared to $0.20 the previous year on a fully diluted basis.

The increase in net revenues for the Company represents a significant turnaround in our history. The publishing division, EDC Publishing, registered its largest sales year in history, despite eliminating 20% of its sales two years ago when sales to Amazon were discontinued. The sales increase came from existing and new customers who have enthusiastically supported this decision.

The home business division, Usborne Books & More, has also greatly benefitted from that decision. The Usborne Books & More division responded by posting an annual net sales increase, reversing nine years of sales decline, and has now recorded 12 consecutive months of sales increases compared to the previous year. In addition, 2,000 new sales associates have been added since December and registration for our National Convention, where we will be celebrating our 25th Anniversary, is up 50% over last year.

The earnings per share were impacted by two significant items, an additional reserve to recognize potential losses in consignment inventory, and to completely reserve nonperforming assets. With these reserves, overhead reductions made during the year, and the anticipated continuation of the sales increase, Fiscal Year 2015 has begun on a stronger note.

The Company continues to operate with minimal debt, has not had a losing quarter in 27 years, and fully expects to maintain its historical dividend.

The Board of Directors has authorized a $0.08 per share cash dividend. The dividend will be paid on June 20, 2014 to shareholders of record June 13, 2014.

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS
  Twelve Months Ended February 28,
  2014 2013
     
NET REVENUES  $ 26,097,000   $ 25,487,500 
EARNINGS BEFORE INCOME TAXES  873,500   1,282,000 
INCOME TAXES  515,900   479,100 
NET EARNINGS  $ 357,600   $ 802,900 
     
BASIC AND DILUTED EARNINGS PER SHARE:    
Basic  $ 0.09   $ 0.20 
Diluted  $ 0.09   $ 0.20 
     
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:    
Basic  3,968,214   3,934,352 
Diluted  3,968,214   3,934,352 

About Educational Development Corporation

Educational Development Corporation sells children's books, including Usborne Books and the Kane/Miller line of international children's titles through a multi-level sales organization of independent consultants, through 5,000 retail stores and over the Internet. More than 1,600 different titles are available for children of all ages, with periodic new additions.

CONTACT: Educational Development Corporation
         Randall White, (918) 622-4522

The following information was filed by Educational Development Corp (EDUC) on Wednesday, May 28, 2014 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Balance Sheets
Balance Sheets (parentheticals)
Statement Of Changes In Shareholders' Equity
Statement Of Changes In Shareholders' Equity (parentheticals)
Statements Of Cash Flows
Statements Of Earnings
1. Summary Of Significant Accounting Policies (details) - Schedule Of Diluted Earnings Per Share
1. Summary Of Significant Accounting Policies (details) - Schedule Of Property, Plant And Equipment, Estimated Useful Lives
1. Summary Of Significant Accounting Policies
1. Summary Of Significant Accounting Policies (details)
1. Summary Of Significant Accounting Policies (tables)
10. Business Segments (details) - Schedule Of Information By Industry Segment
10. Business Segments
10. Business Segments (details)
10. Business Segments (tables)
11. Stock Repurchase Plan
11. Stock Repurchase Plan (details)
12. Receivable From Customer In Bankruptcy
12. Receivable From Customer In Bankruptcy (details)
13. Stock Purchase Agreement
13. Stock Purchase Agreement (details)
14. Fair Value Measurements
14. Fair Value Measurements (details)
15. Subsequent Event
15. Subsequent Event (details)
2. Inventories
2. Inventories (details) - Schedule Of Inventory
2. Inventories (tables)
3. Property, Plant And Equipment
3. Property, Plant And Equipment (details) - Schedule Of Property, Plant And Equipment
3. Property, Plant And Equipment (tables)
4. Income Taxes
4. Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
4. Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
4. Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
4. Income Taxes (tables)
5. Employee Benefit Plan
5. Employee Benefit Plan (details)
6. Debt
6. Debt (details)
7. Commitments
7. Commitments (details)
8. Capital Stock, Stock Options And Warrants (details) - Schedule Of Stock Option Activity
8. Capital Stock, Stock Options And Warrants
8. Capital Stock, Stock Options And Warrants (details)
8. Capital Stock, Stock Options And Warrants (tables)
9. Quarterly Results Of Operations (unaudited)
9. Quarterly Results Of Operations (unaudited) (details) - Schedule Of Quarterly Financial Information
9. Quarterly Results Of Operations (unaudited) (tables)
Accounting Policies, By Policy (policies)
Document And Entity Information

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: 0001185185-14-001448
Submitted to the SEC: Wed May 28 2014 3:44:04 PM EST
Accepted by the SEC: Wed May 28 2014
Period: Friday, February 28, 2014
Industry: Wholesale Miscellaneous Nondurable Goods

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