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) October 17, 2011 (August 31, 2011)
Educational Development Corporation
(Exact name of registrant as specified in its charter)
Delaware |
0-4957 |
73-0750007 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
10302 East 55th Place, Tulsa, Oklahoma |
74146-6515 |
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(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 October 17, 2011, Educational Development Corporation, announced via press release, second 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 October 17, 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) |
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October 17, 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 October 17, 2011 |
EXHIBIT 99.1
TULSA, Okla., Oct. 17, 2011 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the second quarter and YTD fiscal 2012, ended August 31, 2011.
Results
EDUC reports net revenue of $5,437,100 for the quarter ended August 31, 2011 compared to $5,750,400 and net earnings of $126,200 compared to $190,200 for the same period last year. For the year-to-date period ended August 31, 2011, EDUC reports net revenue of $11,701,500 compared to $12,045,800 and net earnings of $426,400 compared to $378,400 for the same period last year.
Our Publishing Division posted a net revenue gain of 4.6% for the quarter and 8.9% for the six months ended August 31, 2011 over the same period in 2010. We continue to experience strong sales in the smaller retail market, including toy and gift stores.
The Home Business experienced a 14.4% net revenue decline for the quarter. For the six months ended August 31, 2011, net revenues declined 10.7% over the same period last year. This division has been impacted more by the economic conditions and consumer reductions in spending levels than our retail division; consequently, we continue to create new incentives for our field sales force to support their business.
On October 13, 2011, EDUC signed a Stock Purchase Agreement to acquire a position with Demibooks, Inc. (www.demibooks.com). Demibooks provides a publishing platform for interactive books. Their Demibooks® Composer product is the first code-free, affordable way for publishers and self-published authors and illustrators to create interactive books for the iPad on the device itself. EDUC will utilize the Composer platform to create our proprietary interactive products. The Stock Purchase Agreement allows for an additional investment upon the completion of specified milestones.
EDUCATIONAL DEVELOPMENT CORPORATION | ||||
SELECTED FINANCIAL DATA | ||||
Three Months Ended August 31, | Six Months Ended August 31, | |||
2011 | 2010 | 2011 | 2010 | |
NET REVENUES | $ 5,437,100 | $ 5,750,400 | $ 11,701,500 | $ 12,045,800 |
EARNINGS BEFORE INCOME TAXES | $ 200,100 | $ 303,100 | $ 680,800 | $ 603,400 |
INCOME TAXES | 73,900 | 112,900 | 254,400 | 225,000 |
NET EARNINGS | $ 126,200 | $ 190,200 | $ 426,400 | $ 378,400 |
BASIC AND DILUTED EARNINGS PER SHARE: | ||||
Basic | $ 0.03 | $ 0.05 | $ 0.11 | $ 0.10 |
Diluted | $ 0.03 | $ 0.05 | $ 0.11 | $ 0.10 |
WEIGHTED AVERAGE SHARES: | ||||
Basic | 3,893,283 | 3,882,593 | 3,893,700 | 3,879,598 |
Diluted | 3,895,206 | 3,883,505 | 3,896,363 | 3,881,818 |
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