Savvy Trades and Investments

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EDUC - July revenues of $22.3 million is a huge number considering that the entire 2nd quarter last year was $24.4 million in sales. It is selling off nonetheless.

Educational Development Corporation Announces Record July Net Revenues and Record Number of Active Consultants

GlobeNewswire - Aug 06 12:26 EDT

TULSA, Okla., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record July net revenues and record number of active consultants at the end of July, 2020.


Randall White, CEO of Educational Development Corporation, announced that during July 2020, the second month of the second fiscal quarter, the Company recognized approximately $22.3 million in net revenues, compared to approximately $7.9 million in net revenues recorded in July of last year, an increase of approximately $14.4 million, or 182%. Mr. White also stated that July, 2020 was the largest net revenues month in the Company’s history.

Mr. White added that the active consultant count in the UBAM division, the largest sales division of the Company, grew to approximately 45,200, which is the highest active consultant count in the Company’s history.

Per Mr. White, “We have continued to experience an increase in activity in our UBAM division due to additional active consultants and an increase in demand for our products. We are humbled by the growth we have experienced and appreciate the additional sales efforts of our consultants and the hard work from our our employees to keep up with additional volume of orders.”

Mr. White added, “We are also pleased to announce that the net revenues of our Publishing division have also returned to historical levels during July, as retail stores have begun reopening. We hope the revenues in this division will continue at these levels as retail stores face the continued challenges of remaining open during the pandemic.”

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, through social media, book fairs with school and public libraries, direct and internet sales.

Contact:
Educational Development Corporation
Randall White, [phone]