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Educational Development Corp (EDUC) SEC Filing 10-K Annual report for the fiscal year ending Monday, February 29, 2016

Educational Development Corp

CIK: 31667 Ticker: EDUC

EXHIBIT 99.1

Educational Development Corporation Announces Record Fiscal 2016 Results and Quarterly Dividend

TULSA, Okla., May 26, 2016 (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 29, 2016, along with their quarterly cash dividend.


For the fiscal year 2016, the Company reports record net revenues of $63,618,300, an increase of $31,070,000 (95%) when compared to $32,548,300 for the previous year and net earnings of $2,119,300 compared to $859,200 (an increase of 147%). Earnings per share were $0.52 compared to $0.21 the previous year (up 144%) on a fully diluted basis.

The direct sales division, Usborne Books & More has undergone exponential growth since EDC made the decision to discontinue sales to Amazon in 2012.  Net revenues increased by 151% from $21,015,800 in fiscal year 2015 to $52,786,900 in fiscal year 2016.  The number of active direct sales consultants also increased by 151% over fiscal year 2015.  The increase in net earnings is attributable to the larger direct sales force; more efficient software systems and warehouse equipment; an increase in the minimum shipping charge and more favorable shipping rates.  In December of 2015, EDC purchased the Hilti complex in Tulsa, OK to accommodate current and future growth. As part of the purchase agreement, Hilti will lease a portion of the property back from EDC for 15 years. 

The retail division, EDC Publishing, experienced a 6% decrease in net revenues when compared to the prior year, which was its largest sales year in history. This decrease is due to an internal shift between the two divisions of the corporation.  EDC Publishing has discontinued wholesale business and will supply directly to the retail market going forward in order to give our direct sales force an opportunity to better compete in the school and library market. 

Company net revenues continue to grow at an exponential rate with first quarter fiscal year 2017 net revenues at 2 ½ times net revenues for first quarter fiscal year 2016.  The Company expects annual sales for fiscal year 2017 to be in the range of $140 to $170 million.

The Board of Directors has authorized a $0.09 per share cash dividend. The dividend will be paid on June 17, 2016 to shareholders of record June 10, 2016.

 
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS
   
  Twelve Months Ended February 29(8),
   2016  2015 
 
NET REVENUES $63,618,300 $32,548,300 
EARNINGS BEFORE INCOME TAXES  3,545,900  1,402,500 
INCOME TAXES  1,426,600  543,300 
NET EARNINGS $2,119,300 $859,200 
        
BASIC AND DILUTED EARNINGS       
  PER SHARE:       
  Basic $0.52 $0.21 
  Diluted $0.52 $0.21 
        
WEIGHTED AVERAGE NUMBER OF        
  COMMON AND EQUIVALENT SHARES       
  OUTSTANDING:       
  Basic  4,049,154  4,003,702 
  Diluted  4,051,678  4,003,702 
        

About Educational Development Corporation (EDC) 
EDC is a publishing company specializing in books for children. EDC is the sole American distributor of the UK-based Usborne Books and owns Kane Miller Books, specializing in children’s literature from around the world. EDC’s current catalog contains over 1,800 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 5,000 retail outlets and by over 21,000 direct sales consultants nationally. 

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


The following information was filed by Educational Development Corp (EDUC) on Thursday, May 26, 2016 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. Fair Value Measurements
13. Fair Value Measurements (details)
14. Subsequent Event
14. 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 (details)
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. Commitments
7. Commitments (details)
7. Commitments (details) - Schedule Of Future Minimum Rental Payments For Operating Leases
7. Commitments (tables)
8. Debt (details) - Schedule Of Debt
8. Debt (details) - Schedule Of Maturities Of Long-term Debt
8. Debt
8. Debt (details)
8. Debt (tables)
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

Ticker: EDUC
CIK: 31667
Form Type: 10-K Annual Report
Accession Number: 0001185185-16-004722
Submitted to the SEC: Thu May 26 2016 2:47:06 PM EST
Accepted by the SEC: Thu May 26 2016
Period: Monday, February 29, 2016
Industry: Wholesale Miscellaneous Nondurable Goods

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