EDC net income falls

Educational

Development Corp. reported Tuesday its year-over-year net income fell in the third quarter of its fiscal year.

The company reported it earned a net income of about $2.7 million, or 33 cents per share, on total net revenues of about $40.8 million. In the third quarter of 2018, it earned a net income of about $2.8 million, or 34 cents per share, on total net revenues of about $40.5 million. The company's third quarter ends on Nov. 30.

CEO Randall White said the third quarter of this year was notable for the firm because its direct sales division, Usborne Books & More, reported its first growth quarter of the company's fiscal year.

The division' s net revenues were up 2.1%, compared to the same quarter the previous year. Shipping costs, on the other hand, were more expensive, year-over-year.

White said he was pleased the company was able to grow sales during the period, noting that Usborne Books & Moore added 11,500 sales consultants to its operation, helping to drive its yearover-year growth.

“While our sales increase was modest this quarter, we are pleased to report revenue growth and an increase in our number of active consultants,” he said. “These results can be attributed to our dedicated, loyal sales force, the outstanding quality and value of our product line, the successful efforts of our marketing department, and the shipment execution from our operations department.”

The company, officials said, also plans to make a dividend payment of 5 cents per share on March 12 to holders of record on Feb. 25.