Usborne Books & More Reports EOQ Results, Representatives Double & Sales Up 41%

 

Educational Development Corporation (EDC) (Nasdaq:EDUC) reported results for the fiscal second quarter and the six months ended August 31, 2014, including September.

For the six months ended August 31, 2014, EDC reports net revenue of $13,986,500, a 19% increase of $2,280,900 when compared to $11,705,600 for the same period in the previous year and net earnings of $235,800 compared to $123,000. Earnings per share were $0.06 compared to $0.03 the previous year on a fully diluted basis.

The home business division, Usborne Books & More, has now recorded 16 consecutive months of revenue growth after nine years of decline. Net revenues for the first six month of fiscal year 2015 were up 30% over the same period in fiscal year 2014, and for this quarter sales are up 41% and the trend continued in September as sales were up 58% over September last year.

Reflective of this net revenue gain, the number of sales associates joining our organization March-August has almost doubled at 2,300 as compared to 1,200 over the same period last year. Our number of active consultants is up 25% when comparing this quarter end to the prior year quarter end.