Also Announces Third Quarter Fiscal Year Earnings Connect with
Tulsa, Oklahoma–(Newsfile Corp. – December 21, 2022) – Academic Growth Corporation (NASDAQ: EDUC) (“EDC”, or the “Enterprise”) (http://www.edcpub.com) now announces the rebranding of its Household Business enterprise Division to PAPERPIE and the day of their third quarter fiscal 2023 earnings call.
The Business accomplished rebranding its House Organization Division and announces its new title, PaperPie. Per Craig White, President and Main Government Officer, “Our Home Bash Division generates about 85{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} of our Firm’s product sales. We have noticed this Division grow from 6,000 consultants only 10 decades ago to as several as 60,000 consultants at its peak throughout 2021. We are launching our new branding, PaperPie, which is a better reflection of our total item presenting, which has developed past books. Replacing the title Usborne Publications & More (UBAM) with PaperPie, a new title that a lot more accurately captures all of the products that we offer as a result of this Division together with Usborne Publishing, Ltd. Kane Miller Guides SmartLab Toys and Studying Wrap-Ups. Our Gross sales and Promoting teams have place wonderful initiatives into producing a new identify for this division and we are happy to start PaperPie at the start off of the 2023 calendar 12 months.”
For each Heather Cobb, Chief Sales and Marketing Officer, “We commenced the Home Social gathering Division rebranding method in May of this year with the aim to entire the Division’s rebrand by December 2022. We have engaged our discipline management, workers customers and outside the house companions who contributed innumerable quantities of time, exertion and really like into creating our new title and manufacturer. PaperPie is actually ‘filled’ with the lifestyle and values of our Property Enterprise Division, specially centered on kid’s literacy and learning. Our new model, PaperPie, superior defines who we are and what we symbolize to our shoppers and their families. We are so proud to announce this new identify and start our PaperPie journey in January 2023.”
EDC is scheduled to go to the NASDAQ Marketsite in Periods Sq. on December 28, 2022, to kick off the rebranding start of PaperPie. Craig White is established to ring the NASDAQ Closing Bell alongside with Heather Cobb and Dan O’Keefe, the Firm’s Chief Economical Officer. The new PaperPie identify and emblem will be presented to individuals at this function and broadcast nationwide on various tv and social media channels.
EDC will host its 3rd Quarter Fiscal 2023 Earnings Get in touch with, like a are living Q&A webcast, on Thursday January 5, 2023, at 3:30 PM CT (4:40 PM ET). Craig White, Main Govt Officer and President Heather Cobb, Main Product sales and Advertising Officer Dan O’Keefe, Main Fiscal Officer and Secretary and Randall White, Executive Chairman, will present the Company’s third quarter results and be obtainable for queries next the presentation. Cell phone traces for participants will be out there at (888) 396-8049. The convention ID is: 47737918. Audio replays will be available following the celebration at www.edcpub.com/traders.
About Academic Development Company (EDC)
EDC commenced as a publishing enterprise specializing in publications for little ones. EDC is the owner and special publisher of Kane Miller Books (“Kane Miller”) Discovering Wrap-Ups, maker of instructional manipulatives and SmartLab Toys, maker of STEAM-based toys and online games. EDC is also the special United States Multi-level marketing distributor of Usborne Publishing Minimal (“Usborne”) children’s publications. EDC-owned merchandise are marketed by means of 4,000 retail outlets and EDC and Usborne items are available by unbiased brand name associates who maintain guide showings as a result of social media, reserve fairs with universities and community libraries, in particular person households, as well as other in-man or woman events and world wide web gross sales.
Get hold of: Educational Progress Company Craig White, (918) 622-4522
Investor Relations: Three Aspect Advisors, LLC Steven Hooser or Jean Marie Youthful, (214) 872-2710
Tulsa, Oklahoma–(Newsfile Corp. – January 5, 2023) – Educational Development Corporation (NASDAQ: EDUC) (“EDC”, or the “Company”), a publishing company specializing in books and educational products for children, today reports financial results for the third quarter and year-to-date ended November 30, 2022.
Third Quarter Highlights Compared to the Prior Year Third Quarter
Net revenues were $30.3 million, a decrease of $14.8 million, or 32.8{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, compared to $45.1 million.
