Business
Educational Development Corporation Announces Record Estimated Second Fiscal Quarter Net Revenues and Record Number of Active Consultants
TULSA, Okla., Sept. 03, 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., Sept. 03, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record estimated net revenues for the second fiscal quarter and record number of active consultants in August 2020.\n Randall White, CEO of Educational Development Corporation, announced that the Company estimates fiscal 2021 second quarter net revenues between $58.5 million to $60.0 million, compared to approximately $24.4 million in net revenues recorded in the second quarter of fiscal 2020, an increase of approximately 140%-150%. Mr. White also stated that the second quarter of fiscal 2021 was the largest net revenues quarter in the Company’s history. Mr. White added that the active consultant count in the UBAM division, the largest sales division of the Company, exceeded the milestone of 50,000 active consultants at the end of August 2020, which is the highest active consultant level in the Company’s history. Per Mr. White, “We have continued to experience triple digit growth through August in our UBAM division due to additional active consultants and the increase in demand for our products. In addition, our Publishing division’s sales rebounded this quarter as businesses started to re-open. This continued monthly sales growth, along with our active consultant growth, makes us optimistic as we enter our fiscal third quarter, which is historically our largest sales quarter of the year.” Mr. White concluded, “Our growth during the second fiscal quarter and expected continued growth would not be possible without the hard work of our consultants; who have not only been able to survive but also thrive against the challenging issues brought on by the pandemic. In addition, our employees also need to be commended for their hard work supporting our recent growth. They have come to work each day, without fail, to meet our mission of expanding children’s literacy.” 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-w...