Educational Development Corporation Announces Record Monthly, Quarterly and Fiscal Net Revenues Estimates and Active Sales Co...
March 11 2021 - 5:00PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has
achieved record net revenues in February 2021 totaling
approximately $13.0 million, an increase of $6.3 million, or 94%
over net revenues achieved in February 2020 of $6.7 million.
Revenues for the fiscal fourth quarter totaled approximately $40.3
million, or 100% higher than net revenues reported in the fourth
quarter last year. The Company also reports that net revenues for
fiscal 2021 totaled approximately $204.6 million, or 81% higher
than net revenues reported for fiscal year 2020 of $113.0
million. The Company’s Usborne Books & More (UBAM)
division also finished February 2021 with approximately 57,600
active consultants, an increase of 95% over the number of active
consultants at the end of February last year.
Per Randall White, Chief Executive Officer, “We
are pleased to announce record monthly, record fourth quarter and
record fiscal year 2021 net revenues. Our fiscal 2021 net revenues
of $204.6 million exceeded our previously announced estimates of
$200.0 million by 2.3%. Our growth in net revenues continues to be
driven by the growth in the number of active sales consultants in
our UBAM Division. With more consultants, we are experiencing more
customer contacts and more customer orders.”
Mr. White continued, “Our UBAM division’s net
revenues for the fourth quarter totaled approximately $38.0 million
which represents a growth of $19.8 million, or 108%, over UBAM’s
fourth quarter net revenues last year. The fiscal fourth quarter of
our UBAM Division, due to the seasonality of our business,
typically reflects our lowest sales and highest consultant
retention variance quarter of the year. While UBAM is experiencing
this seasonality, we are bolstered by the triple digit sales growth
achieved during the quarter. Our continued growth clearly
demonstrates that our active consultants drive our sales and we
expect this growth to continue in fiscal 2022.”
Mr. White concluded, “In addition to the growth from UBAM, our
Publishing division reported its fifth straight month of increased
sales over the comparable months of last year. Net revenues
of the Publishing division for the fourth quarter totaled
approximately $2.3 million, or 21% higher than Publishing
division’s fourth quarter net revenues last year of $1.9 million.
We are pleased to see continued growth in our Publishing
division.”
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, book fairs with school and public libraries as
well as sales over the internet.
Contact:Educational Development CorporationRandall 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 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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