Form 8-K Filing

0001171843-15-003853.txt : 20150715 0001171843-15-003853.hdr.sgml : 20150715 20150715171617 ACCESSION NUMBER: 0001171843-15-003853 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150715 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150715 DATE AS OF CHANGE: 20150715 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: 15989892 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 15, 2015 (May 31, 2015)

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 15, 2015, Educational Development Corporation announced, via press release, record net revenues for first quarter of fiscal year 2016. A copy of the press release is attached.

Item 9.01. Financial Statements and Exhibits.

(d) EXHIBITS

99.1 Press release dated as of July 15, 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)
July 15, 2015 (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 15, 2015

________

*Filed herewith.

EX-99 2 newsrelease.htm PRESS RELEASE Educational Development Corporation Announces Results for First Quarter of Fiscal Year 2016

EXHIBIT 99.1

Educational Development Corporation Announces Results for First Quarter of Fiscal Year 2016

TULSA, Okla., July 15, 2015 (GLOBE NEWSWIRE) -- Randall White, CEO, Educational Development Corporation ("EDC") (NASDAQ:EDUC) (http://www.edcpub.com) today announced record net revenues for the fiscal quarter ended May 31, 2015.

Net revenues for the quarter ended May 31, 2015 were a Company-record $9,637,800 when compared to $7,178,300 for the same quarter last year, up 34%. Net earnings were $324,600 compared to $239,700 last year, an increase of 35%.

Net revenues for the home business division, Usborne Books & More ("UBAM") were up 59% for the first three months of fiscal year 2016, compared to the same period in fiscal year 2015. UBAM has now recorded 24 consecutive months of revenue growth after nine years of decline. The net revenue gain was primarily driven by new sales associates joining our organization in this quarter, 1,862 compared to 896 in the first quarter last year, an increase of 108%. The net sales increase continued in June with sales of this division up 134% over June of last year.

The publishing division, EDC Publishing, experienced record net revenues for the year ended February 28, 2015 but for the quarter ended May 31, net revenues were off 5% due to timing differences of large reorders. As an example, net revenue for the month of June 2015 was up 14% over June last year and we expect this division to record its fourth consecutive record net revenue year.

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS
	Three Months Ended May 31,
	2015	2014

NET REVENUES	$ 9,637,800	$ 7,178,300
EARNINGS BEFORE INCOME TAXES	531,700	387,600
INCOME TAXES	207,100	147,900
NET EARNINGS	$ 324,600	$ 239,700

BASIC AND DILUTED EARNINGS PER SHARE:
BASIC AND DILUTED	$ 0.08	$ 0.06

WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
BASIC AND DILUTED	4,040,830	3,986,561

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