Educational Development Corporation Announces Record Monthly Net Revenues and Active Sales Consultants in the Company’s UBA...
April 07 2021 - 5:30PM
Educational Development Corporation (“EDC”, or the “Company”)
(NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has
achieved record net revenues in March 2021 totaling approximately
$19.1 million, an increase of $10.9 million, or 133%, over net
revenues achieved in March 2020 of $8.2 million. The Company’s
Usborne Books & More (UBAM) division achieved record net
revenues in March 2021 totaling $17.9 million, an increase of $10.2
million, or 132%, over March 2020. The Company’s Publishing
division achieved net revenues of $1.2 million, an increase of $0.7
million, or 140%, over March last year. The Company’s UBAM division
finished March 2021 with approximately 56,400 active
consultants.
Per Randall White, Chief Executive Officer,
“March 2021 represents our twelfth straight month of reporting
record monthly net revenue growth over the comparable month of the
prior year. And while this growth has been consistently repeating,
our March 2021 sales growth is magnified against its prior period,
which saw a 25% reduction of sales due to the negative impact of
the pandemic.”
Mr. White continued, “Our UBAM division sales
growth continues to be driven by our increased number of active
sales consultants. Our active consultant sales force has grown from
29,400 in March 2020 to 56,400 at the end of March 2021. This
growth of 27,000 active consultants represents a 92% increase in
our sales force. It is this expanded consultant sales force that
continues to drive our growth; with more consultants introducing
our products to more customers, we continue to generate more orders
and increased net revenues.”
Mr. White concluded, “In addition to our continued growth from
UBAM, our Publishing division’s sales in the month of March
exceeded $1.0 million for the first time in history. We continue to
see growth as our retail customers build positive sales momentum
and we look forward to our Publishing division continuing its
recent success in increased sales.”
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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