Last10K.com

Educational Development Corp (EDUC) SEC Filing 10-Q Quarterly Report for the period ending Tuesday, May 31, 2022

SEC Filings

EDUC Quarterly Reports

Educational Development Corp

CIK: 31667 Ticker: EDUC

 

EXHIBIT 99.1

PRESS RELEASE

 

EDUCATIONAL DEVELOPMENT CORPORATION

ANNOUNCES FIRST QUARTER FISCAL YEAR 2023 RESULTS

 

TULSA, OK, July 6, 2022—Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports financial results for the first quarter for fiscal year 2023.

 

First Quarter Highlights Compared to the Prior Year First Quarter

 

 

Net revenues of $23.2 million, a decrease of $17.6 million, or 43.1%, compared to $40.8 million.

 

 

Average active UBAM sales consultants totaled 32,200 compared to 55,100.

 

 

Earnings before income taxes were $0.3 million, a decrease of $4.4 million, or 93.6%, compared to $4.7 million.

 

 

Net earnings totaled $0.2 million, compared to $3.4 million, a decrease of $3.2 million, or 94.1%.

 

 

Earnings per share totaled $0.03, compared to $0.41, down 92.7% on a fully diluted basis.

 

“We remain focused on managing our costs while adjusting to recent changes in volume levels in terms of net revenues and average number of consultants. Although the nature of the pandemic has created much volatility in comparing our first quarter numbers, I am pleased that we have continued to remain profitable. During this first quarter of fiscal 2023, demand for children’s books was negatively impacted by reduced disposable income resulting from record inflation. Although we see continued sales pressure from inflation, historically inflationary pressures have bolstered our UBAM divisions’ active consultant count as more families look for non-traditional income streams to offset their rising expenses. We are working diligently to promote the awareness of UBAM’s business opportunity to increase our overall active consultant levels,” stated Craig White, President and CEO of Educational Development Corporation.

 

Mr. White continued, “At the end of the first quarter we still have increased inventory levels from the ramp up in demand generated from the COVID-19 pandemic. We continue to expect to sell down our inventory to more normalized levels throughout the remainder of fiscal 2023. Naturally, as we also expect to see an increase in sales consultants in this inflationary time, turning our inventory into cash and bringing down our short-term borrowings could come faster.”

 

Due to the significant positive impact of the COVID-19 pandemic on our business in previous years, we are providing the additional table below to show pre-COVID, COVID impacted and current financial results for the fiscal first quarter:

 

   

Pre-COVID

 

COVID Impacted

 

COVID Impacted

 

Current Year

Period

 

Q1 FY 2020

 

Q1 FY 2021

 

Q1 FY 2022

 

Q1 FY 2023

Average # of Consultants

 

31,600

 

33,100

 

55,100

 

32,200

Net Revenues

 

27,587,400

 

38,291,700

 

40,807,900

 

23,160,900

Net Earnings

 

1,363,600

 

1,931,100

 

3,438,100

 

215,800

After tax profit %

 

4.9%

 

5.0%

 

8.4%

 

0.9%

 

Mr. White continued, “Sales from our UBAM division continue to be driven by our active consultant count. UBAM net revenues for our fiscal 2023 first quarter totaled $20.0 million.”

 

“Gross sales from our Publishing division totaled $6.6 million for the current quarter compared to $6.9 million for the same quarter a year ago. Net revenues totaled $3.1 million for the quarter compared to $3.2 million for the same quarter a year ago. We continue to experience strong sales with existing customers and have success adding new customers through the hard work of our Publishing sales team.”

 

“During the first quarter of fiscal year 2023, we generated $0.3 million of pretax profits, approximately 1.2% of net revenues.”

 

 

The following information was filed by Educational Development Corp (EDUC) on Wednesday, July 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
Earnings
Product
Debt
Expense
Income
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

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: 0001185185-22-000805
Submitted to the SEC: Thu Jul 07 2022 8:31:29 AM EST
Accepted by the SEC: Thu Jul 07 2022
Period: Tuesday, May 31, 2022
Industry: Wholesale Miscellaneous Nondurable Goods

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/educ/0001185185-22-000805.htm