Educational Development Corporation Announces Results for First Quarter of Fiscal Year 2016


TULSA, Okla., July 15, 2015 (GLOBE NEWSWIRE) — Randall White, CEO, Educational Development Corporation (“EDC”) (NASDAQ:EDUC) (http://www.edcpub.com) today announced record net revenues for the fiscal quarter ended May 31, 2015.

Net revenues for the quarter ended May 31, 2015 were a Company-record $9,637,800 when compared to $7,178,300 for the same quarter last year, up 34%. Net earnings were $324,600 compared to $239,700 last year, an increase of 35%.

Net revenues for the home business division, Usborne Books & More (“UBAM”) were up 59% for the first three months of fiscal year 2016, compared to the same period in fiscal year 2015. UBAM has now recorded 24 consecutive months of revenue growth after nine years of decline. The net revenue gain was primarily driven by new sales associates joining our organization in this quarter, 1,862 compared to 896 in the first quarter last year, an increase of 108%. The net sales increase continued in June with sales of this division up 134% over June of last year.

The publishing division, EDC Publishing, experienced record net revenues for the year ended February 28, 2015 but for the quarter ended May 31, net revenues were off 5% due to timing differences of large reorders. As an example, net revenue for the month of June 2015 was up 14% over June last year and we expect this division to record its fourth consecutive record net revenue year.

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS
Three Months Ended May 31,
2015 2014
NET REVENUES  $ 9,637,800  $ 7,178,300
EARNINGS BEFORE INCOME TAXES  531,700  387,600
INCOME TAXES  207,100  147,900
NET EARNINGS  $ 324,600  $ 239,700
BASIC AND DILUTED EARNINGS PER SHARE:
BASIC AND DILUTED  $ 0.08  $ 0.06
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
BASIC AND DILUTED  4,040,830  3,986,561

About Educational Development Corporation

Educational Development Corporation sells children’s books, including Usborne books and the Kane Miller line of international children’s titles through a multi-level sales organization of independent consultants, through 5,000 retail stores and over the Internet. More than 1,600 different titles are available for children of all ages, with periodic new additions.

Educational Development Corporation
Randall White, (918) 622-4522

- See more at: http://www.globenewswire.com/news-release/2015/07/15/752494/10141918/en/Educational-Development-Corporation-Announces-Results-for-First-Quarter-of-Fiscal-Year-2016.html#sthash.hj3Zbz7H.dpuf

About author

This article was written by The Wall Street Analyzer

The Wall Street Analyzer's staff of writers, analysts, publishers, producers, market researchers, and PR professionals aim to provide investors with the tools they need to make informed decisions on buying stock. Our staff is a mix of financial professionals and media savvy individuals whose experiences bring the best talent from both ends of the spectrum. On one hand our financial experience gives us the ability to identify promising, off the grid companies before they are uncovered by the rest of the market, and on the other hand our media experience allows us to produce interviews which appeal to a large audience because we provide a format in which more investors can understand a featured companies' upside. Our philosophy is to turn stock tickers into stories, ideas into headlines, and technical and financial data into easy to understand tidbits, easier to digest and therefore consumed by a larger audience. These interviews provide a jumping off point for investors to do further research into a prospective company. Our editorials seek to provide an out-of-the-box perspective found in few other financial sites.