Business
Educational Development Corporation Announces Fiscal Fourth Quarter and Fiscal Year 2022 Results
Tulsa, Oklahoma--(Newsfile Corp. - May 4, 2022) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", or the "Company") (http://www.edcpub.com) today
About this update from Educational Development Corporation
[{"type":"text","content":"Tulsa, Oklahoma--(Newsfile Corp. - May 4, 2022) - Educational Development Corporation (NASDAQ: EDUC) (\"EDC\", or the \"Company\") (http://www.edcpub.com) today reports financial results for the fiscal fourth quarter and fiscal year ended February 28, 2022.\nFiscal Year End Highlights Compared to the Prior Year\n\nNet revenues of $142.2 million, a decrease of $62.4 million, or 30.5%, compared to $204.6 million.\nAverage active UBAM sales consultants totaled 44,900.\nEarnings before income taxes were $11.2 million, a decrease of $6.0 million, or 34.9%, compared to $17.2 million.\nNet earnings totaled $8.3 million, compared to $12.6 million, a decrease of $4.3 million, or 34.1%.\nEarnings per share totaled $0.98, compared to $1.50, down 34.7% on a fully diluted basis.\n\nFourth Quarter Highlights Compared to the Prior Year Fourth Quarter\n\nNet revenues of $23.3 million, a decrease of $17.0 million, or 42.2%, compared to $40.3 million.\nAverage active UBAM sales consultants totaled 37,500.\nEarnings before income taxes were $0.3 million, a decrease of $2.7 million, or 90.0%, compared to $3.0 million.\nNet earnings totaled $0.3 million, compared to $2.2 million, a decrease of $1.9 million, or 86.4%.\nEarnings per share totaled $0.04, compared to $0.25, down 84.0% on a fully diluted basis.\n\n\"We are pleased to report that we continue to exceed pre-pandemic levels in our fiscal fourth quarter with increases in net revenues and average number of consultants, resulting in continued profitability. Last year, due to multiple circumstances associated with the COVID-19 pandemic, we saw an unusually positive increase in the demand for our products which resulted in record sales and earnings for fiscal 2021. This year, many of these circumstances, such as children returning to the classroom, and parents returning to full-time employment, have resulted in our business returning to more normalized levels of growth with associated seasonality,\" stated Craig White, President and CEO of Educational Development Corporation.\nDue to the significant positive impact of the COVID-19 pandemic on the business last year, provided below is an additional table to show pre-COVID, COVID impacted and current financial results for the fiscal fourth quarter and year-to-date results ended February 28 (29),\n\n\n\n\n\nPre-COVID\n\nPre-COVID\n\nCOVID Impacted\n...