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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.13 | -5.99% | 2.04 | 1.86 | 2.14 | 2.26 | 2.0001 | 2.15 | 36,988 | 21:00:45 |
Delaware
|
73-0750007
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
|
|
|
Non-accelerated filer ☐
|
Smaller reporting company ☒
|
|
|
|
|
|
Emerging Growth Company ☐
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
3
|
|
Item 2.
|
15
|
|
Item 3.
|
21
|
|
Item 4.
|
21
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
22
|
|
Item 1A.
|
22
|
|
Item 2.
|
22
|
|
Item 3.
|
22
|
|
Item 4.
|
22
|
|
Item 5.
|
22
|
|
Item 6.
|
22
|
|
23
|
EDUCATIONAL DEVELOPMENT CORPORATION
|
||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MAY 31, 2018
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
Common Stock
|
|||||||||||||||||||||||||||
|
(par value $0.20 per share)
|
Treasury Stock
|
||||||||||||||||||||||||||
|
Number of
|
Capital in
|
||||||||||||||||||||||||||
|
Shares
|
Excess of
|
Retained
|
Number of
|
Shareholders’
|
|||||||||||||||||||||||
|
Issued
|
Amount
|
Par Value
|
Earnings
|
Shares
|
Amount
|
Equity
|
|||||||||||||||||||||
BALANCE—February 28, 2018
|
6,046,040
|
$
|
1,209,200
|
$
|
8,573,300
|
$
|
21,532,500
|
1,956,234
|
$
|
(10,912,900
|
)
|
$
|
20,402,100
|
|||||||||||||||
Purchases of treasury stock
|
-
|
-
|
-
|
-
|
1,423
|
(29,600
|
)
|
(29,600
|
)
|
|||||||||||||||||||
Sales of treasury stock
|
-
|
-
|
-
|
-
|
(1,651
|
)
|
25,100
|
25,100
|
||||||||||||||||||||
Dividends declared ($0.10/share)
|
-
|
-
|
-
|
(409,000
|
)
|
-
|
-
|
(409,000
|
)
|
|||||||||||||||||||
Net earnings
|
-
|
-
|
-
|
1,816,600
|
-
|
-
|
1,816,600
|
|||||||||||||||||||||
BALANCE— May 31, 2018
|
6,046,040
|
$
|
1,209,200
|
$
|
8,573,300
|
$
|
22,940,100
|
1,956,006
|
$
|
(10,917,400
|
)
|
$
|
21,805,200
|
EDUCATIONAL DEVELOPMENT CORPORATION
|
||||||||
FOR THE THREE MONTHS ENDED MAY 31,
|
||||||||
|
2018
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
1,816,600
|
$
|
1,225,300
|
||||
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
|
||||||||
Depreciation
|
352,800
|
293,300
|
||||||
Deferred income taxes, net
|
188,100
|
54,500
|
||||||
Provision for doubtful accounts
|
85,000
|
90,300
|
||||||
Provision for inventory valuation allowance
|
92,100
|
205,600
|
||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
56,400
|
(395,000
|
)
|
|||||
Inventories, net
|
(1,243,600
|
)
|
4,389,100
|
|||||
Prepaid expenses and other assets
|
299,800
|
(3,400
|
)
|
|||||
Accounts payable
|
1,366,700
|
(7,133,900
|
)
|
|||||
Accrued salaries and commissions,
and other liabilities
|
(482,200
|
)
|
355,200
|
|||||
Deferred revenues
|
(250,600
|
)
|
(86,100
|
)
|
||||
Income tax payable
|
486,400
|
663,100
|
||||||
Total adjustments
|
950,900
|
(1,567,300
|
)
|
|||||
Net cash provided by (used in) operating activities
|
2,767,500
|
(342,000
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property, plant and equipment
|
(804,100
|
)
|
(236,800
|
)
|
||||
Net cash used in investing activities
|
(804,100
|
)
|
(236,800
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Payments on long-term debt
|
(251,300
|
)
|
(219,000
|
)
|
||||
Cash received from sale of treasury stock
|
25,100
|
9,000
|
||||||
Cash used to purchase treasury stock
|
(29,600
|
)
