TULSA, Okla., May 12, 2021 (GLOBE NEWSWIRE) — Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record net revenues and earnings per share results for the fiscal fourth quarter and fiscal year ended February 28, 2021.
Fiscal Year End Highlights Compared to the Prior Year
- Net revenues of $204.6 million, an increase of 81.1%, compared to $113.0 million.
- Net earnings of $12.6 million, an increase of 125.0% compared to $5.6 million.
- Earnings per share was $1.50, compared to $0.68, an increase of 120.6%.
Fourth Quarter Highlights Compared to the Year Ago Quarter
- Net revenues of $40.3 million, an increase of $20.2 million, or 100.1%, compared to $20.1 million.
- Earnings before income taxes were $3.0 million, an increase of $2.3 million, or 328.6%, compared to $703,000.
- Net earnings totaled $2.2 million, compared to $538,100, an increase of $1.6 million, or 303.0%.
- Earnings per share totaled $0.25, compared to $0.06, up 316.7% on a fully diluted basis.
“I am delighted to report our record breaking year that resulted from an increased demand for our quality educational products. Our sales growth during fiscal 2021 translated into significant earnings growth and significant positive cashflows from operations,” said Randall White, President and CEO. “We have used the majority of the cashflows generated to strategically invest in additional capacity to support future growth. Additionally, we retired…