Business
Educational Development Corporation Announces Record Fiscal 2021 Second Quarter and Year to Date Results Along With Increase in Quarterly Dividend
TULSA, Okla., Oct. 07, 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., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record net revenues and earnings per share results for the second quarter and year to date ended August 31, 2020.\n Randall White, CEO of Educational Development Corporation, announced that for the second quarter ended August 31, 2020, the Company reports net revenues of $59,250,100, an increase of $34,812,100, or 142.5%, when compared to $24,438,000 for the second quarter of the previous year. Net earnings totaled $4,255,000 for the quarter ended August 31, 2020, compared to $1,007,600 for the quarter ended August 31, 2019, an increase of 322.3%. Earnings per share for the quarter were $0.51, compared to $0.12 for the same quarter the previous year, an increase of 325.0% on a fully diluted basis. Mr. White further announced that year to date net revenues through the first six months of fiscal 2021 totaled $97,541,800, compared to $52,025,400 for the first six months of fiscal 2020, an increase of $45,516,400, or 87.5%. Net earnings totaled $6,186,100 for the six months ended August 31, 2020, an increase of 160.9% over $2,371,200 in net earnings reported during the same period last year. Earnings per share for the first six months of fiscal 2021 were $0.74, compared to $0.29 reported for the first six months of fiscal 2020, an increase of $0.45, or 155.2% on a fully diluted basis. Per Mr. White, “The net revenues of our direct sales division, Usborne Books and More (“UBAM”) totaled $56,911,600 during the quarter ended August 31, 2020, an increase of 161.8% from $21,735,200 for the quarter ended August 31, 2019. During the second quarter this division also experienced significant growth in active consultants, beginning in June with 36,900 active consultants and ending in August with over 50,300 active consultants. Our increase in active UBAM consultants, the continued demand for educational materials in the home, and our ability to receive orders online and deliver directly to our customers’ homes resulted in our triple digit UBAM sales growth this quarter. In addition, we are excited for continued sales growth in the fall as this is typically our busiest selling season of the year.” Mr. White continued, “Our Publishing divisions net revenues decreased 13.5%, to $2,338,...