|Over a month ago|
Educational Development Corp. raises quarterly dividend to 6c per share » 07:2805/2105/21/20
CEO Randall White said,…
CEO Randall White said, "Due to our continued positive cash flows, along with the reported increase in net revenues during the first quarter of fiscal 2021, our Board of Directors has approved an increase in our quarterly dividend and authorized a $0.06 per share cash dividend which will be paid on or around June 18, 2020 to shareholders of record June 2, 2020."
Educational Development Corp. sees Q1 revenue $36.5M-$38.5M 07:2705/2105/21/20
Educational Development Corp. reports Q4 EPS 6c vs. 7c last year » 07:2705/2105/21/20
Reports Q4 revenue…
Reports Q4 revenue $20.16M vs. $23.63M last year. CEO Randall White said, "Fiscal year 2020, while down from fiscal year 2019, is still recorded as the Company's second- best year in history for net revenue and net earnings; we maintained a strong cash balance and continued to pay dividends. Fiscal year 2020 was also a year of consolidation and investment for future growth. Our IT department allocated significant resources in the development of infrastructure and programs in preparation for future growth. In addition, our Usborne Books & More division developed and implemented a new recruit success program "Climb." While the development of new programs impacted the fourth quarter of fiscal 2020, the successful results have already been recognized in the 1st quarter of fiscal 2021. As previously reported on May 12, 2020, the Company received the proceeds of a $1.44 million Paycheck Protection Loan during the beginning of April. Following the loan receipt, April net revenues increased an unprecedented 60% over the previous April which allowed us to repay loan completely in less than 40 days. The dramatic increase in net revenues has continued during May. While we have not historically provided financial guidance, we feel the material changes to our business require us to provide more current information. As such, we currently expect to report net revenues for the quarter between $36.5 million and $38.5 million, which will be the largest first quarter net revenues in our history."
Educational Development reports revenue growth in April from UBAM division » 18:0105/1205/12/20
Educational Development reports significant revenue growth in April from UBAM division and the repayment of the $1.4M loan drawn pursuant to the Paycheck Protection Program, or PPP, under the Coronavirus Aid, Relief, and Economic Security, or CARES, Act. Randall White, CEO of Educational Development, announced the Company has had significant sales growth in UBAM and repaid the PPP loan. Per White, "During March 2020, our Company's net revenues were down 25% from the same month last year, our warehouse operations and staff were working less than full-time, sales to retail outlets were down 60% and our facility's leasing tenant, whose monthly payment exceeds our mortgage payment, had requested a 90 day lease payment abatement. The impact of these events, along with the uncertainty of future sales volumes, supported our decision to request a loan under the recently announced PPP. However, during April our net revenues rebounded significantly in our direct sales division Usborne Books & More. Our UBAM consultants offer our entire catalog, including award winning books, puzzles and activities to customers. These products have been in increased demand due to the closing of many schools which increased the need for educational materials in homes. Our ability to receive orders online and deliver directly to our customers' homes has resulted in increased revenues. The April net revenues of our UBAM division exceeded 160% of our net revenues in April of last year, and we are continuing to see increased sales this month. In addition, our number of active sales consultants has increased to over 34,000 as 5,000 new consultants joined in April and over 1,200 have joined so far in May." White continued "Because of the recent significant revenue growth, we have determined that the loan received under the Paycheck Protection Program is no longer needed and we have repaid it."
|Over a quarter ago|
Educational Development Corp. reports Q3 EPS 33c vs. 34c last year » 17:0501/1301/13/20
Reports Q3 revenue $40.8M…
Reports Q3 revenue $40.8M vs. $40.5M last year. CEO Randall White states: "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 11,500 new recruits join our UBAM division in the second quarter of this fiscal year and these new consultants drove our growth. Our Publishing division reported a decline in net revenues primarily due to a sales promotion with one of our largest retail customers that impacted our third quarter of last year."