Educational Development Corporation Announces New Share Repurchase Program
February 04 2019 - 6:22PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) today announced that its
Board of Directors has approved a new share repurchase program
authorizing the Company to repurchase up to 800,000 shares,
representing approximately 10% of the Company’s outstanding common
stock. This new plan replaces the existing stock
repurchase plan which was approved by the Board of Directors in
April 2008, and has approximately 600,000 shares remaining
available for repurchase.
Randall White, CEO of Educational Development Corporation,
announced that the Board has reviewed our current cash position and
business forecast and expects executing the new share buyback will
benefit all shareholders.
Per Mr. White, “Our Board, including myself, are continuously
looking for opportunities to maximize shareholder
value. With our improved financial performance and
increased cash flows from operations over the past two years, and
our expected generation of additional available cash flows in the
upcoming periods, we are presented with an opportunity to
repurchase shares and benefit all shareholders.”
Mr. White continued, “With our growth and improved cash flows,
we expect the share buyback program is unlikely to be at the
expense of M&A, R&D, or other opportunities for future
growth. Nor do we expect the repurchase plan to impact the
continuation of our recent practice of issuing quarterly
dividends. The share buyback program represents a proactive
step on the part of the Board to promote the best interest of the
Company and its shareholders.”
About Educational Development Corporation
(EDC)EDC is a publishing company specializing in books for
children. EDC is the exclusive United States trade
co-publisher of the line of educational children’s books produced
in the United Kingdom by Usborne Publishing Limited (“Usborne”) and
we also exclusively publish books through our ownership of Kane
Miller Book Publisher (“Kane Miller”); both international
award-winning publishers of children’s books. EDC’s current
catalog contains over 2,000 titles, with new additions
semi-annually. Both Usborne and Kane Miller products are sold
via 4,000 retail outlets and by independent consultants, who hold
book showings in individual homes, through social media, book fairs
with school and public libraries, direct and internet
sales.
Contact:
Educational Development
Corporation
Randall White, (918) 622-4522
Cautionary Statement for the Purpose of the “Safe
Harbor” Provision of the Private Securities Litigation Reform Act
of 1995.
The information discussed in this Press Release
includes “forward-looking statements.” These forward-looking
statements are identified by their use of terms and phrases such as
“may,” “expect,” “estimate,” “project,” “plan,” “believe,”
“intend,” “achievable,” “anticipate,” “continue,” “potential,”
“should,” “could,” and similar terms and phrases. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable, they do involve certain assumptions,
risks and uncertainties and we can give no assurance that such
expectations or assumptions will be achieved. Known and
unknown risks, uncertainties and other factors may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, our success in recruiting and retaining new
consultants, our ability to locate and procure desired books, our
ability to ship the volume of orders that are received without
creating backlogs, our ability to obtain adequate financing
for working capital and capital expenditures, economic and
competitive conditions, regulatory changes and other uncertainties,
as well as those factors discussed in our Annual Report on Form
10-K for the year ended February 28, 2018, all of which are
difficult to predict. In light of these risks, uncertainties
and assumptions, the forward-looking events discussed may not
occur. All forward-looking statements attributable to us or
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 year ended
February 28, 2018 and speak only as of the date of this Press
Release. Other than as required under the securities laws, we
do not assume a duty to update these forward-looking statements,
whether as a result of new information, subsequent events or
circumstances, changes in expectations or otherwise.
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