Educational Development Corporation Announces Record First Quarter Fiscal 2018 Revenues and Fifth Amendment Loan Agreement
16 June 2017 - 7:00AM
Educational Development Corporation (“EDC”) (NASDAQ:EDUC)
(http://www.edcpub.com) today reports record first quarter fiscal
2018 unaudited net revenues.
Randall White, CEO of Educational Development Corporation,
announced that the Company has had record first quarter revenues of
fiscal 2018, totaling approximately $27.8 million. This
revenue level represents an increase of $5.0 million, or 22% over
the first quarter fiscal 2017 revenues of approximately $22.8
million.
Per Mr. White, “Our first quarter double digit growth reflects
continued strong demand for our products and the success of our
sales teams. To ensure we are capable of handling our
continued growth, our management team has recently approved a
capital expansion project that will further automate to our Tulsa,
OK distribution facility and expand our daily shipping capacity by
as much as 100% over last year’s capacity levels.
We have also recently executed a new amendment with our existing
lender which immediately expands our working capital facility from
$7.0 million to $10.0M and allows us, upon lender approval, to grow
this facility to $15M to support our continued growth in inventory
and sales. This new amendment also includes a $3.0M Advancing
Term Loan facility which will be used to finance our recent capital
expansion project.
We continue to be grateful to all of our stakeholders that
continue to support us during this very dynamic time in the
Company’s history.”
About Educational Development Corporation
EDC is a publishing company specializing in books for children.
EDC is the sole American distributor of the UK-based Usborne Books
and owns Kane Miller Books, specializing in children’s literature
from around the world. EDC’s current catalog contains over 2,300
titles, with new additions semi-annually. Both Usborne and Kane
Miller products are sold via retail outlets and by direct sales
consultants nationally.
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,
2016, 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, 2016 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.
Contact:
Educational Development Corporation
Randall White, (918) 622-4522
Educational Development (NASDAQ:EDUC)
Historical Stock Chart
From Mar 2024 to May 2024
Educational Development (NASDAQ:EDUC)
Historical Stock Chart
From May 2023 to May 2024