Educational Development Corporation Announces Record Monthly January Net Revenues and Active Sales Consultants in the Company...
08 Febrero 2021 - 9:48PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has
achieved record net revenues in January 2021 totaling approximately
$11.9 million, an increase of $6.6 million, or 125% over net
revenues in January 2020. The Company’s Usborne Books &
More (UBAM) division also finished January 2021 with approximately
59,100 active consultants, an increase of 85% over the number of
active consultants at the end of January last year.
Per Randall White, Chief Executive Officer, “We
are pleased to announce continued record monthly net revenues in
our fiscal fourth quarter. Our UBAM division generated
approximately $11.1 million of net revenues in January 2021, an
increase of 141%, over the prior year’s January net revenues of
approximately $4.6 million. This growth was driven by sales
from our active consultants, a number that has grown significantly
over the past year.”
Mr. White continued, “Our fiscal fourth quarter,
due to the seasonality of our business, typically reflects our
lowest sales and highest consultant retention variance for our UBAM
division. While UBAM is experiencing this seasonality in December
and January, we are bolstered by the double digit and triple digit
sales growth over comparable December and January results last
year. This growth clearly demonstrates that our active consultants
are driving our business to new heights.”
Mr. White concluded, “In addition to our growth from UBAM, our
Publishing division reported its fourth straight month of increased
sales. Sales in the Publishing division were $0.8 million,
14% higher than January last year. This division’s sequential
month sales growth reflects that our retail customers are having
success reopening their businesses.”
About Educational Development Corporation
(EDC)
EDC is a publishing company specializing in
books for children. EDC is the exclusive United States trade
co-publisher of the line of educational children’s books produced
in the United Kingdom by Usborne Publishing Limited (“Usborne”) and
we also exclusively publish books through our ownership of Kane
Miller Book Publisher (“Kane Miller”); both international
award-winning publishers of children’s books. EDC’s current catalog
contains over 2,000 titles, with new additions semi-annually. Both
Usborne and Kane Miller products are sold via 4,000 retail outlets
and by independent consultants, who hold book showings in
individual homes, book fairs with school and public libraries as
well as sales over the internet.
Contact: Educational
Development
Corporation Randall
White, (918) 622-4522
Cautionary Statement for the Purpose of the “Safe
Harbor” Provision of the Private Securities Litigation Reform Act
of 1995.
The information discussed in this Press Release
includes “forward-looking statements.” These forward-looking
statements are identified by their use of terms and phrases such as
“may,” “expect,” “estimate,” “project,” “plan,” “believe,”
“intend,” “achievable,” “anticipate,” “continue,” “potential,”
“should,” “could,” and similar terms and phrases. Although we
believe that the expectations reflected in these forward-looking
statements are reasonable, they do involve certain assumptions,
risks and uncertainties and we can give no assurance that such
expectations or assumptions will be achieved. Known and unknown
risks, uncertainties and other factors may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, our
success in recruiting and retaining new consultants, our ability to
locate and procure desired books, our ability to ship the volume of
orders that are received without creating backlogs, our ability to
obtain adequate financing for working capital and capital
expenditures, economic and competitive conditions, regulatory
changes and other uncertainties, as well as those factors discussed
in our Annual Report on Form 10-K for the year ended February 29,
2020, all of which are difficult to predict. In light of these
risks, uncertainties and assumptions, the forward-looking events
discussed may not occur. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph and elsewhere in our Annual Report on Form 10-K for the
year ended February 29, 2020 and speak only as of the date of this
Press Release. Other than as required under the securities laws, we
do not assume a duty to update these forward-looking statements,
whether as a result of new information, subsequent events or
circumstances, changes in expectations or otherwise.
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