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) April 8, 2015 (February 28, 2015)
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 April 8, 2015, Educational Development Corporation announced, via press release, unaudited net revenues for fiscal year 2015. A copy of the press release is attached.
Item 9.01. Financial Statements and Exhibits.
(d) EXHIBITS
99.1 Press release dated as of April 8, 2015
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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April 8, 2015
(Date) |
/s/ RANDALL W. WHITE
Randall W. White President and Chief Executive Officer |
EXHIBIT INDEX
EXHIBIT NUMBER |
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*99.1 |
Press release dated as of April 8, 2015 |
________
*Filed herewith.
EXHIBIT 99.1
TULSA, Okla., April 8, 2015 (GLOBE NEWSWIRE) -- Educational Development Corporation ("EDC") (Nasdaq:EDUC) (http://www.edcpub.com) today reports historic record net revenues for the fiscal year ended February 28, 2015 (unaudited).
Randall White, CEO of Educational Development Corporation announces that the Company achieved record net revenues of $32.5 million for the fiscal year ended February 28, 2015, which surpassed the previous record of $31.8 million for fiscal year ended February 28, 2006. Both divisions of the Company had excellent net revenue results as the trade publishing division, EDC Publishing, posted a record year of $11.5 million, a 5% increase compared to $11.0 million last year.
The Home Business division, Usborne Books & More (UBAM), also had an excellent sales year posting a 39% increase in net revenues to $21.0 million compared with $15.1 million last year. UBAM had an excellent year attracting new sales associates which now total over 7,000. This division has now posted 21 consecutive months of net revenues gains over the same month the previous year.
This unprecedented sales growth is primarily the result of eliminating sales to Amazon and wholesale accounts three years ago to support our retail accounts and our sales consultants.
Preliminary unaudited results indicate a marked increase in pre-tax earnings for the quarter and fiscal year ending February 28, 2015. March 2015, the first month of in fiscal year 2016, recorded a 58% increase in sales for UBAM and a small 4% decrease for EDC Publishing over the same month of last fiscal year.
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 new additions twice per year.
CONTACT: Educational Development Corporation Randall White, (918) 622-4522