Form 8-K Filing

0001171843-13-002370.txt : 20130603 0001171843-13-002370.hdr.sgml : 20130603 20130531185320 ACCESSION NUMBER: 0001171843-13-002370 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130531 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130603 DATE AS OF CHANGE: 20130531 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: 13886282 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) May 31, 2013 (February 28, 2013)

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 May 31, 2013, Educational Development Corporation, announced via press release, fiscal 2013 results. A copy of the press release is attached hereto.

Item 8.01. Other Events.

On May 31, 2013, Educational Development Corporation declares via press release, a quarterly dividend. 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 May 31, 2013

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)
May 31, 2013 (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 May 31, 2013

*Filed herewith.

EX-99 2 newsrelease.htm PRESS RELEASE Educational Development Corporation Announces Fiscal 2013 Results and Quarterly Dividend

EXHIBIT 99.1

Educational Development Corporation Announces Fiscal 2013 Results and Quarterly Dividend

TULSA, Okla., May 31, 2013 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) (http://www.edcpub.com) today reported results for the fiscal fourth quarter and the full year ended February 28, 2013, along with their quarterly cash dividend.

For the fiscal year 2013, the Company reports net revenue of $25,487,500, a decrease of $785,800 when compared to $26,273,300 for the previous year and net earnings of $802,900 compared to $1,420,900. Earnings per share were $0.20 compared to $0.36 the previous year on a fully diluted basis.

For the fourth quarter 2013, the Company announced net revenues of $5,564,100 compared to $5,881,400 for the same period last year. As a result of year-end inventory and accrual adjustments of approximately $375,000, the Company reported a 2013 fourth quarter net loss of $211,200 compared with net earnings of $269,600 for the 2012 fourth quarter.

The Board of Directors has authorized a $0.08 per share cash dividend. The dividend will be paid on June 21, 2013 to shareholders of record June 14, 2013.

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
	Three Months Ended February 28 (29),		Twelve Months Ended February 28 (29),
	2013	2012	2013	2012

NET REVENUES	$ 5,564,100	$ 5,881,400	$ 25,487,500	$ 26,273,300
EARNINGS BEFORE INCOME TAXES	(343,500)	430,000	1,282,000	2,277,700
INCOME TAXES	(132,300)	160,400	479,100	856,800
NET EARNINGS	$ (211,200)	$ 269,600	$ 802,900	$ 1,420,900

BASIC AND DILUTED EARNINGS PER SHARE:
Basic	$ (0.06)	$ 0.07	$ 0.20	$ 0.36
Diluted	$ (0.06)	$ 0.07	$ 0.20	$ 0.36

WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic	3,955,024	3,906,929	3,934,352	3,898,145
Diluted	3,955,024	3,906,929	3,934,352	3,898,793

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 1,600 different titles are available for children of all ages, with periodic new additions.

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