Business
Educational Development Corporation Announces Third Quarter Fiscal 2020 Results
TULSA, Okla., Jan. 13, 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., Jan. 13, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports net revenues and earnings per share results for the third quarter ended November 30, 2019. \n Randall White, CEO of Educational Development Corporation, announced that for the fiscal third quarter ended November 30, 2019, the Company reports net revenues of $40,824,600, an increase of $342,000, or 0.8%, when compared to $40,482,600 for the third quarter of the previous year. Net earnings totaled $2,735,800 for quarter ended November 30, 2019, compared to $2,815,600 for the quarter ended November 30, 2018, a decrease of $79,800, or 2.8%. Earnings per share for the quarter were $0.33 compared to $0.34 for the same quarter in the previous year, down 2.9% on a fully diluted basis. Our direct sales division, Usborne Books & More (“UBAM”), reported its first growth quarter of the fiscal year. Net revenues of this division for the third quarter ending November 30, 2019 were $38,100,400, an increase of 2.1% from $37,321,300 reported in the third quarter ended November 30, 2018. The average number of active direct sales consultants increased 3,400, or 11.3%, to 33,600 for the quarter ended November 30, 2019, over our average active consultant count in the third quarter of last year. Our Publishing’s division net revenues for the quarter ended November 30, 2019 were $2,724,200, a decrease of $437,100, or 13.8% from the revenues reported in the third quarter of last year totaling $3,161,300. The Company’s year to date net revenues in the first three quarters of the fiscal year totaled $92,850,000, a decrease of $2,335,900, or 2.5%, from $95,185,900 reported in the same period last year. Net earnings totaled $5,107,000 for the nine months ended November 30, 2019, compared to $6,122,900 for the nine months ended November 30, 2018, a decrease of 16.6%. Year to date earnings per share decreased $0.14, or 18.7%, from $0.75 for the nine months ended November 30, 2018 to $0.61 for the nine months ended November 30, 2019, on a fully diluted basis. Per Mr. White, “I am pleased to announce a return to growth in the fiscal third quarter, our busiest quarter of the year. During this quarter we saw increased sales activity from the increase in our number of active consultants. We had over 11,...