Educational Development Corporation Announces Fiscal Fourth Quarter, Fiscal 2020 Results and Provides First Quarter Fiscal 2021 Revenue Guidance

TULSA, Okla., May 21, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports net revenues and earnings per share results for the fiscal year ended February 29, 2020.

Randall White, CEO of Educational Development Corporation, announced that for the fiscal year 2020, the Company reports net revenues of $113,011,900, a decrease of $5,799,400, or 4.9%, when compared to $118,811,300 for the previous year.  Fiscal 2020 net earnings totaled $5,645,100, compared to $6,678,400 in fiscal 2019, a decrease of 15.5%.  Fiscal year 2020 earnings per share were $0.68 compared to $0.81 the previous year, down 16.0% on a fully diluted basis.

For the fiscal fourth quarter ended February 29, 2020, the Company reports net revenues of $20,161,900, a decrease of $3,463,500, or 14.7%, when compared to $23,625,400 for the fiscal fourth quarter of the previous year.  Earnings before income taxes were $703,000, a decrease of $142,200, or 16.8%, compared to $845,200 for the fiscal fourth quarter 2019.  Net earnings totaled $538,100 for fiscal fourth quarter 2020, compared to $555,500 for the fiscal fourth quarter 2019, a decrease of $17,400, or 3.1%.  Earnings per share for the fiscal fourth quarter were $0.06 compared to $0.07 for the same fiscal quarter in the previous year, down 14.3% on a fully diluted basis.

Per Mr. White, “Fiscal year 2020, while down from fiscal year 2019, is still recorded as the Company’s second- best year in history for net revenue and net earnings; we maintained a strong cash balance and continued to pay dividends.  Fiscal year 2020 was also a year of consolidation and investment for future growth. Our IT department allocated significant resources in the development of infrastructure and programs in preparation for future growth.   In addition, our Usborne Books & More division developed and implemented a new recruit success program “Climb.” While the development of new programs impacted the fourth quarter of fiscal 2020, the successful results have already been recognized in the 1^st quarter of fiscal 2021.”