Business
Educational Development Corporation Announces Recent Repayment of Loan
TULSA, Okla., June 08, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today
About this update from Educational Development Corporation
[{"type":"text","content":"TULSA, Okla., June 08, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports the repayment of one of the Company’s outstanding loans.\n Randall White, CEO of Educational Development Corporation, announced the Company has generated excess cash and has used the funds to repay one of the Company’s outstanding loans. Per Mr. White, “As previously reported, over the past two months we have experienced material growth in our business. This growth has generated additional cash flows from operations. Last week we determined that using a portion of our available excess cash balance to pay the $2.9 million balance of a term loan, that is collateralized by the building we own at 10302 East 55th Place, Tulsa, Oklahoma, would be in the best interest of our shareholders. Additionally, the lease payments from the long-term tenant of our main complex at 5402 S. 122nd East Avenue, Tulsa OK, covers the debt amortization of our only remaining debt.” Mr. White concluded, “With this debt reduction, we continue to generate sufficient cash and maintain available borrowing capacity to fund our current growth. We also expect to continue to pay quarterly dividends and expect to continue to buy back shares in the open market during the current fiscal year.” 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 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-...