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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Educational Development Corporation | NASDAQ:EDUC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0122 | 0.62% | 1.9673 | 1.88 | 1.96 | 1.9755 | 1.9103 | 1.95 | 2,905 | 17:44:45 |
Delaware
|
73-0750007
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
5402 South 122
nd
East Avenue, Tulsa, Oklahoma
|
74146
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
3
|
|
Item 2.
|
12
|
|
Item 3.
|
20
|
|
Item 4.
|
20
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
21
|
|
Item 1A.
|
21
|
|
Item 2.
|
21
|
|
Item 3.
|
22
|
|
Item 4.
|
22
|
|
Item 5.
|
22
|
|
Item 6.
|
22
|
|
Signatures
|
23
|
Common Stock
|
||||||||||||||||||||||||||||
(par value $0.20 per share)
|
||||||||||||||||||||||||||||
Number of
|
Capital in
|
Treasury Stock
|
||||||||||||||||||||||||||
Shares
|
Excess of
|
Retained
|
Number of
|
Shareholders’
|
||||||||||||||||||||||||
Issued
|
Amount
|
Par Value
|
Earnings
|
Shares
|
Amount
|
Equity
|
||||||||||||||||||||||
BALANCE—March 1, 2016
|
6,041,040
|
$
|
1,208,200
|
$
|
8,548,000
|
$
|
14,557,500
|
1,976,430
|
$
|
(11,084,200
|
)
|
$
|
13,229,500
|
|||||||||||||||
Sales of treasury stock
|
-
|
-
|
-
|
-
|
(11,681
|
)
|
112,100
|
112,100
|
||||||||||||||||||||
Dividends paid ($.09/share)
|
-
|
-
|
-
|
(366,400
|
)
|
-
|
-
|
(366,400
|
)
|
|||||||||||||||||||
Dividends declared ($.09/share)
|
-
|
-
|
-
|
(366,800
|
)
|
-
|
-
|
(366,800
|
)
|
|||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
938,700
|
-
|
-
|
938,700
|
|||||||||||||||||||||
BALANCE— August 31, 2016
|
6,041,040
|
$
|
1,208,200
|
$
|
8,548,000
|
$
|
14,763,000
|
1,964,749
|
$
|
(10,972,100
|
)
|
$
|
13,547,100
|
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
$
|
(2,038,600
|
)
|
$
|
927,800
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(1,701,900
|
)
|
(397,300
|
)
|
||||
Net cash used in investing activities
|
(1,701,900
|
)
|
(397,300
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Cash paid to acquire treasury stock
|
-
|
(200
|
)
|
|||||
Cash received from sales of treasury stock
|
112,100
|
92,900
|
||||||
Borrowings under line of credit
|
20,157,000
|
1,550,000
|
||||||
Payments under line of credit
|
(18,612,500
|
)
|
(1,600,000
|
)
|
||||
Proceeds from long-term debt
|
4,000,000
|
-
|
||||||
Payments on long-term debt
|
(322,100
|
)
|
-
|
|||||
Dividends paid
|
(732,700
|
)
|
(645,000
|
)
|
||||
Net cash provided by (used in) financing activities
|
4,601,800
|
(602,300
|
)
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
861,300
|
(71,800
|
)
|
|||||
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD
|
1,183,700
|
383,900
|
||||||
CASH AND CASH EQUIVALENTS—END OF PERIOD
|
$
|
2,045,000
|
$
|
312,100
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for interest
|
$
|
465,000
|
$
|
43,400
|
||||
Cash paid for income taxes
|
$
|
725,300
|
$
|
366,600
|
2016
|
||||||||
August 31,
|
February 29,
|
|||||||
Line of credit
|
$
|
4,876,300
|
$
|
3,331,800
|
||||
Long-term debt
|
$
|
21,980,700
|
$
|
18,302,800
|
||||
Less current maturities
|
(898,500
|
)
|
(615,400
|
)
|
||||
LONG-TERM DEBT-NET OF CURRENT MATURITIES
|
$
|
21,082,200
|
$
|
17,687,400
|
2016
|
||||||||
August 31,
|
February 29,
|
|||||||
Current:
|
||||||||
Book inventory
|
$
|
29,453,800
|
$
|
17,504,500
|
||||
Inventory valuation allowance
|
(25,000
|
)
|
(25,000
|
)
|
||||
Inventories net–current
|
$
|
29,428,800
|
$
|
17,479,500
|
||||
Non-current:
|
||||||||
Book inventory
|
$
|
450,400
|
$
|
469,000
|
||||
Inventory valuation allowance
|
(250,000
|
)
|
(300,000
|
)
|
||||
Inventories net–non-current
|
$
|
200,400
|
$
|
169,000
|
Earnings Per Share:
|
||||||||||||||||
Three Months Ended August 31,
|
Six Months Ended August 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net earnings
|
$
|
318,500
|
$
|
644,400
|
$
|
938,700
|
$
|
969,000
|
||||||||
Shares:
|
||||||||||||||||
