Educational Development Corporation publishes and distributes children’s books, educational manipulatives, and STEAM-based toys and games through its PaperPie and Publishing businesses. Its product portfolio includes Kane Miller Books, Learning Wrap-Ups, SmartLab Toys, and the U.S. multi-level marketing distribution of Usborne children’s books.
Company news commonly covers fiscal results, earnings-call scheduling, annual meeting and proxy matters, Brand Partner and retail-channel activity, inventory and cash-flow management, credit agreements, and real-estate actions such as the completed sale and leaseback of its headquarters and distribution warehouse.
Educational Development Corporation (EDC) announced its fiscal year 2020 results, reporting net revenues of $113.01 million, a 4.9% decline from the previous year. Net earnings fell 15.5% to $5.65 million, with diluted earnings per share of $0.68, down 16.0%. The fourth quarter saw revenues of $20.16 million, a 14.7% drop, with earnings per share at $0.06, down 14.3%. However, the company noted a significant revenue increase of 60% in April due to a Paycheck Protection Loan and projected record first-quarter revenues for fiscal 2021.
Educational Development Corporation (NASDAQ: EDUC) reported a significant rebound in revenues during April, particularly from its Usborne Books & More (UBAM) division, which surpassed 160% of the previous year's figures. The company also successfully repaid a $1.4 million Paycheck Protection Program loan due to improved sales amidst increased demand for educational materials at home. However, the Publishing division still faces challenges, with retail sales down significantly. The number of active UBAM consultants has surged to over 34,000, indicating potential for continued growth.