|
-
|
|||||
Net borrowings under line of credit
|
-
|
677,400
|
||||||
Net cash provided by (used in) financing activities
|
(255,800
|
)
|
467,400
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
1,707,600
|
(111,400
|
)
|
|||||
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD
|
2,723,300
|
699,200
|
||||||
CASH AND CASH EQUIVALENTS—END OF PERIOD
|
$
|
4,430,900
|
$
|
587,800
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
|
||||||||
Cash paid for interest
|
$
|
229,300
|
$
|
275,200
|
||||
Cash paid for income taxes (net of refunds)
|
$
|
(6,100
|
)
|
$
|
-
|
|||
|
||||||||
NON-CASH TRANSACTIONS:
|
||||||||
Accrued capital expenditures
|
$
|
33,300
|
$
|
-
|
2018
|
||||||||
|
May 31,
|
February 28,
|
||||||
Current:
|
||||||||
Book inventory
|
$
|
28,177,200
|
$
|
27,078,600
|
||||
Inventory valuation allowance
|
(461,500
|
)
|
(460,000
|
)
|
||||
Inventories net–current
|
$
|
27,715,700
|
$
|
26,618,600
|
Noncurrent:
|
||||||||
Book inventory
|
$
|
838,800
|
$
|
707,700
|
||||
Inventory valuation allowance
|
(348,500
|
)
|
(271,800
|
)
|
||||
Inventories net–noncurrent
|
$
|
490,300
|
$
|
435,900
|
|
2018
|
|||||||
|
May 31,
|
February 28,
|
||||||
|
||||||||
Line of credit
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Long-term debt
|
$
|
20,455,000
|
$
|
20,706,300
|
||||
Less current maturities
|
(891,100
|
)
|
(881,200
|
)
|
||||
Long-term debt, net of current maturities
|
$
|
19,563,900
|
$
|
19,825,100
|
Pricing Tier
|
Adjusted Funded Debt to EBITDA Ratio
|
LIBOR Margin (bps)
|
||
I
|
>3.00
|
350.50
|
||
II
|
>2.50 but
<
3.00
|
337.50
|
||
III
|
>2.00 but
<
2.50
|
325.00
|
||
IV
|
<
2.00
|
312.50
|
Year ending February 28 (29),
|
||||
2019
|
$
|
735,800
|
||
2020
|
926,300
|
|||
2021
|
968,100
|
|||
2022
|
1,016,800
|
|||
2023
|
1,065,300
|
|||
Thereafter
|
15,742,700
|
|||
|
$
|
20,455,000
|
|
Three Months Ended May 31,
|
|||||||
|
2018
|
2017
|
||||||
Earnings Per Share:
|
||||||||
Net earnings applicable to
common shareholders
|
$
|
1,816,600
|
$
|
1,225,300
|
||||
|
||||||||
Shares:
|
||||||||
Weighted average shares
outstanding–basic
|
4,088,595
|
4,090,143
|
||||||
Assumed exercise of options
|
3,909
|
3,735
|
||||||
|
||||||||
Weighted average shares
outstanding–diluted
|
4,092,504
|
4,093,878
|
||||||
|
||||||||
Diluted Earnings Per Share:
|
||||||||
Basic
|
$
|
0.44
|
$
|
0.30
|
||||
Diluted
|
$
|
0.44
|
$
|
0.30
|
NET REVENUES
|
||||||||
|
||||||||
|
2018
|
2017
|
||||||
Publishing
|
$
|
2,306,200
|
$
|
2,122,100
|
||||
UBAM
|
27,716,100
|
24,819,100
|
||||||
Total
|
$
|
30,022,300
|
$
|
26,941,200
|
EARNINGS (LOSS) BEFORE INCOME TAXES
|
||||||||
|
||||||||
|
2018
|
2017
|
||||||
Publishing
|
$
|
506,300
|
$
|
569,100
|
||||
UBAM
|
5,099,000
|
4,379,500
|
||||||
Other
|
(3,109,500
|
)
|
(2,966,400
|
)
|
||||
Total
|
$
|
2,495,800
|
$
|
1,982,200
|
|
As Reported
|
Adjustments
|
Without Adoption
|
|||||||||
ASSETS
|
||||||||||||
Accounts receivable—Net
|
$ |
2,913,700
|
$ |
(99,900
|
)
|
$ |
2,813,800
|
|||||
Inventories—Net
|
26,618,600
|
(100
|
)
|
26,618,500
|
||||||||
Prepaid expenses and other assets
|
1,259,000
|
(117,000
|
)
|
1,142,000
|
||||||||
Total current assets
|
33,514,600
|
(217,000
|
)
|
33,297,600
|
||||||||
TOTAL ASSETS
|
61,837,900
|
(217,000
|
)
|
61,620,900
|
||||||||
|
