Educational Development Corporation Announces Record Fiscal First Quarter Estimated Net Revenues, Earnings and Active Sales C...
17 Juin 2021 - 1:01AM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has
estimated net revenues in fiscal first quarter 2022 totaling
approximately $40.8 million. This represents an increase of $2.5
million, or 6.5%, from net revenues achieved in fiscal first
quarter 2021 of $38.3 million. The Company estimates
earning per share for the quarter between $0.38 and $0.41, which is
an increase over the earnings of $0.23 per share reported for the
first quarter of fiscal 2021. The Company’s Usborne Books &
More (UBAM) division averaged approximately 55,100 active
consultants during the first quarter, an increase of 66% over
33,100 average active consultants reported for the first quarter
last year.
Per Randall White, Chief Executive Officer, “We
are pleased to announce record first quarter fiscal 2022 net
revenues. Along with this revenue growth, we are continuing to
achieve operational improvements that are increasing our overall
profitability and wanted to share earnings estimates.”
Mr. White continued, “Our UBAM division’s net
revenues for the first quarter totaled approximately $37.6 million
which represents growth of $0.7 million, or 1.9%, over UBAM’s first
quarter net revenues last year of $36.9 million. During April and
May last year we experienced a large increase in demand for our
products from parents needing educational products in the home due
to school closures associated with the Covid-19 pandemic. This
increase in demand last year resulted in sales growth that does not
traditionally occur in our fiscal first quarter. Reporting sales
growth in the UBAM division against the same quarter last year
provides continued evidence that our increased number of active
consultants are continuing to have a positive impact on sales in
this division. This fiscal first quarter and our second quarter
will have challenging comparisons, but we continue to expect the
impact of our active sales consultants will offset the unusual
demand increase that occurred during the same periods last
year.”
Mr. White concluded, “In addition to the growth
from UBAM, our Publishing division reported net revenues for the
first quarter of the fiscal year of approximately $3.2 million, or
128.6% higher than the Publishing division’s first quarter net
revenues last year of $1.4 million. Our Publishing division’s first
quarter sales last year were negatively impacted from store
closures due to the Covid-19 pandemic. We are pleased to see sales
growth in this division as stores are re-opening and have customers
returning to in-person shopping.”
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 28,
2021, 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, 2021 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.
Educational Development (NASDAQ:EDUC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Educational Development (NASDAQ:EDUC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024