Educational Development Corporation Announces Fiscal First Quarter 2021 Results

TULSA, Okla., July 09, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (

http://www.edcpub.com) today reports net revenues and earnings per share results for the first quarter ended May 31, 2020.

Randall White, CEO of Educational Development Corporation, announced that for the first quarter ended May 31, 2020, the Company reports net revenues of $38,291,700, an increase of $10,704,300, or 38.8%, when compared to $27,587,400 for the first quarter of the previous year.  Net earnings totaled $1,931,100 for the quarter ended May 31, 2020, compared to $1,363,600 for the quarter ended May 31, 2019, an increase of 41.6%.  Earnings per share for the quarter were $0.23 compared to $0.17 for the same quarter the previous year, an increase of 35.3% on a fully diluted basis.

The net revenues of our direct sales division, Usborne Books and More (“UBAM”) totaled $36,926,200 during the quarter ended May 31, 2020, an increase of 46.3% from $25,248,100 for the quarter ended May 31, 2019.  Our average number of active consultants in the first quarter of fiscal 2021 was 33,100, an increase of 1,500, or 4.7%, from 31,600 average active consultants selling in the first quarter of fiscal 2020.

The Publishing divisions net revenues decreased 41.6% to $1,365,500 in the first quarter of fiscal 2021 from $2,339,300 for the same quarter a year ago.  This decrease in sales resulted from temporary store closures impacted by the COVID-19 pandemic. Many of our publishing customers temporarily closed in March, following the guidance from their local authorities to prevent the spread of the pandemic, and are reopening at varying times over the summer months.

Per Mr. White, “Due to the closures of many schools during the quarter, we experienced increased demand for educational materials in homes.  Our increase in active UBAM consultants and our ability to receive orders online and deliver directly to our customers’ homes resulted in our increased UBAM revenues during the quarter.  We are excited to see this increase in demand for our products continue through the summer and into the fall as parents continue to limit outside activities and look to homeschooling options for the fall semester.  We are also excited by the continued growth in active consultants.  We are seeing our recruiting numbers climb to new levels as families look for non-traditional income streams to supplement or replace their income levels maintained prior to the COVID-19 pandemic.”

Mr. White continued, “We are also cautiously optimistic about the return of sales in our Publishing division.  As stores begin to reopen, we expect they will also experience increased demand for educational materials and will be making additional orders of stock, as well as expanding the line of products they carry in their stores.”

Mr. White concluded, “Due to our consistent positive cash flows, along with the increase in net revenues during the first quarter of fiscal 2021, our Board of Directors has approved the continued payment of the quarterly dividend and authorized a $0.06 per share cash dividend which will be paid on or around September 10, 2020 to shareholders of record on August 20, 2020.”

  Three Months Ended May 31,
  2020  2019
NET REVENUES$38,291,700 $27,587,400
INCOME TAXES 712,800  482,900
NET EARNINGS$1,931,100 $1,363,600
Basic$0.23 $0.17
Diluted$0.23 $0.17
Basic 8,352,424  8,184,272
Diluted 8,352,424  8,191,062

EDC will host its first quarter fiscal 2021 Earnings Call, including a live Q&A webcast, on Wednesday, July 15, 2020 at 3:00 PM CT (4:00 PM ET).  Randall White, the Company’s CEO and President, Craig White, Chief Operating Officer, Heather Cobb, Chief Sales and Marketing Officer and Dan O’Keefe, CFO and Secretary, will present the first quarter results and be available for questions following the presentation.  Phone lines for participants will be available at (855) 639-3876 (International callers can use (602) 585-9973).  The conference ID is 7634219.

Audio 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 trade co-publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (“Kane Miller”); both international award-winning publishers of 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. 

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, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 29, 2020, 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 29, 2020 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 Thursday, July 9, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter 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-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Educational Development Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account