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Education Dvel (EDUC) provides investors and stakeholders with comprehensive updates on its educational publishing children's books and learning materials. This page consolidates official announcements, strategic initiatives, and operational developments from the company's dual publishing and direct sales divisions.
Access timely updates on earnings reports, product launches, and distribution partnerships, alongside insights into EDUC's retail network expansion and e-commerce platform enhancements. The resource also covers the company's unique sale/leaseback real estate strategies and PaperPie Division developments in multi-level marketing.
Bookmark this page to monitor EDUC's progress in merging traditional publishing with modern sales channels while maintaining financial discipline through operational optimizations. All content is sourced directly from company communications to ensure accuracy and compliance with financial disclosure standards.
Educational Development (NASDAQ: EDUC) reported financial results for the fiscal second quarter ended August 31, 2024. The company experienced a significant decline in performance compared to the prior year. Net revenues decreased to $6.5 million from $10.6 million, while the average active PaperPie Brand Partners dropped to 13,900 from 18,100. The company reported a net loss of $(1.8) million, compared to a net profit of $1.1 million in the same quarter last year.
CEO Craig White highlighted ongoing cost reduction efforts, including leasing out 50% of office and warehouse space, switching outbound freight carriers, and consolidating warehouse operations. The company is also in the process of selling its Hilti Complex, which is expected to eliminate all borrowings. Despite the challenges, EDC remains committed to improving children's literacy and returning to profitability for shareholders.
Educational Development (NASDAQ: EDUC) has announced the execution of the Sixth Amendment to its Existing Credit Agreement with BOKF, NA. The amendment, effective October 3, 2024, extends the maturity date to January 4, 2025 and includes required step-downs on the Revolving Loan to $5.5 million by November 30, 2024.
The company also mentioned a previously announced Commercial Real Estate Contract with Partner Holdings for the sale of its Hilti Complex in Tulsa, Oklahoma, expected to be completed by January 4, 2025. CEO Craig White stated that the amendment provides continued borrowing capacity and aligns with the expected timeframe for closing the Hilti Complex sale.
The funds from the sale are anticipated to fully repay the borrowings under the Revolver and Term Loans. The company expects to operate with borrowings post-sale, potentially improving profitability and cashflow by eliminating debt and interest payments.
Educational Development (NASDAQ: EDUC) has announced a sale and leaseback agreement for its headquarters and warehouse facility in Tulsa, Oklahoma. The company has executed a Commercial Real Estate Contract with Partner Holdings to sell the Hilti Complex for $38,250,000, less fees and costs. The proceeds will be used to pay off outstanding loans. EDC will lease back its occupied space and assign the existing Hilti tenant lease to the buyer.
The sale excludes an adjacent 17-acre undeveloped land parcel. EDC will enter a 15-year triple-net lease for 218,200 square feet at $8.52 per square foot with 2.5% annual escalations. The company expects this move to improve its financial performance by reducing borrowings and generating positive cash flow. The deal includes a 75-day due diligence period and is set to close 30 days after.
Educational Development (NASDAQ: EDUC) has announced its fiscal 2025 second quarter earnings call, scheduled for Thursday, October 10, 2024, at 3:30 PM CT (4:30 PM ET). The call will include a live Q&A webcast featuring key executives:
- Craig White, Chief Executive Officer and President
- Heather Cobb, Chief Sales and Marketing Officer
- Dan O'Keefe, Chief Financial Officer and Secretary
These executives will present the company's second quarter results and be available for questions. Participants can join the call via phone at (800) 717-1738 using Conference ID 47709. Audio replays will be available after the event on the company's investor relations website.
Educational Development (NASDAQ: EDUC) has terminated its agreement with Rockford Holdings for the sale and leaseback of its Hilti Complex in Tulsa, Oklahoma. The decision was made after Rockford couldn't meet the original terms, and proposed changes were deemed not in the best interest of EDC's stakeholders. Despite this setback, EDC remains optimistic about finding a new buyer soon.
The company has updated its marketing materials to include recent lease changes, notably a new lease for approximately 25% of the office and warehouse space with Crusoe Energy Systems. CEO Craig White expressed confidence that these updates will positively impact the current list of interested parties in the Hilti Complex.
Educational Development (NASDAQ: EDUC) reported its fiscal 2025 first quarter results, highlighting significant declines in key financial metrics. Net revenues fell to $10.0 million from $14.5 million year-over-year. The company reported a net loss of $1.3 million, compared to $0.9 million in the prior year, with a loss per share increasing to $0.15 from $0.11. Active PaperPie Brand Partners decreased to an average of 13,400 from 23,200. Despite these challenges, EDC generated $2.9 million in positive cash flow from inventory reductions and executed important real estate transactions aimed at improving cash flow and reducing debt. Promotions in June added over 3,700 new Brand Partners, totaling 14,700 by the end of the month. The company remains focused on returning to profitability and ensuring long-term stability through strategic actions.
Educational Development (NASDAQ: EDUC) has announced its fiscal 2025 first quarter earnings call scheduled for July 11, 2024, at 3:30 PM CT (4:30 PM ET).
Key executives, including CEO Craig White, will present the company's first quarter results and engage in a live Q&A session. Participants can join the call by dialing (800) 717-1738 with Conference ID 40168, and an audio replay will be available on the EDC website post-event.
On June 17, 2024, Educational Development (NASDAQ: EDUC) announced the execution of the Fifth Amendment to its Existing Credit Agreement with BOKF, NA. Effective May 31, 2024, this Amendment reduces the maximum availability of the Revolving Loan to $7.0 million until October 4, 2024. The Amendment mandates a further decrease to $4.5 million upon the sale of the Company's Headquarters. The Company has entered into a contract with Rockford Holdings for the sale of its headquarters and distribution warehouse, expected to close by September 12, 2024. The proceeds from this sale will be used to repay the outstanding borrowings. CEO Craig White expressed satisfaction with the Amendment, citing it as essential for maintaining operational support and focusing on returning to profitability.
Educational Development (NASDAQ: EDUC) has entered into a sale and leaseback agreement for its headquarters and warehouse at the Hilti Complex, Tulsa, Oklahoma, with Rockford Holdings. The sale price is $35.5 million, which will be used to pay off existing loans. EDC will lease back 218,200 square feet for 10 years at $8.72 per square foot with annual escalations. The transaction excludes adjacent excess land, which EDC retains. Hilti will continue its 15-year lease. The deal aims to reduce debt and improve cash flow, with expected operational cash flow strength through inventory conversion to cash.
On May 30, 2024, Educational Development (NASDAQ: EDUC) announced a new five-year triple-net (NNN) lease agreement for 111,000 square feet of unused office and warehouse space in its Hilti Complex in Tulsa, Oklahoma. The lease, starting July 1, 2024, has an initial rate of $9.05 per rentable square foot, with a 3% annual increase. The space became available after new efficiencies from updated pick and pack lines rendered the legacy lines obsolete. This new tenant enhances the financial stability of the property and supports the company's ongoing sale of the Hilti Complex.
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