Educational Development Corp Files Q3 2024 10-Q
Ticker: EDUC · Form: 10-Q · Filed: Oct 10, 2024 · CIK: 31667
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
EDC filed its 10-Q for Aug 31, 2024. Check financials.
AI Summary
Educational Development Corporation filed its 10-Q for the quarterly period ended August 31, 2024. The company, incorporated in Delaware, is primarily involved in wholesale-miscellaneous nondurable goods. Its principal business address is in Tulsa, Oklahoma.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Educational Development Corporation for the third quarter of fiscal year 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial information.
Key Numbers
- 08/31/2024 — Quarter End Date (The reporting period for this 10-Q filing.)
- 02/28 — Fiscal Year End (The company's fiscal year concludes on this date annually.)
Key Players & Entities
- EDUCATIONAL DEVELOPMENT CORP (company) — Registrant
- August 31, 2024 (date) — Quarterly period end date
- Tulsa, Oklahoma (location) — Business address
- 000-04957 (dollar_amount) — SEC file number
FAQ
What is the primary business of Educational Development Corporation?
Educational Development Corporation is classified under SIC code 5190, which is Wholesale-Miscellaneous Nondurable Goods.
When is the fiscal year end for Educational Development Corporation?
The company's fiscal year ends on February 28th.
What is the SEC file number for Educational Development Corporation?
The SEC file number for Educational Development Corporation is 000-04957.
Where is Educational Development Corporation located?
The company's business and mailing address is 5402 South 122nd East Ave, Tulsa, Oklahoma, 74146.
What type of SEC filing is this?
This is a Form 10-Q, a quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 4,394 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-10-10 17:00:43
Key Financial Figures
- $0.20 — l Development Corporation Common Stock, $0.20 par value outstanding. TABLE OF CONTEN
Filing Documents
- edc20240831_10q.htm (10-Q) — 1219KB
- ex_731316.htm (EX-31.1) — 13KB
- ex_731317.htm (EX-31.2) — 13KB
- ex_731318.htm (EX-32.1) — 6KB
- 0001185185-24-000970.txt ( ) — 5995KB
- educ-20240831.xsd (EX-101.SCH) — 52KB
- educ-20240831_cal.xml (EX-101.CAL) — 46KB
- educ-20240831_def.xml (EX-101.DEF) — 224KB
- educ-20240831_lab.xml (EX-101.LAB) — 399KB
- educ-20240831_pre.xml (EX-101.PRE) — 233KB
- edc20240831_10q_htm.xml (XML) — 860KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.
Controls and Procedures
Controls and Procedures 31
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 32 Item 1A.
Risk Factors
Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33
Signatures
Signatures 34 CAUTIONARY REMARKS REGARDING FORWARD-LOOKING STATEMENTS The information discussed in this Quarterly Report on Form 10-Q includes " forward-looking statements. " These forward-looking statements are identified by their use of terms and phrases such as " may, " " expect, " " estimate, " " project, " " plan, " " believe, " " intend, " " achievable, " " anticipate, " " continue, " " potential, " " should, " " could, " and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new brand partners, our ability to locate and procure desired books, product and supplier concentrations, our relationship with our primary supplier and the related distribution requirements and contractual limitations, adverse publicity associated with our Company or the industry, our ability to ship timely, changes to our primary sales channels, including social media and party plan platforms, changing consumer preferences and demands, cybersecurity threats and incidents, legal matters, reliance on information technology infrastructure, restrictions imposed by covenants in the agreements governing our indebtedness, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in our Annual Report on F
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS EDUCATIONAL DEVELOPMENT CORPORATION CONDENSED BALANCE SHEETS (UNAUDITED) August 31, February 29, ASSETS 2024 2024 CURRENT ASSETS: Cash and cash equivalents $ 753,800 $ 844,500 Restricted cash 376,600 432,900 Accounts receivable, less allowance for credit losses of $ 117,500 (August 31) and $ 129,000 (February 29) 2,079,100 1,936,900 Inventories - net 35,533,400 43,913,200 Prepaid expenses and other assets 873,800 630,800 Assets held for sale 19,233,900 18,281,100 Total current assets 58,850,600 66,039,400 INVENTORIES - net 14,745,100 11,677,000 PROPERTY, PLANT AND EQUIPMENT - net 7,242,800 8,939,600 DEFERRED INCOME TAX ASSET 2,366,200 1,406,500 OPERATING LEASE RIGHT-OF-USE ASSETS 1,560,100 1,614,900 OTHER ASSETS 430,100 427,600 TOTAL ASSETS $ 85,194,900 $ 90,105,000 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,623,000 $ 3,910,200 Line of credit 6,098,100 5,498,100 Deferred revenues 500,400 583,500 Operating lease liabilities, current 794,400 726,900 Current maturities of long-term debt 1,800,000 1,800,000 Accrued salaries and commissions 425,400 384,400 Income taxes payable 1,126,900 773,400 Other current liabilities 2,648,300 3,338,100 Total current liabilities 16,016,500 17,014,600 LONG-TERM DEBT - net 25,763,100 26,640,700 OPERATING LEASE LIABILITIES, non-current 765,700 888,000 OTHER LONG-TERM LIABILITIES 111,000 111,000 Total liabilities 42,656,300 44,654,300 SHAREHOLDERS' EQUITY: Common stock, $ 0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,581,601 (August 31) and 8,575,088 (February 29) shares 2,540,400 2,540,400 Capital in excess of par value 13,599,900 13,405,400 Retained earnings 39,484,200 42,566,600 Accumulated other comprehensive income (loss) ( 20,400 ) 24,400 55,604,100