Average active direct-sales consultants totaled 27,100 compared to 41,500.
Earnings before income taxes were $0.0 million, a decrease of $3.6 million, compared to $3.6 million.
Net earnings totaled $0.0 million, compared to $2.6 million, a decrease of $2.6 million.
Earnings per share totaled $0.00, compared to $0.31, on a fully diluted basis.
Year-to-Date Highlights Compared to the Prior Year
Net revenues of $72.8 million, a decrease of $46.1 million, or 38.8{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, compared to $118.9 million.
Average active UBAM sales consultants totaled 28,700 compared to 47,300.
Earnings (loss) before income taxes were $(0.8) million, a decrease of $11.7 million, or 107.3{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, compared to $10.9 million.
Net earnings (loss) totaled $(0.6) million, compared to $8.0 million, a decrease of $8.6 million, or 107.5{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}.
Earnings (loss) per share totaled $(0.07), compared to $0.94, down 107.4{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} on a fully diluted basis.
“While sales continued to be impacted by high inflation and soaring food and fuel costs, our sales volumes grew over 50{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} on a sequential basis as our third quarter is seasonally our strongest quarter. During the quarter, we offered additional discounts and increased sales incentives to further energize our salesforce and recruiting efforts. While these market decisions did impact our bottom line during the quarter, they were designed to accelerate sales, converting excess inventory into cash faster to pay down our creditors and reduce our working capital line of credit. During the third quarter we also made strategic changes to improve future profitability, including increasing the amount we charge for freight on outbound shipments, along with several other cost reductions,” stated Craig White, President and CEO of Educational Development Corporation. “Our business has a long history of profitability and our core pricing, product costs and sales compensation fundamentals remain unchanged. While we are challenged by recent macro-economic pressures, we continue to face these pressures ‘head on’ and are working diligently to restore profitability to historical levels.”
“We remain highly enthusiastic as several recently announced developments within our direct sales division will create additional momentum, not just in our fourth quarter, but as we move into fiscal 2024 and beyond. During the third quarter we saw stabilization in our average number of active consultants. We have seen our active consultant levels begin to rebound while our leader level consultants remain at historically high numbers. Like most direct sales companies, our leaders drive the majority of our sales and new recruits. Maintaining our high levels of leadership during these difficult inflationary times gives us confidence for the future of our salesforce. Additionally, we have historically experienced increased active consultants during inflationary periods as families look for non-traditional income to offset the rising costs within their households.”
“Another milestone we recently accomplished was the strategic rebranding of our direct sales division. Rebranding our direct sales division was a significant project and accomplishment from our sales and marketing teams. I was proud to share the stage with Heather Cobb, our Chief Sales and Marketing Officer, as we announced the new divisional name, PaperPie, at the December 28th Nasdaq closing bell. On January 3, 2023, we completed the rebranding of our e-commerce and Back-Office online platforms to PaperPie. This new name allows us to better showcase our full product offering and allows us to build a recognizable name unique to our Company. Our entire organization and our sales consultants are rejuvenated by this rebranding and we look forward to the associated sales and recruiting.”
“Along with our rebrand, we are rolling out our new product line SmartLab Toys. We are excited to introduce this STEAM-based new product line, to not only our PaperPie customers but also our retail accounts. Many of our retail customers have historically carried SmartLab Toys and are excited about our new ownership and planned product rollout in January 2023.”
“We have made a lot of positive changes over the past year and we are excited to ‘Turn the Page’ into 2023,” concluded Mr. White.
Pre-COVID, COVID Impacted and Current Year Comparison
Due to the significant positive impact of the COVID-19 pandemic on our business in previous years, we are providing the additional tables below to show pre-COVID, COVID impacted and current financial results for the fiscal year-to-date and fiscal third quarter:
QUARTERLY RESULTS (THIRD FISCAL QUARTER)
Pre-COVID
COVID Impacted
COVID Impacted
Current Year
Period
Q3 FY2020
Q3 FY 2021
Q3 FY 2022
Q3 FY 2023
Average # of Consultants
33,600
57,200
41,500
27,100
Net Revenues
40,824,600
66,750,300
45,112,300
30,269,400
Net Earnings
2,735,800
4,269,600
2,646,600
900
After tax profit {e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}
PaperPie’s net revenues decreased $15.9 million, or 38.4{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, to $25.5 million during the three months ended November 30, 2022, when compared to $41.4 million during the same period a year ago. The average number of active consultants in the third quarter of fiscal 2023 was 27,100, a decrease of 14,400, or 34.7{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, from 41,500 average active consultants selling in the third quarter of fiscal 2022.
