Business
Educational Development Corporation Announces Record Third Quarter Net Revenues and Record Number Active Sales Consultants in the Company’s UBAM Division
TULSA, Okla., Dec. 07, 2020 (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., Dec. 07, 2020 (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 the third quarter of fiscal 2021 totaling in excess of $66.8 million and the active sales consultants in the Company’s Usborne Books and More (UBAM) Sales Division grew to over 60,400 as of November 30, 2020.\n Per Randall White, Chief Executive Officer, “We continue to report record breaking sales and have just completed our largest quarter in history. Our fiscal third quarter net revenues exceeded $66.8 million, an increase of $26.0 million, or 63.7%, over the fiscal third quarter last year. This level of growth could not have been achieved without our increase in sales consultants, the investments we have made in the business, the hard work of our employees and the heightened urgency from our vendors to resupply our inventory.” Mr. White continued, “Our number of UBAM active consultants and leaders surpassed 60,000 at the end of November. And while this summer we benefited from the increased demand for products due to the Covid-19 Pandemic, our continued sales growth has been primarily driven by our increased number of UBAM consultants. We expect our greatly expanded consultant sales force will continue to drive record sales in our fiscal fourth quarter and we expect our sales to continue to grow into fiscal 2022. I am thankful for each and every one of our Consultants and Leaders who worked so hard during this fiscal third quarter spreading our literacy mission.” Mr. White concluded, “Our retail division continues to build sales as stores open across the country; albeit their statuses change daily. We continue to support these customers, including extending payment terms and credit limits, as they navigate the issues of re-opening during the pandemic. We expect the sales in this division to continue to show improvement in fiscal 2022.” 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”); ...