-----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, OyJHvS4xFtHiwdd1HyDcRPoAN7nAD06urK547I5ezyJQjfOKbK87KQKeL9zfvoGM CpXJDTBOV9fGOtGKoM1mCQ== 0001275287-06-005149.txt : 20061012 0001275287-06-005149.hdr.sgml : 20061012 20061012165548 ACCESSION NUMBER: 0001275287-06-005149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061012 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061012 DATE AS OF CHANGE: 20061012 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: 061142525 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 ed7481.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): October 12, 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 October 12, 2006, Educational Development Corporation, announced via press release, reports six months 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 October 12, 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: October 12, 2006 EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - ---------- ----------------------------------------------------------------- *99.1 Press release dated as of October 12, 2006 - ---------- *Filed herewith. EX-99.1 2 ed7481ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 PRESS RELEASE ------------- EDUCATIONAL DEVELOPMENT CORPORATION REPORTS SIX MONTHS RESULTS -------------------------------------------------------------- TULSA, Okla.--October 12, 2006--Educational Development Corporation (NASDAQ: EDUC) reported today that net revenues for the six months ended August 31, 2006 were $14,591,347 compared with $15,020,831 for the same six-months a year ago. Net earnings for the six months ended August 31, 2006 were $1,120,637 compared with net earnings of $1,140,047 for the same six-months a year ago. Net revenues for the three months ended August 31, 2006 were $6,484,370 compared with $6,794,152 for the same period last year. Net earnings for the three months ended August 31, 2006 were $423,989 compared with $394,847 for the same period last year. Net revenues in the Publishing Division declined 7.4% during the 2nd quarter and 5.8% for the first six months of fiscal year 2007. The Company attributes this to the fact that one of its major chain store clients had a major promotion last year in the 2nd quarter but has not had a similar promotion yet this year. Net revenues in the Usborne Books at Home Division declined 3.1% during the 2nd quarter and 1.6% for the first six months of fiscal year 2007. The Company previously announced that in the month of September 2006 over 3,200 new sales consultants joined the Home Business Division. The Company expects the influx of new sales consultants will have an immediate impact as they have generated over $140,000 in sales in the first 10 days of October. While actions have been taken to stimulate growth internally, the Company is also currently exploring possibilities for external growth through acquisitions. 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.
Three Months Ended August 31 Six Months Ended August 31, ----------------------------- ----------------------------- 2006 2005 2006 2005 ------------- ------------- ------------- ------------- Net Revenues $ 6,484,370 $ 6,794,152 $ 14,591,347 $ 15,020,831 ============= ============= ============= ============= Earnings Before Income Taxes $ 700,889 $ 638,447 $ 1,791,437 $ 1,840,947 Income Taxes 276,900 243,600 670,800 700,900 ------------- ------------- ------------- ------------- Net Earnings $ 423,989 $ 394,847 $ 1,120,637 $ 1,140,047 ============= ============= ============= ============= Earnings Per Share: Basic $ 0.11 $ 0.11 $ 0.30 $ 0.30 ============= ============= ============= ============= Diluted $ 0.11 $ 0.10 $ 0.29 $ 0.29 ============= ============= ============= ============= Weighted Average Shares: Basic 3,756,042 3,745,057 3,756,251 3,741,595 ============= ============= ============= ============= Diluted 3,869,908 3,905,290 3,878,424 3,903,439 ============= ============= ============= =============
Contact: Educational Development Corporation Randall White, (918) 622-4522 -----END PRIVACY-ENHANCED MESSAGE-----