Net revenues from our Publishing division increased $1.1 million, or 29.7{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, to $4.8 million during the three months ended November 30, 2022, when compared to $3.7 million during the same period a year ago. During fiscal 2023, we entered into a new distribution agreement (“Agreement”) with Usborne. Under the terms in our new Agreement, the Company no longer has the rights to distribute Usborne’s products to retail customers after November 15, 2022, at which time Usborne will use a different distributor to supply retail accounts with their products. The November 15th transition date, at Usborne’s request, was extended until January 31, 2023. The transition between distributors brought disruption concerns to many of our retail customers and resulted in additional sales orders before the November 15th transition date.
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended November 30,
Nine Months Ended November 30,
2022
2021
2022
2021
NET REVENUES
$
30,269,400
$
45,112,300
$
72,848,700
$
118,914,600
EARNINGS (LOSS) BEFORE INCOME TAXES
1,200
3,602,600
(819,200)
10,921,300
INCOME TAXES
300
956,000
(234,000)
2,938,400
NET EARNINGS (LOSS)
$
900
$
2,646,600
$
(585,200)
$
7,982,900
DIVIDENDS PER SHARE
$
–
$
0.10
$
–
$
0.30
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING
The conference call will be broadcast live and audio replays will be available following the event at www.edcpub.com/investors.
About Educational Development Corporation (EDC)
EDC began as a publishing company specializing in books for children. EDC is the owner and exclusive publisher of Kane Miller Books (“Kane Miller”); Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. EDC is also the exclusive United States MLM distributor of Usborne Publishing Limited (“Usborne”) children’s books. EDC-owned products are sold via 4,000 retail outlets and EDC and Usborne products are offered by independent brand partners who hold book showings through social media, book fairs with schools and public libraries, in individual homes, as well as other in-person events and internet sales.
Contact: Educational Development Corporation Craig White, (918) 622-4522
Investor Relations: Three Part Advisors, LLC Steven Hooser or Jean Marie Young, (214) 872-2710
Cautionary Statement for the Purpose of the “Safe Harbor“ Provision of the Private Securities Litigation Reform Act of 1995.
The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 28, 2022, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2022 and speak only as of the date of this Press Release. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.
Top quality On the internet Education and learning Team Inc. Announces Adjust
To Government Administration
TORONTO, ON, December 22, 2022 / High-quality On line Education and learning Team Inc. (OTC PINK:QOEG), (the “Company”), a world wide provider of primary-edge on the net instruction, currently announces the appointment of Mr. William Wai-Hung Tam as its Chief Monetary Officer, effective, December 22, 2022.
Mr. Tam beforehand served as Chief Fiscal Officer and other senior administration roles in numerous firms in the semi-conductor field which include QiSiL Worldwide Restricted, Energetic-Semi International Inc., and Exar Company. Mr. Tam has about 20 years expert expertise in fiscal administration, economic setting up and examination, audit and inside regulate for US multi-countrywide businesses and begin-ups in North The us locations and Asia Pacific.
“I am fired up to have William be a part of our talented workforce as the CFO, functioning cohesively alongside one another in the new era of our development” mentioned Edward Wu, Chief Government Officer of QOEG.
About Top quality On the web Education Team, Inc.
