Business
Educational Development Corporation Announces Record Fiscal 2021 Third Quarter and Year to Date Results
TULSA, Okla., Jan. 11, 2021 (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., Jan. 11, 2021 (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 third quarter and year to date ended November 30, 2020. Randall White, CEO of Educational Development Corporation, announced that for the third quarter ended November 30, 2020, the Company reports net revenues of $66,750,300, an increase of $25,925,700, or 63.5%, when compared to $40,824,600 for the third quarter ended November 30, 2019. Net earnings totaled $4,269,600 for the quarter ended November 30, 2020, compared to $2,735,800 for the quarter ended November 30, 2019, an increase of 56.1%. Earnings per share for the quarter were $0.51, compared to $0.33 for the same quarter the previous year, an increase of 54.5% on a fully diluted basis. Mr. White further announced that year to date net revenues through the first nine months of fiscal 2021 totaled $164,292,100, compared to $92,850,000 for the first nine months of fiscal 2020, an increase of $71,442,100, or 76.9%. Net earnings totaled $10,455,700 for the nine months ended November 30, 2020, an increase of 104.7% over $5,107,000 in net earnings reported during the same period last year. Earnings per share for the first nine months of fiscal 2021 were $1.25, compared to $0.61 reported for the first nine months of fiscal 2020, an increase of $0.64, or 104.9% on a fully diluted basis. Per Mr. White, “The net revenues of our direct sales division, Usborne Books and More (“UBAM”) totaled $64,169,700 during the quarter ended November 30, 2020, an increase of 68.4% from $38,100,400 for the quarter ended November 30, 2019. While initially this division received a boost in sales last spring from parents at home with children needing educational materials, our sales growth is now driven by our increased number of active sales consultants. During the third quarter we continued to grow our number of active consultants, beginning in September with 50,300 active consultants and ending in November with 60,500 active consultants. Our growth in active UBAM consultants continued to drive our growth in sales during the quarter and we expect this increase in sales consultants will continue to grow revenues in our fiscal fourth quarter and into fiscal 2022. Mr. White continued, ...