Last10K.com

Educational Development Corp (EDUC) SEC Filing 10-Q Quarterly Report for the period ending Tuesday, November 30, 2021

Educational Development Corp

CIK: 31667 Ticker: EDUC

 

EXHIBIT 99.1

PRESS RELEASE

 

EDUCATIONAL DEVELOPMENT CORPORATION

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

 

TULSA, OK, January 6, 2022—Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports financial results for the third quarter and year-to-date ended November 30, 2021.

 

Pre-COVID, COVID Impacted and Current Year Comparison

 

“We are encouraged to report that we continue to exceed pre-pandemic levels in our fiscal third quarter with increases in net revenues and average number of consultants and improved after tax profitability on a year-to-date basis. Last year, due to multiple circumstances associated with the COVID-19 pandemic, we saw an unusually positive increase in the demand for our products which resulted in record sales and earnings for fiscal 2021. This year, many of these circumstances, such as children returning to the classroom, and parents returning to full-time employment, have resulted in our business returning to more normalized levels of growth with associated seasonality,” stated Craig White, President and CEO of Educational Development Corporation.

 

“Historically, our third quarter is one of our highest revenue quarters of the year due to the seasonal nature of our business. 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 third quarter and year-to-date results ended November 30,”

 

   

Pre-COVID

 

Pre-COVID

 

COVID Impacted

 

COVID Impacted

 

Current Year

 

Current Year

Period

 

Q3 FY 2020

 

YTD FY 2020

 

Q3 FY 2021

 

YTD FY 2021

 

Q3 FY 2022

 

YTD FY 2022

Average # of Consultants

 

33,600

 

32,900

 

57,200

 

45,200

 

41,500

 

47,300

Net Revenues

 

40,824,600

 

92,850,000

 

66,750,300

 

164,292,100

 

45,112,300

 

118,914,600

Net Earnings

 

2,735,800

 

5,107,000

 

4,269,600

 

10,455,700

 

2,646,600

 

7,982,900

After tax profit %

 

6.7%

 

5.5%

 

6.4%

 

6.4%

 

5.9%

 

6.7%

 

“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 net revenues for our fiscal third quarter were 8.7% greater than the third quarter of fiscal year 2020 and UBAM’s year-to-date net revenues were 27.6% 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 fiscal fourth quarter.”

 

“Gross sales from our Publishing division continued to rebound in the fiscal third quarter as sales increased $2.3 million, or 42.8%, over the sales from the fiscal third quarter last year. While much of this sales increase resulted from the return of business from existing customers temporarily closed last year due to the pandemic, we are also experiencing sales growth with existing customers and the addition of new customers in this division. The sales growth and new customer additions are driving record sales volumes for this division in the current fiscal year.”

 

“During the third quarter, we generated $3.6 million of pretax profits, approximately 8.0% 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, March 10, 2022 to shareholders of record on February 22, 2022.

 

 

The following information was filed by Educational Development Corp (EDUC) on Thursday, January 6, 2022 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 2022 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
Expense
Product
Debt
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
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: 0001185185-22-000019
Submitted to the SEC: Thu Jan 06 2022 4:06:11 PM EST
Accepted by the SEC: Thu Jan 06 2022
Period: Tuesday, November 30, 2021
Industry: Wholesale Miscellaneous Nondurable Goods

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/educ/0001185185-22-000019.htm