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

Educational Development Corp

CIK: 31667 Ticker: EDUC

 

EXHIBIT 99.1

PRESS RELEASE

 

EDUCATIONAL DEVELOPMENT CORPORATION

ANNOUNCES FISCAL YEAR 2022 SECOND QUARTER AND YEAR-TO-DATE RESULTS

 

TULSA, OK, October 6, 2021—Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports financial results for the second quarter and year-to-date ended August 31, 2021.

 

Pre-COVID, COVID Impacted and Current Year Comparison

 

“As a result of the pandemic, 2020 was a very unusual year for all companies. Ours was no exception. Fortunately, we saw an increase in demand for our products, and we were poised and ready to meet the opportunity. This demand anomaly resulted in record sales and record earnings,” stated Craig White, President and CEO of Educational Development Corporation.

 

“This year, as the pandemic restrictions have lessened, we had a more typical second quarter. Historically, our second quarter is one of our lowest revenue quarters of the year due to the seasonal nature of our business. During the second quarter of last year we experienced a significant increase in the demand for our educational products as parents navigated the COVID-19 pandemic travel restrictions as well as teaching in the home,”

 

“Due to the significant positive impact of the COVID-19 pandemic on our business last year, we are providing the additional table below to show pre-COVID, COVID-impacted and current financial results for the fiscal second quarter and year-to-date results ended August 31:”

 

   

Pre-COVID

 

Pre-COVID

 

COVID Impacted

 

COVID Impacted

 

Current Year

 

Current Year

Period

 

Q2 FY 2020

 

YTD FY 2020

 

Q2 FY 2021

 

YTD FY 2021

 

Q2 FY 2022

 

YTD FY 2022

Average # of Consultants

 

33,600

 

32,600

 

45,400

 

39,300

 

46,100

 

50,200

Net Revenues

 

24,438,000

 

52,025,400

 

59,250,100

 

97,541,800

 

32,994,400

 

73,802,300

Net Earnings

 

1,007,600

 

2,371,200

 

4,255,000

 

6,186,100

 

1,898,200

 

5,336,300

After tax profit %

 

4.1%

 

4.6%

 

7.2%

 

6.3%

 

5.8%

 

7.2%

 

“Sales from our UBAM division continue to be driven by our active consultant count. This quarter the Company had more active consultants, which translated into increased revenues over fiscal year 2020 results. When compared to the year prior to COVID-19, UBAM revenues for our second fiscal quarter were 35.8% greater than the second quarter of fiscal year 2020 and UBAM’s year-to-date revenues were 42.9% higher than the year-to-date revenues of fiscal year 2020. This growth, compared to fiscal year 2020, clearly demonstrates the continued success in generating sales from our consultant salesforce. The Company expects to see this trend continue into the third quarter.”

 

“Sales from our Publishing division continued to rebound in the second quarter as sales increased $1.2 million, or 52.2%, over the sales from the second quarter last year. Publishing division’s sales in the second quarter last year were negatively impacted by store closures associated with the COVID-19 pandemic.”

 

“During the second quarter we generated $2.7 million of pretax profits, approximately 8.1% of net revenues. This strong profit level results from our consistent business model, our attention to cost containment and last year’s restructuring of our outbound freight program. We expect these strong results to continue for the remainder of the fiscal year and beyond,” concluded Mr. White.

 

Once again, the board approved a quarterly cash dividend of $0.10 per share, which will be paid on, or around, December 9, 2021 to shareholders of record on November 18, 2021.

 

 

The following information was filed by Educational Development Corp (EDUC) on Wednesday, October 6, 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.

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Inside Educational Development Corp's 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

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Business Segments (Details) - Schedule Of Information By Industry Segment
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Ticker: EDUC
CIK: 31667
Form Type: 10-Q Quarterly Report
Accession Number: 0001185185-21-001451
Submitted to the SEC: Thu Oct 07 2021 9:01:05 AM EST
Accepted by the SEC: Thu Oct 07 2021
Period: Tuesday, August 31, 2021
Industry: Wholesale Miscellaneous Nondurable Goods

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