||||||||||||
LIABILITIES
|
||||||||||||
Other current liabilities
|
3,517,900
|
(217,000
|
)
|
3,300,900
|
||||||||
Total liabilities
|
41,435,800
|
(217,000
|
)
|
41,218,800
|
|
As Reported
|
|
|
Adjustments
|
|
|
Without Adoption
|
|
||||
GROSS SALES
|
|
$
|
34,511,100
|
|
|
$
|
(3,337,200
|
)
|
|
$
|
31,173,900
|
|
Less discounts and allowances
|
|
|
(10,270,500
|
)
|
|
|
3,326,800
|
|
|
|
(6,943,700
|
)
|
Transportation revenue
|
|
|
2,700,600
|
|
|
|
-
|
|
|
|
2,700,600
|
|
NET REVENUES
|
|
|
26,941,200
|
|
|
|
(10,400
|
)
|
|
|
26,930,800
|
|
COST OF GOODS SOLD
|
|
|
8,598,800
|
|
|
|
(1,174,000
|
)
|
|
|
7,424,800
|
|
Gross margin
|
|
|
18,342,400
|
|
|
|
1,163,600
|
|
|
|
19,506,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and selling
|
|
|
4,226,800
|
|
|
|
1,165,600
|
|
|
|
5,392,400
|
|
Sales commissions
|
|
|
8,509,200
|
|
|
|
-
|
|
|
|
8,509,200
|
|
General and administrative
|
|
|
3,713,900
|
|
|
|
-
|
|
|
|
3,713,900
|
|
Total operating expenses
|
|
|
16,449,900
|
|
|
|
1,165,600
|
|
|
|
17,615,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
281,500
|
|
|
|
-
|
|
|
|
281,500
|
|
OTHER INCOME
|
|
|
(371,200
|
)
|
|
|
(2,000
|
)
|
|
|
(373,200
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS BEFORE INCOME TAXES
|
|
|
1,982,200
|
|
|
|
-
|
|
|
|
1,982,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAXES
|
|
|
756,900
|
|
|
|
-
|
|
|
|
756,900
|
|
NET EARNINGS
|
|
$
|
1,225,300
|
|
|
$
|
-
|
|
|
$
|
1,225,300
|
|
As Reported
|
Adjustments
|
Without Adoption
|
||||||||||
GROSS SALES
|
$ |
29,986,300
|
$ |
(3,337,900
|
)
|
$ |
26,648,400
|
|||||
Less discounts and allowances
|
(7,860,700
|
)
|
3,327,500
|
(4,533,200
|
)
|
|||||||
Transportation revenue
|
2,693,500
|
-
|
2,693,500
|
|||||||||
NET REVENUES
|
24,819,100
|
(10,400
|
)
|
24,808,700
|
||||||||
COST OF GOODS SOLD
|
7,473,700
|
(1,174,000
|
)
|
6,299,700
|
||||||||
Gross margin
|
17,345,400
|
1,163,600
|
18,509,000
|
|||||||||
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||
Operating and selling
|
3,165,200
|
1,164,900
|
4,330,100
|
|||||||||
Sales commissions
|
8,423,700
|
8,423,700
|
||||||||||
General and administrative
|
1,377,000
|
1,377,000
|
||||||||||
Total operating expenses
|
12,965,900
|
1,164,900
|
14,130,800
|
|||||||||
OPERATING INCOME
|
$ |
4,379,500
|
$ |
(1,300
|
)
|
$ |
4,378,200
|
|
As Reported
|
Adjustments
|
Without Adoption
|
|||||||||
GROSS SALES
|
$ |
4,524,800
|
$ |
700
|
$ |
4,525,500
|
||||||
Less discounts and allowances
|
(2,409,800
|
)
|
(700
|
)
|
(2,410,500
|
)
|
||||||
Transportation revenue
|
7,100
|
-
|
7,100
|
|||||||||
NET REVENUES
|
2,122,100
|
-
|
2,122,100
|
|||||||||
COST OF GOODS SOLD
|
1,125,100
|
-
|
1,125,100
|
|||||||||
Gross margin
|
997,000
|
-
|
997,000
|
|||||||||
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||
Operating and selling
|
244,900
|
-
|
244,900
|
|||||||||
Sales commissions
|
83,500
|
-
|
83,500
|
|||||||||
General and administrative
|
99,500
|
-
|
99,500
|
|||||||||
Total operating expenses
|
427,900
|
-
|
427,900
|
|||||||||
OPERATING INCOME
|
$ |
569,100
|
$ |
-
|
$ |
569,100
|
|
For the Three Months Ended
May 31,
|
|||||||
|
2018
|
2017
|
||||||
Net revenues
|
$
|
30,022,300
|
$
|
26,941,200
|
||||
Cost of goods sold
|
9,669,700
|
8,598,800
|
||||||
Gross margin