Excellent Online Training Team, Inc. (“QOEG”), centered in Canada, is a leading e-Learning organization that gives comprehensive on-line English classes to college students about the world. The Business is a pioneer and marketplace chief in furnishing serious-time on the web compact team courses. Our learners achieve apparent and quantifiable benefits by our supply of top quality training from our passionate team of lecturers and training assistants, primarily based in North The us, South Africa and the Philippines. With our AI technique, we have blended Training and Leisure (“Edu-tainment”) as part of our educating strategy. It is our mission to build self-confidence in our students so they can reach their targets by way of an pleasant nevertheless economical understanding working experience! For extra information and facts, remember to check out: www.qualityonline.training
Harmless Harbor Statement
Risk-free Harbor Statement Facts in this press release may contain ‘forward-seeking statements. Statements describing goals or plans or the Company’s long run strategies are also forward-hunting statements and are subject matter to hazards and uncertainties, together with the money efficiency of the Company and sector valuations of its stock, which could cause true success to vary materially from those anticipated. Forward-on the lookout statements in this information release are designed pursuant to the ‘Safe Harbor’ provisions of the United States Non-public Securities Litigation Reform Act of 1995. Traders are cautioned that this sort of forward-on the lookout statements entail risks and uncertainties, together with, with out limitation, hazards relating to the means to shut transactions remaining contemplated, challenges relevant to profits, acceptance of Excellent On-line Schooling Group Inc.’s goods, amplified degrees of competitors, changes, dependence on mental house legal rights and other pitfalls thorough from time to time in High-quality On the web Education Group Inc., periodic reviews filed with the regulatory authorities.
CONTACTS:
Good quality On the net Education and learning Team Inc. XuYe Wu, CEO [email protected]
TOPEKA — The Kansas Department for Getting older and Incapacity Products and services (KDADS) Growing older Providers Group and GetSetUp, a digital social discovering platform intended specially for older grown ups, have partnered to assist fight social isolation and supply instruction for Kansas seniors with specialized classes focusing on Medicare, nutrition, mental health and getting old, and abuse, neglect and exploitation. More mature Kansans can now get no cost entry to GetSetUp’s extra than 4,000 dwell, interactive classes taught by friends 50 a long time of age and older.
“KDADS is thrilled to husband or wife with GetSetUp to deliver older Kansans cost-free, interactive possibilities to share encounters with friends around the entire world in a harmless and supportive atmosphere,” said Growing old Services Director Christina Orton. “Loneliness and social isolation in older grown ups are major community wellbeing pitfalls that place people today at chance for dementia and other major health care conditions. KDADS recognizes the want for supports that battle this situation, especially for those aging in spot. We have produced custom made lessons that are warm matters for Kansas’ more mature adults, and plan to make more about time.”
KDADS is partnering with GetSetUp to deliver on the net discovering opportunities for grownups 60 several years of age and more mature on how to correctly use their smartphones, laptops or tablets to access positive aspects and services, discover a new talent, socialize and far more in a at ease setting of their deciding upon. Digital divide starter courses are encouraged to support, such as “Getting at ease with your gadget – a cell cellphone, pill or laptop computer,” “Intro to Zoom,” and an orientation to employing the GetSetUp web-site to locate other courses. Kansans will have obtain to lessons such as balanced cooking, digital journey, exercising, security and much more.
The partnership includes 11 personalized classes on topics important to this populace, together with:
Elder Abuse Prevention: An Innovative and Empowering Method to Overcome Stigma
How Volunteering Can Make You Happier and Much healthier
Let us Speak About Mental Overall health and Ageing
Make Heart Wholesome Ingesting an Day to day Follow
Medicare Fraud: Rising Tendencies and Sources
Medicare Marketing and advertising Violations and How to Keep away from Them
Functional Strategies to Eat for Brain Health
Comprehension Medicare and SSA Notices
What Are the Indicators of Economical Abuse
What You Have to have to Know About Safeguarding Your Dollars
You Have the Suitable to Make Decisions About Your Health and Finances
GetSetUp’s customized-created interface has been personalized to more mature adults of all tech degrees. The platform features help by using cellphone and in classes to help learners with technological innovation and consists of a reserving program full with reminders and immediately after-class notes. More mature Kansans can simply connect with a protected community of more than 4.6 million peers globally.
“We hear learner opinions every day about how know-how is encouraging to join older adults not only to mates and family members but also to possibilities to learn and age healthier,” said Lawrence Kosick, President and Co-Founder of GetSetUp. “It’s fantastic to partner with Kansas Office for Growing old and Incapacity Services to give expert services that allow for for equity, variety and education all-around essential aging matters such as Medicare and Social Safety in addition to psychological and physical overall health and effectively-being lessons to guarantee more mature adults can are living content, healthier and more connected life.”
