Benzinga | Apr 8, 2021 09:19AM EDT

Educational Development Corporation Wednesday Reported March 2021 Net Revs $19.1M Vs $8.2M YoY

Educational Development Corporation ("EDC", or the "Company") (NASDAQ:EDUC) ( http://www.edcpub.com) reports that the Company has achieved record net revenues in March 2021 totaling approximately $19.1 million, an increase of $10.9 million, or 133%, over net revenues achieved in March 2020 of $8.2 million. The Company's Usborne Books & More (UBAM) division achieved record net revenues in March 2021 totaling $17.9 million, an increase of $10.2 million, or 132%, over March 2020. The Company's Publishing division achieved net revenues of $1.2 million, an increase of $0.7 million, or 140%, over March last year. The Company's UBAM division finished March 2021 with approximately 56,400 active consultants.

Per Randall White, Chief Executive Officer, "March 2021 represents our twelfth straight month of reporting record monthly net revenue growth over the comparable month of the prior year. And while this growth has been consistently repeating, our March 2021 sales growth is magnified against its prior period, which saw a 25% reduction of sales due to the negative impact of the pandemic."

Mr. White continued, "Our UBAM division sales growth continues to be driven by our increased number of active sales consultants. Our active consultant sales force has grown from 29,400 in March 2020 to 56,400 at the end of March 2021. This growth of 27,000 active consultants represents a 92% increase in our sales force. It is this expanded consultant sales force that continues to drive our growth; with more consultants introducing our products to more customers, we continue to generate more orders and increased net revenues."



Mr. White concluded, "In addition to our continued growth from UBAM, our Publishing division's sales in the month of March exceeded $1.0 million for the first time in history. We continue to see growth as our retail customers build positive sales momentum and we look forward to our Publishing division continuing its recent success in increased sales."