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Educational Development Corp (EDUC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 28, 2015

Educational Development Corp

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CIK: 31667 Ticker: EDUC

EXHIBIT 99.1

Educational Development Corporation Announces Record Fiscal 2015 Results and Quarterly Dividend

TULSA, Okla., May 28, 2015 (GLOBE NEWSWIRE) -- Randall White, CEO, Educational Development Corporation ("EDC") (Nasdaq:EDUC) (http://www.edcpub.com) today reported record net results for the fiscal year ended February 28, 2015, along with their quarterly cash dividend.

For the fiscal year 2015, the Company reports record net revenue of $32,548,300, an increase of $6,451,300 (25%) when compared to $26,097,000 for the previous year and net earnings of $859,200 compared to $357,600 (an increase of 140%). Earnings per share were $0.21 compared to $0.09 the previous year (up 138%) 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, an increase of 5% despite eliminating 20% of its sales three 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 benefited from that decision. The Usborne Books & More division responded by posting an annual net sales increase for the second consecutive year, reversing nine years of sales decline, and has now recorded 21 consecutive months of sales increases when compared to the same month in the previous year. Net revenue increased to $21,017,000 compared to $15,129,000 (39%) for the previous year, and recruitment of new sales associates increased 62% over last year. The improvement in net earnings is attributable to the significant increase in net revenue and an improvement in operations including negotiating more favorable shipping rates.

The Company continues to operate with minimal debt, has not had a losing quarter in 28 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 19, 2015 to shareholders of record June 12, 2015.

     
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS
  Twelve Months Ended February 28,
  2015 2014
     
NET REVENUES  $ 32,548,300  $ 26,097,000
EARNINGS BEFORE INCOME TAXES  1,402,500  873,500
INCOME TAXES  543,300  515,900
NET EARNINGS  $ 859,200  $ 357,600
     
BASIC AND DILUTED EARNINGS PER SHARE:    
Basic  $ 0.21  $ 0.09
Diluted  $ 0.22 $ 0.09
     
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:    
Basic and diluted  4,003,702  3,968,214

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 Thursday, May 28, 2015 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)
Statements Of Cash Flows
Statements Of Earnings
Statements Of Shareholders' Equity
Statements Of Shareholders' Equity (parentheticals)
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
1. Summary Of Significant Accounting Policies
1. Summary Of Significant Accounting Policies (details)
1. Summary Of Significant Accounting Policies (tables)
10. Quarterly Results Of Operations (unaudited) (details) - Schedule Of Quarterly Financial Information
10. Quarterly Results Of Operations (unaudited)
10. Quarterly Results Of Operations (unaudited) (tables)
11. Business Segments (details) - Schedule Of Information By Industry Segment
11. Business Segments
11. Business Segments (details)
11. Business Segments (tables)
12. Stock Repurchase Plan
12. Stock Repurchase Plan (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 (details) - Schedule Of Inventory, Current
2. Inventories (details) - Schedule Of Inventory, Noncurrent
2. Inventories
2. Inventories (tables)
3. Property, Plant And Equipment (details) - Schedule Of Property, Plant And Equipment
3. Property, Plant And Equipment
3. Property, Plant And Equipment (tables)
4. Other Current Liabilities (details) - Schedule Of Other Current Liabilities
4. Other Current Liabilities
4. Other Current Liabilities (tables)
5. Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
5. Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
5. Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
5. Income Taxes
5. Income Taxes (tables)
6. Employee Benefit Plan
6. Employee Benefit Plan (details)
7. Debt
7. Debt (details)
8. Commitments
8. Commitments (details)
9. Capital Stock, Stock Options And Warrants (details) - Schedule Of Stock Option Activity
9. Capital Stock, Stock Options And Warrants
9. Capital Stock, Stock Options And Warrants (details)
9. Capital Stock, Stock Options And Warrants (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

Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: EDUC
CIK: 31667
Form Type: 10-K Annual Report
Accession Number: 0001185185-15-001485
Submitted to the SEC: Thu May 28 2015 2:59:09 PM EST
Accepted by the SEC: Thu May 28 2015
Period: Saturday, February 28, 2015
Industry: Wholesale Miscellaneous Nondurable Goods

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