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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.
Educational Development Corporation (NASDAQ: EDUC) will participate in the virtual Southwest IDEAS Investor Conference on November 19, 2020. The company's presentation will be webcasted and available from 7:00 am CST on November 18. It will provide guidance on net revenues and earnings per share for the fiscal year ending February 28, 2021. IDEAS Conferences aim to connect quality companies with investment professionals, featuring sponsors with over $200 billion in assets under management.
Educational Development Corporation (EDUC) reported outstanding results for October, achieving record monthly net revenues exceeding $23 million. Active sales consultants in the Usborne Books and More (UBAM) Division surpassed 56,000. CEO Randall White highlighted a remarkable 62% increase in October sales compared to last year, totaling $22.3 million in orders. The Retail Division also saw a 14% revenue increase. These results underscore strong growth in the organization’s book sales and consultant engagement.
Educational Development Corporation (EDC) reported a remarkable 142.5% increase in net revenues for Q2 2020, totaling $59,250,100, compared to $24,438,000 in Q2 2019. Net earnings rose 322.3% to $4,255,000, equating to earnings per share of $0.51, a 325.0% increase year-over-year. Year-to-date revenues reached $97,541,800, up 87.5% from $52,025,400 in 2019. The increase in direct sales through Usborne Books and More contributed significantly, with a 161.8% revenue growth. EDC's Board approved a 66.7% increase in quarterly cash dividends to $0.10 per share.
Educational Development Corporation (NASDAQ: EDUC) reported record estimated net revenues for Q2 FY2021, projecting between $58.5 million and $60 million, a rise of approximately 140%-150% from $24.4 million in Q2 FY2020. This represents the highest quarterly net revenues in the company's history. Additionally, the number of active consultants in its UBAM division surpassed 50,000, marking another record. The company anticipates continued growth as demand for its products increases, particularly as businesses reopen.
Educational Development Corporation (EDC) has successfully renewed its revolving line of credit with MidFirst Bank, maintaining a maximum principal amount of $10 million. CEO Randall White highlighted the company's strong cash flow, ending July 2020 with no borrowings and over $23.3 million in cash. EDC anticipates continued growth, especially in their UBAM division, which is bolstered by prepaid e-commerce orders. This credit renewal will facilitate increased inventory purchases to meet rising sales demand, providing financial stability.
Educational Development Corporation (EDUC) reported record performance for July 2020, achieving approximately $22.3 million in net revenues, a remarkable 182% increase from $7.9 million in July 2019. This month marks the highest net revenues in the Company's history. Additionally, the active consultant count in the UBAM division rose to about 45,200, also a record. The Publishing division has seen its revenues return to historical levels as retail stores reopen, although challenges remain due to the ongoing pandemic.
Educational Development Corporation (EDC) reported significant revenue growth during its first quarter earnings call on July 15, 2020. In June 2020, the company achieved approximately $18 million in net revenues, marking a 157% increase from June 2019's $7 million. This month was noted as the largest in the company's history. Additionally, EDC's UBAM division added 6,000 new recruits, reaching over 39,000 active consultants, the highest to date.
Educational Development Corporation (EDC) reported significant growth for the first quarter ended May 31, 2020, with net revenues of $38.29 million, a 38.8% increase from the prior year. Net earnings reached $1.93 million, up 41.6%, with earnings per share at $0.23, compared to $0.17 last year. The direct sales division, Usborne Books and More, saw revenues grow by 46.3% to $36.93 million. However, the Publishing division faced a 41.6% revenue decline due to COVID-19 store closures. EDC declared a $0.06 dividend, payable on September 10, 2020.
Educational Development Corporation (EDC) has successfully repaid a $2.9 million term loan, utilizing excess cash generated from recent business growth. CEO Randall White emphasized that the decision supports shareholder interests and maintains the company's financial health. EDC continues to generate sufficient cash flow, allowing for expected quarterly dividends and share buybacks. The company remains focused on its growth trajectory while managing its remaining debt with lease payments covering amortization obligations.
Educational Development Corporation (EDC) announced its fiscal year 2020 results, reporting net revenues of $113.01 million, a 4.9% decline from the previous year. Net earnings fell 15.5% to $5.65 million, with diluted earnings per share of $0.68, down 16.0%. The fourth quarter saw revenues of $20.16 million, a 14.7% drop, with earnings per share at $0.06, down 14.3%. However, the company noted a significant revenue increase of 60% in April due to a Paycheck Protection Loan and projected record first-quarter revenues for fiscal 2021.
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