Last10K.com

Educational Development Corp (EDUC) SEC Filing 10-Q Quarterly Report for the period ending Monday, May 31, 2021

Educational Development Corp

CIK: 31667 Ticker: EDUC

 

 

EXHIBIT 99.1

PRESS RELEASE

 

EDUCATIONAL DEVELOPMENT CORPORATION

ANNOUNCES RECORD FIRST QUARTER FISCAL YEAR 2022 RESULTS

 

TULSA, OK, July 7, 2021—Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record first quarter net revenues and increased earnings per share results for the quarter ended May 31, 2021.

 

First Quarter Highlights Compared to the Prior Year First Quarter

 

 

Net revenues of $40.8 million, an increase of $2.5 million, or 6.5%, compared to $38.3 million.

 

Average active UBAM sales consultants totaled 55,100.

 

Earnings before income taxes were $4.7 million, an increase of $2.1 million, or 80.8%, compared to $2.6 million.

 

Net earnings totaled $3.4 million, compared to $1.9 million, an increase of $1.5 million, or 78.9%.

 

Earnings per share totaled $0.41, compared to $0.23, up 78.3% on a fully diluted basis.

 

“I am truly pleased by our record breaking fiscal 2022 first quarter sales, and the translation of those sales into significant earnings growth for our shareholders,” said Randall White, President and CEO. “This quarter’s results reflect the positive impacts from several strategic changes that were made during our fourth quarter last year. We restructured our freight contract with our small package carrier to reduce price increases and increased the minimum charges on customer orders to further offset our overall net shipping costs on each package. These changes, along with increased discounts and rebates on longer print runs with our publishers, have driven increased profitability for the quarter. We expect continued profitability from these changes, and other future strategic improvements, to further drive shareholder returns,” commented Mr. White.

 

Net revenues for the direct sales division, Usborne Books & More (“UBAM”), totaled $37.6 million for the fiscal first quarter ended May 31, 2021, an increase of 1.9% from $36.9 million for the same quarter a year ago. This increase in revenues over the same quarter last year is especially relevant as the $36.9 million for the quarter ended May 31, 2020, was the Company’s largest revenue quarter at that time and reflected an increase of 41.8% over the quarter ended May 31, 2019. Also, last year’s record quarter was achieved during the COVID-19 pandemic, which suffered approximately $8 million in lost revenues from school book fairs and booth sales due to closures. We estimate the combined missed revenues from these two sales streams exceeded $30 million for the year ended February 28, 2021. The Company is confident that revenues from these two channels are returning during this fiscal year as restrictions are lifted from schools and group gatherings.

 

Net revenues in the Publishing division increased 128.6%, to $3.2 million for the fiscal first quarter ended May 31, 2021, from $1.4 million for the same quarter a year ago. The Publishing divisions gross sales grew by over 132.3%, reflecting the continued momentum of increased sales through retail stores.

 

Per Mr. White, “During the first and second quarters last year we saw an increase in demand for our products from parents needing additional content in the home. This increased demand resulted in unusually large sales volumes for what are not typically our largest quarters of the year, due to the seasonal nature of our business. The increase in revenues over the first quarter last year indicates that this increase in Usborne Books & More is sales consultant driven rather than driven by the issues associated with the COVID-19 pandemic.” 

 

Mr. White concluded, “The Company has a strong financial position and expects an increase in revenues and profitability for the fiscal year ending February 28, 2022.”

 

Once again, the board approved a quarterly cash dividend of $0.10 per share, which will be paid on, or around, September 7, 2021 to shareholders of record on August 24, 2021.

 

 

The following information was filed by Educational Development Corp (EDUC) on Wednesday, July 7, 2021 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.

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 2021 10-K Annual Report includes:

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

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Income
Earnings
Product
Shares
Debt
Expense
Cash Flow
Dividend
Other
Inside Educational Development Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets
Condensed Balance Sheets (Parentheticals)
Condensed Statements Of Cash Flows
Condensed Statements Of Earnings
Condensed Statements Of Shareholders' Equity
Condensed Statements Of Shareholders' Equity (Parentheticals)
Accounting Policies, By Policy (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies
Business Segments
Business Segments (Details) - Schedule Of Information By Industry Segment
Business Segments (Details)
Business Segments (Tables)
Debt
Debt (Details) - Schedule Of Debt
Debt (Details) - Schedule Of Long-Term Debt Instruments
Debt (Details) - Schedule Of Maturities Of Long-Term Debt
Debt (Details)
Debt (Tables)
Deferred Revenues
Deferred Revenues (Details)
Earnings Per Share
Earnings Per Share (Details) - Schedule Of Earnings Per Share, Basic And Diluted
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Inventories
Inventories (Details) - Schedule Of Inventory, Noncurrent
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Details) - Lessor, Operating Lease, Payment To Be Received, Fiscal Year Maturity
Leases (Tables)
Shipping And Handling Costs
Shipping And Handling Costs (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Details) - Nonvested Restricted Stock Shares Activity
Stock-Based Compensation (Details) - Share-Based Payment Arrangement, Cost By Plan
Stock-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)

Material Contracts, Statements, Certifications & more

Educational Development Corp provided additional information to their SEC Filing as exhibits

Ticker: EDUC
CIK: 31667
Form Type: 10-Q Quarterly Report
Accession Number: 0001185185-21-000931
Submitted to the SEC: Thu Jul 08 2021 8:44:45 AM EST
Accepted by the SEC: Thu Jul 08 2021
Period: Monday, May 31, 2021
Industry: Wholesale Miscellaneous Nondurable Goods

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/educ/0001185185-21-000931.htm