Business
Educational Development Corporation Announces Record Fiscal First Quarter Estimated Net Revenues, Earnings and Active Sales Consultants in the Company’s UBAM Division
TULSA, Okla., June 16, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports
About this update from Educational Development Corporation
[{"type":"text","content":"TULSA, Okla., June 16, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has estimated net revenues in fiscal first quarter 2022 totaling approximately $40.8 million. This represents an increase of $2.5 million, or 6.5%, from net revenues achieved in fiscal first quarter 2021 of $38.3 million. The Company estimates earning per share for the quarter between $0.38 and $0.41, which is an increase over the earnings of $0.23 per share reported for the first quarter of fiscal 2021. The Company’s Usborne Books & More (UBAM) division averaged approximately 55,100 active consultants during the first quarter, an increase of 66% over 33,100 average active consultants reported for the first quarter last year. Per Randall White, Chief Executive Officer, “We are pleased to announce record first quarter fiscal 2022 net revenues. Along with this revenue growth, we are continuing to achieve operational improvements that are increasing our overall profitability and wanted to share earnings estimates.” Mr. White continued, “Our UBAM division’s net revenues for the first quarter totaled approximately $37.6 million which represents growth of $0.7 million, or 1.9%, over UBAM’s first quarter net revenues last year of $36.9 million. During April and May last year we experienced a large increase in demand for our products from parents needing educational products in the home due to school closures associated with the Covid-19 pandemic. This increase in demand last year resulted in sales growth that does not traditionally occur in our fiscal first quarter. Reporting sales growth in the UBAM division against the same quarter last year provides continued evidence that our increased number of active consultants are continuing to have a positive impact on sales in this division. This fiscal first quarter and our second quarter will have challenging comparisons, but we continue to expect the impact of our active sales consultants will offset the unusual demand increase that occurred during the same periods last year.” Mr. White concluded, “In addition to the growth from UBAM, our Publishing division reported net revenues for the first quarter of the fiscal year of approximately $3.2 million, or 128.6% higher than the Publishing division’s first quarter net rev...