-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RwjYFWkRoY4QwbUL5vqKsIL06xjgBV72qkZf9uMWJ+PUZPpzO8PYUtttvAKFFAtb 4KGQCnPqlSRPXHGBIv/7pA== 0001275287-06-003570.txt : 20060713 0001275287-06-003570.hdr.sgml : 20060713 20060713145512 ACCESSION NUMBER: 0001275287-06-003570 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060713 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060713 DATE AS OF CHANGE: 20060713 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: 06960407 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 ed6367.txt 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): July 13, 2006 EDUCATIONAL DEVELOPMENT CORPORATION (Exact name of registrant as specified in its charter) Commission file number: 0-4957 Delaware 73-0750007 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 10302 East 55th Place, Tulsa, Oklahoma 74146-6515 (Address of principal executive offices and Zip Code) (918) 622-4522 (Registrant's telephone number, including area code) 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 13, 2006, Educational Development Corporation, announced via press release, announces first quarter results. 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 July 13, 2006 SIGNATURES 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 By: /s/ Randall W. White ------------------------------------- Randall W. White President and Chief Executive Officer Date: July 13, 2006 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ------- --------------------------------------- *99.1 Press release dated as of July 13, 2006 - ---------- *Filed herewith. EX-99.1 2 ed6367ex991.txt EXHIBIT 99.1 Exhibit 99.1 EDUCATIONAL DEVELOPMENT CORPORATION ANNOUNCES 1ST QUARTER RESULTS TULSA, Okla., July 13 /PRNewswire-FirstCall/ -- Educational Development Corporation (Nasdaq: EDUC) reported today net revenues for the 1st quarter ended May 31, 2006 of $8,106,977 compared with $8,226,679 for the comparable period last year. The Company reported net earnings of $696,648 compared with net earnings of $745,200 for the previous year and basic earnings per share of $0.19 a share versus $0.20 for the same period a year ago. The Company has experienced a shift in sales from independent bookstores to national chains. While sales to national chains were up 5%, sales to the smaller bookstores declined 11% resulting in an overall decline of 4% for the quarter ended May 31, 2006 when compared with the same quarter last year. Home Business Division maintained its market share with virtually the same revenue for the quarters ended May 31, 2006 and 2005 respectively. Educational Development Corporation sells the Usborne line of children's books through its multi-level sales organization, through 5,100 retail stores and over the Internet. The Company offers over 1,400 different titles for children of all ages. May 31, 2006 May 31, 2005 ------------ ------------ Revenues Gross Sales $ 10,743,378 $ 10,994,404 Less discounts & allowances (3,041,585) (3,111,541) Transportation Revenue 405,184 343,816 Net Revenues $ 8,106,977 $ 8,226,679 Pretax earnings $ 1,090,548 $ 1,202,500 Income taxes 393,900 457,300 Net earnings $ 696,648 $ 745,200 Basic earnings per share $ .19 $ .20 Diluted earnings per share $ .18 $ .19 Weighted Average Number of Common and Common Equivalent Shares Outstanding: Basic 3,756,461 3,738,133 Diluted 3,886,939 3,901,588 SOURCE Educational Development Corporation -0- 07/13/2006 /CONTACT: Randall White, President of Educational Development Corporation, +1-918-622-4522/ /Web site: http://www.edcpub.com / (EDUC) -----END PRIVACY-ENHANCED MESSAGE-----