0001171843-17-005781.txt : 20170928 0001171843-17-005781.hdr.sgml : 20170928 20170928161651 ACCESSION NUMBER: 0001171843-17-005781 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170928 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170928 DATE AS OF CHANGE: 20170928 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: 171107642 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 f8k_092817.htm FORM 8-K
 

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): September 28, 2017  

EDUCATIONAL DEVELOPMENT CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware000-0495773-0750007
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

5402 South 122nd East Avenue, Tulsa, Oklahoma 74146
(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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [    ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [    ]

 
 

Item 2.02. Results of Operations and Financial Condition.

     On September 28, 2017, Educational Development Corporation announced via press release, unaudited second quarter and year to date Net Revenues of approximately $24.3 Million and $51.5M, respectively. The second quarter revenues reflect a decrease of 6% from the second quarter net revenues a year ago. The year to date net revenues reflect an increase of 5% over the same period last year.

Item 9.01. Financial Statements and Exhibits.

     (d) EXHIBITS

          99.1 Press release dated as of September 28, 2017

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: September 28, 2017By: /s/ Randall W. White        
  Randall W. White
  President and Chief Executive Officer
  

EXHIBIT INDEX

EXHIBIT NUMBER DESCRIPTION
   
*99.1 Press release dated as of September 28, 2017

_________
*Filed herewith.

 EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

EXHIBIT 99.1

Educational Development Corporation Announces Second Quarter and Year to Date Net Revenues

TULSA, Okla., Sept. 28, 2017 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”) (NASDAQ:EDUC) (http://www.edcpub.com) today reports unaudited second quarter and year to date net revenues for fiscal year 2018.   

Randall White, CEO of Educational Development Corporation, announced that the Company had record net revenue of $51.1 million for the six months ended August 31, 2017, up 5% from the same period last year.  Net revenues for the second quarter were $24.3 million, down $1.6 million, or 6%, from the same quarter last year.

Per Mr. White, "During the past summer we implemented new technologies in our warehouse distribution system which has significantly increased our daily shipping capacity.  However, during the quarter our shipping lead times grew as a result of shutting down our picking lines to implement the new equipment and software changes.  We were still able to catch up on almost all of our delayed orders and are currently shipping most orders within two to three days of receipt. As a result of the improved shipping capacity and gained efficiencies, we expect to report continued improvement in our operating profit margins in this quarter, and are excited about our ability to stay current with shipping during the Fall Selling Season, which is our busiest time of the year."

About Educational Development Corporation

EDC is a publishing company specializing in books for children. EDC is the sole American distributor of the UK-based Usborne Books and owns Kane Miller Books, specializing in children’s literature from around the world. EDC’s current catalog contains over 2,300 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via retail outlets and by direct sales consultants nationally. 

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