Educational Development Corp. (EDUC—NASDAQ), parent of bookseller Usborne Books & More, is marking 24 consecutive months of growth following a nine-year decline, according to the company’s quarterly earnings report.
Oklahoma-based Educational Development Corp. (EDC) operates EDC Publishing as well as the larger Usborne direct selling division. For the first quarter of fiscal year 2016, the combined businesses recorded net revenue of $9.6 million, up 34 percent from a year ago. Net income for the quarter ended May 31 rose 35 percent to $324,600.
At Usborne Books & More, a 108 percent increase in new sales associates spurred 59 percent revenue growth in the first quarter. The marketer of educational children’s books, twice recognized by Forbes magazine as one of “The 200 Best Small Companies in America,” is in the midst of a turnaround that began in 2012. In a recent interview with DSN, CEO Randall White attributed Usborne’s growth to a number of factors, including the decision to cancel an account with one of the brand’s primary wholesalers, thereby boxing out competition from Amazon.
White sees plenty of opportunity for Usborne’s continued growth, particularly via social media, where an increasing number of transactions are taking place. “We are a debt-free company; the last few months have been spectacular, and so I think there’s a huge market we can tap,” he told DSN.