The 10 finalists stand for greatest-in-course on the web understanding activities that supply learner-centric, impactful results
CAMBRIDGE, Mass., Nov. 17, 2022 /PRNewswire/ — edX, a foremost worldwide on the internet learning platform from 2U, Inc. (Nasdaq: TWOU), these days declared the 10 finalists for the seventh yearly edX Prize for Fantastic Contributions in Online Training and Studying. The finalists characterize the school and educators driving a wide range of Massive Open up On line Classes (MOOCs), ranging in subjects from UX layout to earth and environmental sciences. These MOOCs are out there for all learners to audit for no cost at edX.org.
edX Prize 2022 (PRNewsfoto/edX)
The edX Prize is an once-a-year award that celebrates the contributions and improvements of educators in the edX neighborhood and amplifies the effective job that online mastering performs in the transformation of instruction currently. In addition, the award recognizes educators who have shown a motivation to the open and online education and learning local community and have taught courses and plans that carry on to inspire and interact edX learners in all places.
“This extraordinary team of educators embodies the enthusiasm, perseverance, and innovation of the edX husband or wife network,” mentioned Anant Agarwal, edX Founder and Chief Platform Officer at 2U. “From Alaska to Hong Kong, our 2022 edX prize finalists depict vastly diverse establishments and disciplines but are united in their dedication to broadening the horizon of society’s awareness and comprehension with totally free and open up courses. On behalf of edX’s 46 million learners, we want to thank them for their contributions to expanding accessibility to the world’s ideal instruction.”
Very last yr, College of Canterbury professors Ben Kennedy and Dr. Jonathan Davidson took house the 2021 edX Prize for their class Exploring Volcanoes and Their Dangers: Iceland and New Zealand. Right after 10 yrs of analysis into virtual industry journeys and area instruction, Professor Kennedy and Dr. Davidson developed the study course to deliver an immersive and exciting virtual science encounter focused on volcanic landscapes.
The 2022 finalists include (sorted alphabetically by establishment):
Affiliate Professor Constantinos Coursaris, Affiliate Professor Camille Grange, Pierre-Majorique Léger, Dr. Annemarie Lesage, and Professor Sylvain Sénécal, UX Structure and Analysis, HEC Montréal
Dr. Ian Yu-Hong Wong, Professor Stephen Wing-Keung Cheng, and Professor Kent-Guy Chu, So You Want To Be A Surgeon?, College of Hong Kong
Dr. Peter Crosthwaite, Academic English, The College of Queensland
Each yr, a panel of pick out companions can help assess the submissions and choose the winner. This year, the reviewers are members serving on the edX Associate Advisory Councils. Evaluation standards contain: efficient and engaging instructing approaches, interaction and community to support learning, training course innovation with an emphasis on learner-centered design and style, and learner good results and satisfaction. The winner of this year’s award will be declared in early 2023.
About edX edX is the schooling movement for restless learners and a top global on-line mastering platform from 2U, Inc. (Nasdaq: TWOU). Together with the vast majority of the world’s major-rated universities and business-major companies, we bring our community of about 46 million learners globe-course schooling to support them at each and every phase of their life and professions, from totally free programs to comprehensive degrees. And we are not halting there — we’re relentlessly pursuing our eyesight of a earth where by each and every learner can accessibility schooling to unlock their probable, with no the obstacles of cost or site. Understand additional at edX.org.
Tulsa, Oklahoma–(Newsfile Corp. – July 6, 2022) – Educational Development Corporation (NASDAQ: EDUC) (“EDC”, or the “Company”) (http://www.edcpub.com) today reports financial results for the first quarter for fiscal year 2023.
First Quarter Highlights Compared to the Prior Year First Quarter
Net revenues of $23.2 million, a decrease of $17.6 million, or 43.1{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, compared to $40.8 million.
Average active UBAM sales consultants totaled 32,200 compared to 55,100.
Earnings before income taxes were $0.3 million, a decrease of $4.4 million, or 93.6{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}, compared to $4.7 million.
Net earnings totaled $0.2 million, compared to $3.4 million, a decrease of $3.2 million, or 94.1{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}.
Earnings per share totaled $0.03, compared to $0.41, down 92.7{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} on a fully diluted basis.
