<SEC-DOCUMENT>0001171843-16-010545.txt : 20160607
<SEC-HEADER>0001171843-16-010545.hdr.sgml : 20160607
<ACCEPTANCE-DATETIME>20160607143508
ACCESSION NUMBER:		0001171843-16-010545
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160531
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160607
DATE AS OF CHANGE:		20160607

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDUCATIONAL DEVELOPMENT CORP
		CENTRAL INDEX KEY:			0000031667
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190]
		IRS NUMBER:				730750007
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-04957
		FILM NUMBER:		161700913

	BUSINESS ADDRESS:	
		STREET 1:		10302 E 55TH PL #B
		CITY:			TULSA
		STATE:			OK
		ZIP:			74146
		BUSINESS PHONE:		9186224522

	MAIL ADDRESS:	
		STREET 1:		PO BOX 470663
		CITY:			TULSA
		STATE:			OK
		ZIP:			741460663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TUTOR TAPES INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19701030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL TEACHING TAPES INC
		DATE OF NAME CHANGE:	19701030
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_060716.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--June 7, 2016-->June 7, 2016  (May 31, 2016) &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Educational Development Corporation</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>000-04957</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>73-0750007</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>5402 S 122nd E Avenue, Tulsa, Oklahoma 74146</strong><!----></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(918) 622-4522</strong><br>(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong>N/A</strong><br>(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"> <p>On June 7, 2016, Educational Development Corporation announced via press release, record unaudited net revenues for first quarter ended May 31, 2016.&#160; A copy of the press release is attached hereto.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><table style="border-collapse: collapse; "><tr><td style="">(d)</td><td style="">EXHIBITS</td></tr><tr><td style="">&#160;</td><td style="">99.1 Press release dated as of June 7, 2016</td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Educational Development Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: June 7, 2016</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Randall W. White&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Randall W. White</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">President and Chief Executive Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade"><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table border="0" cellspacing="0" cellpadding="0" style=""><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>EXHIBIT NUMBER</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>DESCRIPTION</strong></font></td></tr><tr><td><font style="font-size: 10pt;"></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;">*99.1</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Press release dated June 07, 2016</font></td></tr></table><p>______</p><p>*Filed herewith.</p></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Educational&#160;Development&#160;Corporation&#160;Announces&#160;Record&#160;Unaudited&#160;Net&#160;Revenues&#160;for&#160;First&#160;Quarter&#160;Ended&#160;May&#160;31,&#160;2016</strong></p><p style="text-align: center;"><p><p align="justify">TULSA, Okla., June  07, 2016  (GLOBE NEWSWIRE) -- Educational Development Corporation (&#8220;EDC&#8221;) (NASDAQ:EDUC) (http://www.edcpub.com) today reports historic record net revenues for the first quarter ended May 31st, 2016 (unaudited). &#160;&#160;<br></p><p>Randall White, CEO of Educational Development Corporation, announces that the Company achieved record net revenues of $22.9&#160;million for the quarter ended May 31st, 2016, compared to $9.6 million for the same quarter last year.&#160; Both divisions of the Company had excellent net revenue results with the home business division, Usborne Books &amp; More (UBAM), leading the way with $20.7 million, which is an increase of 195% over $7.0 million a year ago.&#160;&#160;</p><p>UBAM had an excellent year attracting new sales associates which now total over 21,600, compared to 8,000 at the end of May 2015.&#160; This division has now posted 36 consecutive months of net revenue gains over the same month the previous year. &#160;</p><p>Preliminary unaudited&#160;results indicate a return to normalized pre-tax earnings for the quarter. The Company is still experiencing extraordinary growth and has a large backlog of orders to be shipped. A new $700,000 warehouse picking system and a warehouse management system were installed in May, in addition to other upgrades to our facility, which has significantly improved efficiency and productivity. With the new technology and systems upgrades, the Company expects to see improved margins in the upcoming quarters.&#160; This unprecedented sales growth is primarily the result of eliminating sales to Amazon and wholesale accounts four years ago to support our retail accounts and our sales consultants.</p><p>To accommodate this escalating growth, the Company moved to our new location during the month of February, while continuing to ship product. While the fiscal year ending February 29th, 2016, produced record net revenues and net earnings, during the fourth quarter the Internal Revenue Service assessed the Company a $67,900 charge for its reporting of incentive travel earned by UBAM sales consultants.&#160; While the Company did not agree, this assessment covers five previous years in the settlement and will not occur in present or future years.&#160; Also, the Company incurred in excess of $200,000 in expenses created by moving to the new facility.&#160; The combination of these two non-recurring items was responsible for the&#160;small loss incurred for the fourth quarter.</p><p>The Company expects net revenues for the fiscal year ending February 28th, 2017, to be in the range of $140-170 million and expect earnings per share in the range of $1.00-1.50 /share. &#160;&#160;&#160;&#160;</p><p><strong><u>About Educational Development Corporation</u></strong></p><p>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&#8217;s literature from around the world. EDC&#8217;s current catalog contains over 1,800 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 5,000 retail outlets and by over 21,000 direct sales consultants nationally.</p></p><p>Contact:<br>Educational&#160;Development&#160;Corporation<br>Randall&#160;White,&#160;(918)&#160;622-4522</p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
