Educational Development Corporation Announces Third Quarter and Year to Date Net Revenues
December 14 2017 - 4:43PM
Educational Development Corporation (“EDC”) (NASDAQ:EDUC)
(http://www.edcpub.com) today reports unaudited third quarter and
year to date net revenues for fiscal year 2018.
Randall White, CEO of Educational Development
Corporation, announced that the Company had record net revenues of
$38.7 million for the third quarter ending November 30, 2017, up
26% from the third quarter net revenues reported for the quarter
ended November 30, 2016. Net revenues for the nine months
ended November 30, 2017, totaled approximately $89.8 million, up
13% from the same period last year.
Per Mr. White, "Over the past summer we
implemented new technologies and automation in our warehouse
distribution system that has doubled our daily shipping
capacity. As a result, our shipments during the third
quarter were able to keep up with our incoming orders for the first
time in several years. Our record results for the quarter are
a direct result of our increased shipping capacity and the growth
of our consultant orders during the quarter, reflecting their
increased confidence in our ability to ship orders timely over the
holiday season.”
Mr. White continued, “I am very proud of the
accomplishments of our employees over the last two years as we have
moved facilities and more than doubled our shipments and
workforce. Growing this rapidly has challenged every one of
us. I am also humbled and appreciative in the confidence and
loyalty that our consultants and customers have shown us by staying
with us during this period of high growth when our shipping times
were extended. This is a clear statement of support for the
quality of our products. We believe we have the best books in
the world!”
About Educational Development Corporation
EDC is a publishing company specializing in books for children.
EDC is the sole American distributor of the UK-based Usborne Books
and owns Kane Miller Books, specializing in children’s literature
from around the world. EDC’s current catalog contains over 2,300
titles, with new additions semi-annually. Both Usborne and Kane
Miller products are sold via retail outlets and by direct sales
consultants nationally.
Contact:
Educational Development
Corporation
Randall White, (918) 622-4522
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