Weighted average shares outstanding - basic
|
4,074,469
|
4,045,219
|
4,071,574
|
4,039,055
|
||||||||||||
Assumed exercise of options
|
5,570
|
-
|
5,744
|
-
|
||||||||||||
Weighted average shares outstanding - diluted
|
4,080,039
|
4,045,219
|
4,077,318
|
4,039,055
|
||||||||||||
Basic Earnings Per Share
|
$
|
0.08
|
$
|
0.16
|
$
|
0.23
|
$
|
0.24
|
||||||||
Diluted Earnings Per Share
|
$
|
0.08
|
$
|
0.16
|
$
|
0.23
|
$
|
0.24
|
||||||||
Stock options not considered above because they were antidilutive
|
-
|
10,000
|
-
|
10,000
|
NET REVENUES
|
||||||||||||||||
Three Months Ended August 31,
|
Six Months Ended August 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
EDC Publishing
|
$
|
2,035,600
|
$
|
3,674,100
|
$
|
4,169,600
|
$
|
6,293,700
|
||||||||
UBAM
|
23,857,400
|
8,932,700
|
44,507,600
|
15,950,900
|
||||||||||||
Total
|
$
|
25,893,000
|
$
|
12,606,800
|
$
|
48,677,200
|
$
|
22,244,600
|
EARNINGS BEFORE INCOME TAXES
|
||||||||||||||||
Three Months Ended August 31,
|
Six Months Ended August 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
EDC Publishing
|
$
|
506,200
|
$
|
1,248,100
|
$
|
1,159,200
|
$
|
1,966,700
|
||||||||
UBAM
|
3,340,200
|
1,084,600
|
6,566,400
|
2,036,600
|
||||||||||||
Other
|
(3,325,700
|
)
|
(1,293,700
|
)
|
(6,200,300
|
)
|
(2,432,600
|
)
|
||||||||
Total
|
$
|
520,700
|
$
|
1,039,000
|
$
|
1,525,300
|
$
|
1,570,700
|
Earnings as a Percent of Net Revenues
|
||||||||||||||||
Three Months Ended August 31,
|
Six Months Ended August 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net revenues
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Cost of sales
|
29.0
|
%
|
36.3
|
%
|
29.1
|
%
|
36.6
|
%
|
||||||||
Gross margin
|
71.0
|
%
|
63.7
|
%
|
70.9
|
%
|
63.4
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Operating and selling
|
33.8
|
%
|
26.9
|
%
|
33.3
|
%
|
27.5
|
%
|
||||||||
Sales commissions
|
32.1
|
%
|
24.3
|
%
|
31.4
|
%
|
24.2
|
%
|
||||||||
General and administrative
|
3.6
|
%
|
4.1
|
%
|
3.6
|
%
|
4.5
|
%
|
||||||||
Total operating expenses
|
69.5
|
%
|
55.3
|
%
|
68.3
|
%
|
56.2
|
%
|
||||||||
Other income (expense)
|
||||||||||||||||
Interest expense
|
-1.0
|
%
|
-0.2
|
%
|
-1.0
|
%
|
-0.2
|
%
|
||||||||
Other income
|
1.5
|
%
|
0.0
|
%
|
1.5
|
%
|
0.1
|
%
|
||||||||
Earnings before income taxes
|
2.0
|
%
|
8.2
|
%
|
3.1
|
%
|
7.1
|
%
|
||||||||
Income taxes
|
0.8
|
%
|
3.1
|
%
|
1.2
|
%
|
2.7
|
%
|
||||||||
Net earnings
|
1.2
|
%
|
5.1
|
%
|
1.9
|
%
|
4.4
|
%
|
For the Three Months Ended August 31,
|
||||||||||||||||
2016
|
2015
|
$ Change
|
% Change
|
|||||||||||||
Gross sales
|
$
|
30,558,600
|
$
|
17,685,600
|
$
|
12,873,000
|
72.8
|
|||||||||
Less discounts and allowances
|
(7,444,900
|
)
|
(5,994,500
|
)
|
(1,450,400
|
)
|
24.2
|
|||||||||
Transportation revenue
|
2,779,300
|
915,700
|
1,863,600
|
203.5
|
||||||||||||
Net revenues
|
$
|
25,893,000
|
$
|
12,606,800
|
$
|
13,286,200
|
105.4
|
·
|
668% in fundraiser sales,
|
·
|
351% in internet sales,
|
·
|
113% in school and library sales, and
|
·
|
58% in home party sales
|
For the Three Months Ended August 31,
|
||||||||||||||||
2016
|
2015
|
$ Change
|
% Change
|
|||||||||||||
Cost of sales
|
$
|
7,498,400
|
$
|
4,577,400
|
$
|
2,921,000
|
63.8
|
|||||||||
Operating and selling
|
8,751,100
|
3,395,400
|
5,355,700
|
157.7
|
||||||||||||
Sales commissions
|
8,307,100
|
3,060,800
|
5,246,300
|
171.4
|
||||||||||||
General and administrative
|
944,200
|
512,500
|
431,700
|
84.2
|
||||||||||||
Total
|
$
|
25,500,800
|
$
|
11,546,100
|
$
|
13,954,700
|
120.9
|
For the Six Months Ended August 31,
|
||||||||||||||||
2016
|
2015
|
$ Change
|
% Change
|
|||||||||||||
Gross sales
|
$
|
57,259,900
|
$
|
30,988,700
|
$
|
26,271,200
|
84.8
|
|||||||||
Less discounts and allowances
|
(13,633,900
|
)
|
(10,202,100
|
)
|
(3,431,800
|
)
|
33.6
|
|||||||||
Transportation revenue
|
5,051,200
|
1,458,000
|
3,593,200
|
246.4
|
||||||||||||
Net revenues
|
$
|