“We remain focused on managing our costs while adjusting to recent changes in volume levels in terms of net revenues and average number of consultants. Although the nature of the pandemic has created much volatility in comparing our first quarter numbers, I am pleased that we have continued to remain profitable. During this first quarter of fiscal 2023, demand for children’s books was negatively impacted by reduced disposable income resulting from record inflation. Although we see continued sales pressure from inflation, historically inflationary pressures have bolstered our UBAM divisions’ active consultant count as more families look for non-traditional income streams to offset their rising expenses. We are working diligently to promote the awareness of UBAM’s business opportunity to increase our overall active consultant levels,” stated Craig White, President and CEO of Educational Development Corporation.
Mr. White continued, “At the end of the first quarter we still have increased inventory levels from the ramp up in demand generated from the COVID-19 pandemic. We continue to expect to sell down our inventory to more normalized levels throughout the remainder of fiscal 2023. Naturally, as we also expect to see an increase in sales consultants in this inflationary time, turning our inventory into cash and bringing down our short-term borrowings could come faster.”
Due to the significant positive impact of the COVID-19 pandemic on our business in previous years, we are providing the additional table below to show pre-COVID, COVID impacted and current financial results for the fiscal first quarter:
Pre-COVID
COVID Impacted
COVID Impacted
Current Year
Period
Q1 FY2020
Q1 FY 2021
Q1 FY 2022
Q1 FY 2023
Average # of Consultants
31,600
33,100
55,100
32,200
Net Revenues
27,587,400
38,291,700
40,807,900
23,160,900
Net Earnings
1,363,600
1,931,100
3,438,100
215,800
After tax profit {e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf}
Mr. White continued, “Sales from our UBAM division continue to be driven by our active consultant count. UBAM net revenues for our fiscal 2023 first quarter totaled $20.0 million.”
“Gross sales from our Publishing division totaled $6.6 million for the current quarter compared to $6.9 million for the same quarter a year ago. Net revenues totaled $3.1 million for the quarter compared to $3.2 million for the same quarter a year ago. We continue to experience strong sales with existing customers and have success adding new customers through the hard work of our Publishing sales team.”
“During the first quarter of fiscal year 2023, we generated $0.3 million of pretax profits, approximately 1.2{e4f787673fbda589a16c4acddca5ba6fa1cbf0bc0eb53f36e5f8309f6ee846cf} of net revenues.”
EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
Three Months Ended May 31,
2022
2021
NET REVENUES
$
23,160,900
$
40,807,900
EARNINGS BEFORE INCOME TAXES
285,300
4,660,600
INCOME TAXES
69,500
1,222,500
NET EARNINGS
$
215,800
$
3,438,100
BASIC AND DILUTED EARNINGS PER SHARE:
Basic
$
0.03
$
0.43
Diluted
$
0.03
$
0.41
DIVIDENDS PER SHARE
$
–
$
0.10
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic
8,086,427
8,029,264
Diluted
8,473,610
8,481,980
EDC will host its First Quarter Fiscal 2023 Earnings Call, including a live Q&A webcast, on Wednesday, July 6, 2022 at 4:00 PM CT (5:00 PM ET). Craig White, Chief Executive Officer and President, Heather Cobb, Chief Sales and Marketing Officer, Dan O’Keefe, Chief Financial Officer and Secretary, and Randall White, Executive Chairman, will present the Company’s first quarter results and be available for questions following the presentation. Phone lines for participants will be available at (800) 207-0148. The participant passcode is 219367. Audio replays will be available following the event www.edcpub.com/investors.
About Educational Development Corporation (EDC)
EDC is a publishing company specializing in books for children. EDC is the exclusive United States Multi-Level Marketing distributor of Usborne Publishing Limited (“Usborne”) children’s books and the owner and exclusive publisher of Kane Miller Books (“Kane Miller”); both international award-winning publishers of children’s books. EDC’s current catalog contains almost 2,000 titles, with new additions semi-annually. Products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book fairs with school and public libraries, direct and internet sales.
Contact: Educational Development Corporation Craig White, (918) 622-4522
Investor Relations: Three Part Advisors, LLC Steven Hooser or Jean Marie Young, (214) 872-2710
Cautionary Statement for the Purpose of the “Safe Harbor“ Provision of the Private Securities Litigation Reform Act of 1995.
The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 28, 2022, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2022 and speak only as of the date of this Press Release. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.
