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Educational Development Corporation (EDC), traded under the symbol EDUC on NASDAQ, is a prominent United States-based publisher specializing in educational books for children. The company operates through two main segments: PaperPie and Publishing. The Publishing Division markets its diverse range of books and educational supplies to retail accounts including bookstores, schools, toy stores, gift shops, and museums through various channels, such as commissioned sales representatives, trade and specialty wholesalers, and an internal telesales group.
EDC is the exclusive U.S. publisher of noteworthy lines like Kane Miller Books and is also known for Learning Wrap-Ups and SmartLab Toys. Additionally, it is the exclusive U.S. distributor of children’s books from the renowned UK-based Usborne Publishing Limited. EDC’s products reach the market through around 4,000 retail outlets and independent Brand Partners who utilize social media, book fairs, home showings, and other events to promote sales.
Recent strategic moves include the planned sale and leaseback of its headquarters and distribution warehouse, the Hilti Complex. This step was taken to reduce debt, boost liquidity, and improve profitability. The Hilti Complex houses multiple buildings offering significant rentable office and warehouse space, part of which is already under a long-term lease with a third-party tenant. The sale proceeds will be used to pay off the company’s bank borrowings, reflecting the company's commitment to financial stability.
EDC has also executed an amendment to its credit agreement to increase borrowing capacity and extend the maturity date, which will enable further inventory replenishment and product additions. The company is focused on reducing debt, managing inventory efficiently, and strategically deploying resources to enhance shareholder value.
In fiscal 2024, EDC launched a new e-commerce platform to improve user experience and support revenue growth. Despite economic challenges, the company remains dedicated to its mission of providing high-quality educational products and maintaining a robust presence in the market through innovative strategies and strong partnerships.
With a history of resilience and strategic financial management, Educational Development Corporation continues to navigate the evolving economic landscape while remaining committed to its stakeholders and operational excellence.
Craig White has been promoted to President and Chief Executive Officer of Educational Development Corporation (NASDAQ: EDUC) effective July 13, 2021. He succeeds Randall White, who transitions to Executive Chairman. Craig has over 30 years of experience at the company and aims to uphold its commitment to growth and shareholder value. EDC, specializing in children's books, reports over $200 million in annual revenue and remains optimistic about future performance despite industry challenges. Randall White will continue mentoring and advising in his new role.
Educational Development Corporation (EDC) reports a record first quarter for fiscal 2022, achieving net revenues of $40.8 million, up 6.5% from $38.3 million year-over-year. Net earnings rose 78.9% to $3.4 million, with earnings per share increasing 78.3% to $0.41. The company attributes its success to strategic restructuring and improved profitability across divisions. Despite previous revenue losses due to COVID-19, the company anticipates continued growth as restrictions lift. A quarterly dividend of $0.10 per share has been approved for September 2021.
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