|
20,352,600
|
18,342,400
|
||||||
|
||||||||
Operating expenses:
|
||||||||
Operating and selling
|
4,752,200
|
4,226,800
|
||||||
Sales commissions
|
9,373,100
|
8,509,200
|
||||||
General and administrative
|
3,892,500
|
3,713,900
|
||||||
Total operating expenses
|
18,017,800
|
16,449,900
|
||||||
|
||||||||
Other (income) expense
|
||||||||
Interest expense
|
213,400
|
281,500
|
||||||
Other income
|
(374,400
|
)
|
(371,200
|
)
|
||||
Earnings before income taxes
|
2,495,800
|
1,982,200
|
||||||
|
||||||||
Income taxes
|
679,200
|
756,900
|
||||||
Net earnings
|
$
|
1,816,600
|
$
|
1,225,300
|
|
For the Three Months Ended
May 31,
|
|||||||
|
2018
|
2017
|
||||||
Gross sales
|
$
|
34,158,600
|
$
|
29,986,300
|
||||
Less discounts and allowances
|
(9,283,800
|
)
|
(7,860,700
|
)
|
||||
Transportation revenue
|
2,841,300
|
2,693,500
|
||||||
Net revenues
|
27,716,100
|
24,819,100
|
||||||
|
||||||||
Cost of goods sold
|
8,424,500
|
7,473,700
|
||||||
Gross margin
|
19,291,600
|
17,345,400
|
||||||
|
||||||||
Operating expenses
|
||||||||
Operating and selling
|
3,949,300
|
3,165,200
|
||||||
Sales commissions
|
9,286,800
|
8,423,700
|
||||||
General and administrative
|
956,500
|
1,377,000
|
||||||
Total operating expenses
|
14,192,600
|
12,965,900
|
||||||
|
||||||||
Operating income
|
$
|
5,099,000
|
$
|
4,379,500
|
||||
|
||||||||
Average number of active consultants
|
35,100
|
25,600
|
|
For the Three Months Ended
May 31,
|
|||||||
|
2018
|
2017
|
||||||
Gross sales
|
$
|
4,916,200
|
$
|
4,524,800
|
||||
Less discounts and allowances
|
(2,617,600
|
)
|
(2,409,800
|
)
|
||||
Transportation revenue
|
7,600
|
7,100
|
||||||
Net revenues
|
2,306,200
|
2,122,100
|
||||||
|
||||||||
Cost of goods sold
|
1,245,200
|
1,125,100
|
||||||
Gross margin
|
1,061,000
|
997,000
|
||||||
|
||||||||
Total operating expenses
|
554,700
|
427,900
|
||||||
|
||||||||
Operating income
|
$
|
506,300
|
$
|
569,100
|
• |
net earnings of $1,816,600,
|
• |
depreciation expense of $352,800,
|
• |
an increase in the provision for inventory valuation allowance of $92,100,
|
• |
a decrease in accounts receivable of $56,400,
|
• |
an increase in deferred income tax liability of $188,100,
|
• |
an increase in accounts payable of $1,366,700,
|
• |
a decrease in prepaid expenses and other assets of $299,800,
|
• |
an increase in net income tax payable of $486,400, and
|
• |
an increase in the provision for doubtful accounts $85,000.
|
• |
an increase in inventories of $1,243,600,
|
• |
a decrease in accrued salaries and commissions, and other liabilities of $482,200, and
|
• |
a decrease in deferred revenue of $250,600.
|
Year Ending February 28 (29)
|
||||
|
||||
2019
|
$
|
735,800
|
||
2020
|
926,300
|
|||
2021
|
968,100
|
|||
2022
|
1,016,800
|
|||
2023
|
1,065,300
|
|||
Thereafter
|
15,742,700
|
|||
Total Maturities
|
$
|
20,455,000
|
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
|
||||||||||||
March 1 - 31, 2018
|
1,410
|
$
|
20.85
|
0
|
295,194
|
|||||||||||
April 1 - 30, 2018
|
0
|
N/A
|
0
|
295,194
|
||||||||||||
May 1 - 31, 2018
|
13
|
$
|
25.15
|
0
|
295,181
|
|||||||||||
Total
|
1,423
|
$
|
20.89
|
0
|
(1)
|
1 Year Educational Development Chart |
1 Month Educational Development Chart |
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