Educational Development Corporation Announces Record Estimated Second Fiscal Quarter Net Revenues and Record Number of Active...
September 03 2020 - 6:38PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) today reports record
estimated net revenues for the second fiscal quarter and record
number of active consultants in August 2020.
Randall White, CEO of Educational Development
Corporation, announced that the Company estimates fiscal 2021
second quarter net revenues between $58.5 million to $60.0 million,
compared to approximately $24.4 million in net revenues recorded in
the second quarter of fiscal 2020, an increase of
approximately 140%-150%. Mr. White also stated that the
second quarter of fiscal 2021 was the largest net revenues quarter
in the Company’s history.
Mr. White added that the active consultant count
in the UBAM division, the largest sales division of the Company,
exceeded the milestone of 50,000 active consultants at the end of
August 2020, which is the highest active consultant level in the
Company’s history.
Per Mr. White, “We have continued to experience
triple digit growth through August in our UBAM division due to
additional active consultants and the increase in demand for our
products. In addition, our Publishing division’s sales
rebounded this quarter as businesses started to re-open. This
continued monthly sales growth, along with our active consultant
growth, makes us optimistic as we enter our fiscal third quarter,
which is historically our largest sales quarter of the year.”
Mr. White concluded, “Our growth during the
second fiscal quarter and expected continued growth would not be
possible without the hard work of our consultants; who have not
only been able to survive but also thrive against the challenging
issues brought on by the pandemic. In addition, our employees
also need to be commended for their hard work supporting our recent
growth. They have come to work each day, without fail, to
meet our mission of expanding children’s literacy.”
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,
the COVID-19 pandemic, as well as those factors discussed in our
Annual Report on Form 10-K for the year ended February 29, 2020,
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 29, 2020 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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