Benzinga | Jan 6, 2021 04:48PM EST

Educational Development Corporation Announces Dec. Net Revenues $15.1M

TULSA, Okla., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Educational Development Corporation ("EDC", or the "Company") (NASDAQ:EDUC) ( http://www.edcpub.com) reports that the Company has achieved record net revenues in December 2020 totaling approximately $15.1 million and the active sales consultants in the Company's Usborne Books and More (UBAM) Sales Division grew to over 60,000 as of December 31, 2020.

Per Randall White, Chief Executive Officer, "We have finished the calendar year 2020 with continued record sales volumes. Our UBAM division generated approximately $14.3 million of net revenues in December 2020, an increase of $6.7 million, or 88%, over the prior year's December net revenues of approximately $7.6 million. I am also very pleased to announce that our Retail Division reported net revenues of approximately $0.8 million, which was $0.3 million, or 60%, higher than December last year."

Mr. White continued, "While no one could have predicted our growth over the past nine months, we were prepared for it and have delivered on our commitments. Our definition of success; when preparation meets opportunity."

Per Mr. White, "Our growth in UBAM active consultants continues to drive the overall growth in sales. Our active consultant count grew from just under 30,000 at the end of March 2020 to over 60,000 by the end of December 2020. This expanded sales force will continue to drive our growth in calendar 2021 and beyond. I want to thank our consultants for all their hard work during 2020 and let them know we will continue to support their increased sales volumes and recruiting efforts in the new year. This support is evidenced by our current $4.5 million capital expansion project to once again double our daily shipping capacity. This $4.5 million capital project two additional pick, pack and ship lines to our existing operations and will ensure we can keep up with new growth in the upcoming year. We also expect efficiency gains from the addition of this new production line."

Mr. White concluded, "Our retail division's sales rebounded in our fiscal third quarter ending November 30, 2020 and December net revenues were 60% higher than December 2019. This growth, along with the addition of new staff in our retail division's inside sales team, makes us optimistic that the retail division's sales will return to historical levels."