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): March 14, 2016 (February 29, 2016)
Educational Development Corporation
(Exact Name of Registrant as Specified in Charter)
| Delaware | 0-4957 | 73-0750007 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 10302 East 55th Place, Tulsa, Oklahoma 74146-6515 |
| (Address of Principal Executive Offices) (Zip Code) |
(918) 622-4522
(Registrant's telephone number, including area code)
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: | ||
| [ ] | 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 March 14, 2016, Educational Development Corporation announced via press release, record unaudited net revenues for Fiscal Year 2016. 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 March 14, 2016
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Educational Development Corporation | ||
| Date: March 14, 2016 | By: | /s/ Randall W. White |
| Name: Randall W. White | ||
| Title: President and Chief Executive Officer | ||
EXHIBIT INDEX
| EXHIBIT NUMBER | DESCRIPTION | |
| *99.1 | Press release dated as of March 14, 2016 |
________
*Filed herewith.
EXHIBIT 99.1
Educational Development Corporation Announces Unaudited Record Net Revenues for Fiscal Year 2016
TULSA, Okla., March 14, 2016 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”) (NASDAQ:EDUC) (http://www.edcpub.com) today reports historic record net revenues for the fiscal year ended February 29, 2016 (unaudited).
Randall White, CEO of Educational Development Corporation, announces that the Company achieved record net revenues of $63.7 million for the fiscal year ended February 29, 2016, which surpassed last year’s previous record of $32.5 million. Both divisions of the Company had excellent net revenue results with the home business division, Usborne Books & More (UBAM) leading the way with $52.8 million compared to $21.1 million a year ago, an increase of 151%.
UBAM had an excellent year attracting new sales associates which now total over 19,600, compared to 7,800 at the end of fiscal year 2015. This division has now posted 33 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 four 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 29, 2016. In addition, the Company had $2.4 million in orders received in February which were unable to be processed for the month due to the heavy influx of orders and will be included in results for March and the fiscal year ending February 28, 2017. The Company has monitored the extraordinary growth in sales, which has continued in the first month of fiscal year 2017, and expect sales to exceed $110 million for fiscal year 2017.
To accommodate this escalating growth, the Company moved to our new location during the month of February, while continuing to ship product. The Company continues to look for improved efficiencies in operations. A new small-package processing machine is being installed today which should more than double our quantity shipped each day, allowing us to minimize our backlog. UBAM will introduce new ecommerce and consultant software in the first fiscal quarter of 2017, which, along with new accounting software, is an investment of over $750,000.
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