Last10K.com

Educational Development Corp (EDUC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, February 28, 2018

Educational Development Corp

CIK: 31667 Ticker: EDUC

EXHIBIT 99.1

Educational Development Corporation Announces Record Fiscal 2018

TULSA, Okla., May 29, 2018 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”) (NASDAQ:EDUC) (http://www.edcpub.com) today reports record net sales and earnings per share results for the fiscal year ended February 28, 2018.


Randall White, CEO of Educational Development Corporation, announced that for the fiscal year 2018, the Company reports record net revenues of $111,966,100, an increase of $5,338,000, or 5%, when compared to $106,628,100 for the previous year.  Fiscal 2018 net earnings totaled $5,214,700, compared to $2,860,900 in fiscal 2017, an increase of 82%.   Fiscal year 2018 earnings per share were $1.27 compared to $0.70 the previous year, up 81% on a fully diluted basis.

The direct sales division, Usborne Books & More (“UBAM”) continued to have strong growth this year driven by the success and growth of our active sales consultants.    Net revenues in this division increased by 6% from $97,620,600 in fiscal year 2017 to $103,698,600 in fiscal year 2018.  The number of active direct sales consultants also increased to 35,500 at the end of fiscal 2018, an increase of 38% over the active consultant count from the end of fiscal year 2017. 

The Publishing division’s net revenues declined $740,000, or 8%, from $9,007,500 in fiscal 2017 to $8,267,500 in fiscal 2018.   Publishing experienced a decline in net revenues due primarily to a decline in sales to two of our large national retail book chain customers that had reduced purchasing volumes.      

Per Mr. White, “I am very pleased to report that our Company had record net revenues for our fourth consecutive fiscal year, growing from $32.5 million in fiscal 2015 to $112.0 million in fiscal 2018.  This growth was made possible by the continued success of our sales consultants within our UBAM Division.” 

Mr. White continued, “During the last several years of revenue growth, we invested heavily in new facilities, processes and systems with the expectations that these investments would result in increased bottom line profitability.  During fiscal 2018, we saw these expectations become reality in increased profit margins.  Our pretax profits this year exceeded $7.8 million, or 7.0% of net revenues, which represents a significant increase in our recent profitability ratios.”

Per Mr. White “With the improvements in our profitability, our increase in cash on hand and our ability to access additional cash through our $15 million line of credit with our bank, we expect we have the necessary cash flows to operate our business and fund future growth.  As such, our Board has approved the reinstatement of our past practice of issuing quarterly dividends and authorized a $0.10 per share cash dividend which will be paid on June 21, 2018 to shareholders of record June 4, 2018.”   

 
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENT OF EARNINGS
    
 Twelve Months Ended February 28,
  2018  2017
NET REVENUES   111,966,100    106,628,100
EARNINGS BEFORE INCOME TAXES   7,832,700    4,612,100
INCOME TAXES   2,618,000    1,751,200
NET EARNINGS$  5,214,700    2,860,900
    
BASIC AND DILUTED EARNINGS   
  PER SHARE:   
  Basic$  1.28 $  0.70
  Diluted$  1.27 $  0.70
    
WEIGHTED AVERAGE NUMBER OF   
  COMMON AND EQUIVALENT SHARES   
  OUTSTANDING:   
  Basic   4,087,998    4,077,695
  Diluted   4,090,661    4,082,854
      


EDC will host its annual results Investor Call including a live Q&A webcast on Wednesday, May 30, 2018, at 2 PM CT (3 PM ET).  Randall White, the Company’s CEO and President, Craig White, VP of IT, Heather Cobb, VP of UBAM and Dan O’Keefe, CFO and Secretary, will present the annual results and be available for questions following the presentation.  Phone lines for participants will be available at (844) 395-9253 (International callers can use (478) 219-0506).  The conference passcode is 9165768. The weblink to the call is  https://edge.media-server.com/m6/p/wkrhmdy6.

The link to the webcast, including replays will be available following the event at www.edcpub.com/investors.aspx.

About Educational Development Corporation (EDC)
EDC is a publishing company specializing in books for children. EDC is the exclusive United States distributor of the UK-based Usborne Books and owns Kane Miller Publishers; award-winning publishers of international children’s books. EDC’s current catalog contains over 2,000 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book fairs with school and public libraries, direct and internet sales. 

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

Cautionary Statement for the Purpose of the “Safe Harbor” Provision of the Private Securities Litigation Reform Act of 1995.

The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases.  Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved.  Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements.  Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing  for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 28, 2018, all of which are difficult to predict.  In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur.  All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2018 and speak only as of the date of this Press Release.  Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.


The following information was filed by Educational Development Corp (EDUC) on Tuesday, May 29, 2018 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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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.

Continue

Assess how Educational Development Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Educational Development Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

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)
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. Capital Stock, Stock Options And Warrants (details) - Schedule Of Stock Option Activity
10. Capital Stock, Stock Options And Warrants
10. Capital Stock, Stock Options And Warrants (details)
10. Capital Stock, Stock Options And Warrants (tables)
11. Quarterly Results Of Operations (unaudited) (details) - Schedule Of Quarterly Financial Information
11. Quarterly Results Of Operations (unaudited)
11. Quarterly Results Of Operations (unaudited) (tables)
12. Business Segments (details) - Schedule Of Information By Industry Segment
12. Business Segments
12. Business Segments (details)
12. Business Segments (tables)
13. Stock Repurchase Plan
13. Stock Repurchase Plan (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. Impairment
4. Impairment (details)
5. Other Current Liabilities (details) - Schedule Of Other Current Liabilities
5. Other Current Liabilities
5. Other Current Liabilities (tables)
6. Income Taxes (details) - Schedule Of Components Of Income Tax Expense (benefit)
6. Income Taxes (details) - Schedule Of Deferred Tax Assets And Liabilities
6. Income Taxes (details) - Schedule Of Effective Income Tax Rate Reconciliation
6. Income Taxes
6. Income Taxes (details)
6. Income Taxes (tables)
7. Employee Benefit Plan
7. Employee Benefit Plan (details)
8. Commitments
8. Commitments (details)
8. Commitments (details) - Schedule Of Future Minimum Rental Payments For Operating Leases
8. Commitments (tables)
9. Debt (details) - Schedule Of Debt
9. Debt (details) - Schedule Of Long-term Debt Instruments
9. Debt (details) - Schedule Of Maturities Of Long-term Debt
9. Debt
9. Debt (details)
9. Debt (tables)
Accounting Policies, By Policy (policies)

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: 0001185185-18-001008
Submitted to the SEC: Tue May 29 2018 5:25:06 PM EST
Accepted by the SEC: Tue May 29 2018
Period: Wednesday, February 28, 2018
Industry: Wholesale Miscellaneous Nondurable Goods

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/educ/0001185185-18-001008.htm