Educational Development Corporation today reports historic record net revenues for the month and quarter ended November 2014.
Randall White, CEO of Educational Development Corporation, announces record net revenues of $10.9 million for the quarter ended November 2014, the largest quarterly net revenues in the Company’s history, compared to the previous high of $10.2 million recorded for quarter ended November 2004. Net revenues for November, $4.4 million were also a record month for the Company compared with the previous monthly high of $4.1 million for November 2005.
EDC was led by the home business division, Usborne Books & More (UBAM), which recorded a 49% increase in the fiscal quarter ended November 2014. Usborne Books & More has now recorded 18 consecutive months of growth, with the past five months, July through November 2014, each posting monthly gains in excess of 40% over the same months in 2013.
The trade publishing division, EDC Publishing, recorded net revenues of just under $1 million for the month of November and is on track to exceed last fiscal year’s record sales level which is in direct contrast to the industry segment which is down 8%.
Improved shipping rates negotiated during the quarter will materially affect the earnings for