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 18, 2012 (August 31, 2012)
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 October 18, 2012, Educational Development Corporation, announced via press release, results for the second quarter and year-to-date fiscal 2013, ended August 31, 2012. 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 18, 2012
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) |
||
| October 18, 2012
(Date) |
/s/ RANDALL W. WHITE
Randall W. White President and Chief Executive Officer |
EXHIBIT INDEX
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EXHIBIT NUMBER |
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*99.1 |
Press release dated as of October 18, 2012 |
*Filed herewith.
EXHIBIT 99.1
TULSA, Okla., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the second quarter and year-to-date period of fiscal 2013, ended August 31, 2012.
Results
EDUC reports increased net revenue for the quarter ended August 31, 2012 of $5,464,400 compared to $5,437,100 and increased net earnings of $138,200 compared to $126,200 for the same period last year. For the year-to-date period ended August 31, 2012, a 3% gain was posted for the Company's net revenue, which was $12,059,000 compared to $11,701,500 for the same period ended August 31, 2011. This resulted in a 15% increase in net earnings of $488,400 compared to $426,400 for the same period last year.
The Publishing Division experienced a 10% increase in net revenues for the quarter, showing a rebound from the impact of discontinuing sales to the largest online retailer. Sales in the smaller retail markets, including toy and gift stores, continue to be strong for this division. For the comparative year-to-date periods, net revenues increased 4%.
The Usborne Books and More (UBAM) Home Business Division reports a 10% decrease in net revenues for the quarter ended August 31, 2012 compared to the same period last year and a 2% increase for the comparative year-to-date periods. This division sells via independent sales consultants.
| EDUCATIONAL DEVELOPMENT CORPORATION | ||||
| SELECTED FINANCIAL DATA | ||||
| Three Months Ended August 31, | Six Months Ended August 31, | |||
| 2012 | 2011 | 2012 | 2011 | |
| NET REVENUES | $ 5,464,400 | $ 5,437,100 | $ 12,059,000 | $ 11,701,500 |
| EARNINGS BEFORE INCOME TAXES | $ 219,200 | $ 200,100 | $ 781,100 | $ 680,800 |
| INCOME TAXES | 81,000 | 73,900 | 292,700 | 254,400 |
| NET EARNINGS | $ 138,200 | $ 126,200 | $ 488,400 | $ 426,400 |
| BASIC AND DILUTED EARNINGS PER SHARE: | ||||
| Basic | $ 0.04 | $ 0.03 | $ 0.12 | $ 0.11 |
| Diluted | $ 0.04 | $ 0.03 | $ 0.12 | $ 0.11 |
| WEIGHTED AVERAGE SHARES: | ||||
| Basic | 3,924,514 | 3,897,129 | 3,921,397 | 3,893,700 |
| Diluted | 3,924,514 | 3,899,026 | 3,921,397 | 3,896,363 |
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