Business
Educational Development Corporation Announces Fiscal Year 2022 Second Quarter and Year-to-Date Results
Tulsa, Oklahoma--(Newsfile Corp. - October 7, 2021) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", or the "Company") (http://www.edcpub.com)
About this update from Educational Development Corporation
[{"type":"text","content":"Tulsa, Oklahoma--(Newsfile Corp. - October 7, 2021) - Educational Development Corporation (NASDAQ: EDUC) (\"EDC\", or the \"Company\") (http://www.edcpub.com) today reports financial results for the second quarter and year-to-date ended August 31, 2021.\nPre-COVID, COVID Impacted and Current Year Comparison\n\"As a result of the pandemic, 2020 was a very unusual year for all companies. Ours was no exception. Fortunately, we saw an increase in demand for our products, and we were poised and ready to meet the opportunity. This demand anomaly resulted in record sales and record earnings,\" stated Craig White, President and CEO of Educational Development Corporation.\n\"This year, as the pandemic restrictions have lessened, we had a more typical second quarter. Historically, our second quarter is one of our lowest revenue quarters of the year due to the seasonal nature of our business. During the second quarter of last year we experienced a significant increase in the demand for our educational products as parents navigated the COVID-19 pandemic travel restrictions as well as teaching in the home,\"\n\"Due to the significant positive impact of the COVID-19 pandemic on our business last year, we are providing the additional table below to show pre-COVID, COVID-impacted and current financial results for the fiscal second quarter and year-to-date results ended August 31:\"\n\n\n\n\n\n\nPre-COVID\n\n\nPre-COVID\n\n\nCOVID Impacted\n\n\nCOVID Impacted\n\n\nCurrent Year\n\n\nCurrent Year\n\n\nPeriod\n\n\nQ2 FY 2020\n\n\nYTD FY 2020\n\n\nQ2 FY 2021\n\n\nYTD FY 2021\n\n\nQ2 FY 2022\n\n\nYTD FY 2022\n\n\nAverage # of Consultants\n\n\n33,600\n\n\n32,600\n\n\n45,400\n\n\n39,300\n\n\n46,100\n\n\n50,200\n\n\nNet Revenues\n\n\n24,438,000\n\n\n52,025,400\n\n\n59,250,100\n\n\n97,541,800\n\n\n32,994,400\n\n\n73,802,300\n\n\nNet Earnings\n\n\n1,007,600\n\n\n2,371,200\n\n\n4,255,000\n\n\n6,186,100\n\n\n1,898,200\n\n\n5,336,300\n\n\nAfter tax profit %\n\n\n4.1%\n\n\n4.6%\n\n\n7.2%\n\n\n6.3%\n\n\n5.8%\n\n\n7.2%\n\n\n\n \n\"Sales from our UBAM division continue to be driven by our active consultant count. This quarter the Company had more active consultants, which translated into increased revenues over fiscal year 2020 results. When compared to the year prior to COVID-19, UBAM revenues for our second fiscal quarter were 35.8% greater than the second qua...