Business
Educational Development Corporation Announces Record Monthly, Quarterly and Fiscal Net Revenues Estimates and Active Sales Consultants in the Company’s UBAM Division
TULSA, Okla., March 11, 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., March 11, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has achieved record net revenues in February 2021 totaling approximately $13.0 million, an increase of $6.3 million, or 94% over net revenues achieved in February 2020 of $6.7 million. Revenues for the fiscal fourth quarter totaled approximately $40.3 million, or 100% higher than net revenues reported in the fourth quarter last year. The Company also reports that net revenues for fiscal 2021 totaled approximately $204.6 million, or 81% higher than net revenues reported for fiscal year 2020 of $113.0 million. The Company’s Usborne Books & More (UBAM) division also finished February 2021 with approximately 57,600 active consultants, an increase of 95% over the number of active consultants at the end of February last year. Per Randall White, Chief Executive Officer, “We are pleased to announce record monthly, record fourth quarter and record fiscal year 2021 net revenues. Our fiscal 2021 net revenues of $204.6 million exceeded our previously announced estimates of $200.0 million by 2.3%. Our growth in net revenues continues to be driven by the growth in the number of active sales consultants in our UBAM Division. With more consultants, we are experiencing more customer contacts and more customer orders.” Mr. White continued, “Our UBAM division’s net revenues for the fourth quarter totaled approximately $38.0 million which represents a growth of $19.8 million, or 108%, over UBAM’s fourth quarter net revenues last year. The fiscal fourth quarter of our UBAM Division, due to the seasonality of our business, typically reflects our lowest sales and highest consultant retention variance quarter of the year. While UBAM is experiencing this seasonality, we are bolstered by the triple digit sales growth achieved during the quarter. Our continued growth clearly demonstrates that our active consultants drive our sales and we expect this growth to continue in fiscal 2022.” Mr. White concluded, “In addition to the growth from UBAM, our Publishing division reported its fifth straight month of increased sales over the comparable months of last year. Net revenues of the Publishing division for the fourth quarter totaled approximately $2.3 million, or 21% higher than Publishin...