0001171843-11-002008.txt : 20110715 0001171843-11-002008.hdr.sgml : 20110715 20110714180921 ACCESSION NUMBER: 0001171843-11-002008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110714 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110715 DATE AS OF CHANGE: 20110714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDUCATIONAL DEVELOPMENT CORP CENTRAL INDEX KEY: 0000031667 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 730750007 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04957 FILM NUMBER: 11968760 BUSINESS ADDRESS: STREET 1: 10302 E 55TH PL #B CITY: TULSA STATE: OK ZIP: 74146 BUSINESS PHONE: 9186224522 MAIL ADDRESS: STREET 1: PO BOX 470663 CITY: TULSA STATE: OK ZIP: 741460663 FORMER COMPANY: FORMER CONFORMED NAME: TUTOR TAPES INTERNATIONAL CORP DATE OF NAME CHANGE: 19701030 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL TEACHING TAPES INC DATE OF NAME CHANGE: 19701030 8-K 1 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

United States
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 14, 2011 (May 31, 2011)

Educational Development Corporation
(Exact name of registrant as specified in its charter)


Delaware		  
0-4957		  
73-0750007
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)


 
10302 East 55th Place, Tulsa, Oklahoma		  
74146-6515		  
  (Address of principal executive offices)   (Zip Code)  

Registrant's telephone number, including area code:   (918) 622-4522



N/A
(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  [   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

     On July 14, 2011, Educational Development Corporation, announced via press release, first quarter fiscal 2012 results. A copy of the press release is attached hereto.

Item 9.01. Financial Statements and Exhibits.

(d) EXHIBITS

99.1 Press release dated as of July 14, 2011

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    Educational Development Corporation
(Registrant)
July 14, 2011
(Date) 		  /s/   RANDALL W. WHITE
Randall W. White
President and Chief Executive Officer

EXHIBIT INDEX

EXHIBIT NUMBER
 DESCRIPTION
*99.1
 Press release dated as of July 14, 2011

______________
*Filed herewith.

 EX-99.1 2 newsrelease.htm PRESS RELEASE Educational Development Corporation Announces First Quarter Fiscal 2012 Results

EXHIBIT 99.1

Educational Development Corporation Announces First Quarter Fiscal 2012 Results

TULSA, Okla., July 14, 2011 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the first quarter of fiscal 2012, ended May 31, 2011.

Results

EDUC reports net revenue of $6,264,400 for the quarter ended May 31, 2011 of compared to $6,295,400 and net earnings of $300,200 compared to $188,200 for the same period last year.

We are pleased the Publishing Division posted a net revenue gain of 14.5% for the quarter, while the Home Business Division experienced an 8.0% net revenue decline which is primarily due to decreases in direct sales, school and library sales, and home party sales. Our National Sales Convention was held last month where training on all aspects of the business was presented to nearly 500 sales consultants.

The increase in net earnings is due to a one-time casualty loss of $188,500 incurred in last year's quarter ending May 31, 2010.

EDUCATIONAL DEVELOPMENT CORPORATION
SELECTED FINANCIAL DATA
 
  Three Months Ended May 31,  
  2011 2010  
       
NET REVENUES  $ 6,264,400   $ 6,295,400   
EARNINGS BEFORE INCOME TAXES  $ 480,700   $ 300,300   
INCOME TAXES  180,500   112,100   
NET EARNINGS  $ 300,200   $ 188,200   
       
BASIC AND DILUTED EARNINGS PER SHARE:    
Basic  $ 0.08   $ 0.05   
Diluted  $ 0.08   $ 0.05   
       
WEIGHTED AVERAGE SHARES:      
Basic  3,897,129   3,876,603   
Diluted  3,899,026   3,880,131   

About Educational Development Corporation

Educational Development Corporation sells children's books, including Usborne Books and the Kane/Miller line of international children's titles through a multi-level sales organization of independent consultants, through 5,000 retail stores and over the Internet. More than 1,500 different titles are available for children of all ages, with periodic new additions.

The Educational Development logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5083

CONTACT: Educational Development Corporation
         Randall White, (918) 622-4522