48,677,200
|
$
|
22,244,600
|
$
|
26,432,600
|
118.8
|
·
|
548% in fundraiser sales,
|
·
|
456% in internet sales,
|
·
|
82% in school and library sales, and
|
·
|
60% in home party sales
|
For the Six Months Ended August 31,
|
||||||||||||||||
2016
|
2015
|
$ Change
|
% Change
|
|||||||||||||
Cost of sales
|
$
|
14,172,200
|
$
|
8,151,200
|
$
|
6,021,000
|
73.9
|
|||||||||
Operating and selling
|
16,220,600
|
6,118,700
|
10,101,900
|
165.1
|
||||||||||||
Sales commissions
|
15,281,200
|
5,375,400
|
9,905,800
|
184.3
|
||||||||||||
General and administrative
|
1,761,700
|
996,900
|
764,800
|
76.7
|
||||||||||||
Total
|
$
|
47,435,700
|
$
|
20,642,200
|
$
|
26,793,500
|
129.8
|
•
|
an increase in inventories of $11,933,400,
|
•
|
an increase in prepaid expenses and other assets of $917,900,
|
•
|
an increase in accounts receivable of $818,700,
|
•
|
a decrease in net income tax payable of $77,000,
|
•
|
a decrease in the provision for inventory valuation allowance of $47,300, and
|
•
|
an increase in deferred income taxes of $61,700.
|
•
|
an increase in accounts payable, accrued salaries and commissions, and other current liabilities of $7,815,900,
|
•
|
an increase in deferred revenue of $2,096,200,
|
•
|
net earnings of $938,700,
|
•
|
depreciation expense of $504,500, and
|
•
|
the provision for doubtful accounts and sales returns of $462,100.
|
•
|
Warehouse picking and inventory management systems of $756,000,
|
•
|
Additional warehouse rack system of $303,900,
|
•
|
Warehouse equipment of $297,200,
|
•
|
Additional investment in accounting and UBAM software systems of $273,300,
|
•
|
Office equipment of $29,200, and
|
•
|
Other improvements to new facility, including furniture, of $42,300.
|
•
|
borrowings under our line of credit loan of $20,157,000,
|
•
|
proceeds from long-term debt of $4,000,000, and
|
•
|
the sale of treasury stock of $112,100.
|
•
|
payments under our line of credit loan of $18,612,500,
|
•
|
dividend payments of $732,700, and
|
•
|
long-term debt payments of $322,100.
|
Quarter ending August 31,
|
||||
2017
|
$
|
898,500
|
||
2018
|
933,800
|
|||
2019
|
970,500
|
|||
2020
|
1,006,700
|
|||
2021
|
1,048,300
|
|||
Thereafter
|
17,122,900
|
|||
|
$
|
21,980,700
|
Period
|
Total # of Shares
Purchased
|
Average Price
Paid per Share
|
Total # of Shares
Purchased as
Part of Publicly Announced Plan (1)
|
Maximum # of Shares that May
be Repurchased under the Plan
(2) (3)
|
||||||||||||
303152
|
||||||||||||||||
June 1 - 30, 2016
|
0
|
N/A
|
0
|
303,152
|
||||||||||||
July 1 -31, 2016
|
0
|
N/A
|
0
|
303,152
|
||||||||||||
August 1 - 31, 2016
|
0
|
N/A
|
0
|
303,152
|
||||||||||||
Total
|
0
|
N/A
|
0
|
(1)
|
All of the shares of common stock set forth in this column were purchased pursuant to a publicly announced plan as described in footnote 2 below.
|
(2)
|
In April 2008 the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under a repurchase plan. Pursuant to the plan, we may purchase a total of 303,152 additional shares of our common stock until 3,000,000 shares have been repurchased.
|
(3)
|
There is no expiration date for the repurchase plan.
|
31.1 |
Certification of the Chief Executive Officer of Educational Development Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 furnished herewith.
|
31.2 |
Certification of Controller and Corporate Secretary (Principal Financial and Accounting Officer) of Educational Development Corporation pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 furnished herewith.
|
32.1 |
Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
EDUCATIONAL DEVELOPMENT CORPORATION
(Registrant)
|
|||
Date:
October 14, 2016
|
By:
|
/s/ Randall W. White | |
Randall W. White | |||
President | |||
Exhibit No.
|
Description
|
|
31.1
|
||
31.2
|
||
32.1
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year Educational Development Chart |
1 Month Educational Development Chart |
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