Education Development Corporation announces record financial year
TULSA, Okla., June 16, 2021 (GLOBE NEWSWIRE) – Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has net estimated in the first quarter of fiscal 2022 totaling approximately $ 40.8 million. This represents an increase of $ 2.5 million, or 6.5%, from net revenues of $ 38.3 million realized in the first quarter of fiscal 2021. The Company estimates earnings per share for the quarter between $ 0.38 and $ 0.41, which is an increase from the reported earnings of $ 0.23 per share for the first quarter of fiscal 2021. The Usborne Books & More (UBAM) division of the Company had an average of about 55,100 active consultants in the first quarter, an increase of 66% from the 33,100 average active consultants reported for the first quarter of last year.
By Randall White, President and CEO, “We are delighted to report record net revenues for the first quarter of fiscal 2022. Along with this revenue growth, we continue to make operational improvements that increase our overall profitability and we wanted to share the profit estimates. “
Mr. White continued, “Our UBAM division’s net revenues for the first quarter totaled approximately $ 37.6 million, representing a growth of $ 0.7 million, or 1.9%, over the previous quarter. UBAM’s net revenue for the first quarter of last year of $ 36.9 million. In April and May of last year, we saw a surge in demand for our products from parents in need of home education products due to school closures associated with the Covid-19 pandemic. . This increase in demand last year has resulted in sales growth not traditionally occurring in our first fiscal quarter. The announcement of sales growth in the UBAM division compared to the same quarter last year provides continued proof that our increased number of active consultants continues to have a positive impact on sales in this division. This fiscal first quarter and our second quarter will have difficult comparisons, but we continue to expect that the impact of our active sales advisors will offset the unusual increase in demand that has occurred during the same time periods. last year. “
Mr. White concluded: “In addition to the growth of UBAM, our publishing division reported net revenues for the first quarter of the fiscal year of approximately $ 3.2 million, or 128.6% of more than the publishing division’s net revenues for the first quarter of last year of $ 1.4 million. . Sales of our Publishing division in the first quarter of last year were negatively affected by store closures due to the Covid-19 pandemic. We are excited to see sales growth in this division as stores reopen and customers return to in-person shopping. “
About the Educational Development Corporation (EDC)
EDC is a publishing house specializing in children’s books. EDC is the exclusive commercial co-publisher in the United States of the range of children’s educational books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also publish books exclusively through our Kane Miller Book Publisher property. (“Kane Miller”); two international publishers of award-winning children’s books. EDC’s current catalog contains over 2,000 titles, with new additions semi-annually. Usborne and Kane Miller products are sold through 4,000 outlets and independent consultants, who organize book shows in individual homes, book fairs with school and public libraries, and internet sales.
|Educational Development Corporation
Randall Blanc, (918) 622-4522
Warning for the purposes of the “Safe Harbor” provision of the Private Securities Litigation Reform Act of 1995.
The information presented in this press release includes “forward-looking statements”. These forward-looking statements are identified by the use of terms and expressions such as “may”, “expect”, “estimate”, “plan”, “plan”, “believe”, “intend to” , “Achievable”, “anticipate,” “continue”, “potential”, “should”, “could”, and similar terms and expressions. While we believe that the expectations reflected in these forward-looking statements are reasonable, they imply certain assumptions, risks and uncertainties and we cannot guarantee that these expectations or assumptions will be realized. Known and unknown risks, uncertainties and other factors could cause our actual results, performance or achievements to differ materially from the results, performances or or future achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, without limitation, our success in recruiting and retention of new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders received without creating delays, our ability to secure adequate funding for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as the factors discussed in our annual report on Form 10-K for the year ended February 28, 2021, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events mentioned may not occur. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the fiscal year ended February 28. 2021 and are only valid as of the date of this press release. Except as required under securities laws, we assume no obligation to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.