x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 73-0750007 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
10302 East 55th Place, Tulsa, Oklahoma | 74146-6515 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company x |
Page | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | 3 | |
Item 2. | ||
Item 3. | 16 | |
Item 4. | 16 | |
PART II. OTHER INFORMATION | ||
Item 1. | 17 | |
Item 1A | 17 | |
Item 2. | 17 | |
Item 3. | 18 | |
Item 4. | 18 | |
Item 5. | 18 | |
Item 6. | 18 | |
19 |
ASSETS | May 31, 2011 | February 28, 2011 | August 31, 2011 | February 28, 2011 | ||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 1,843,900 | $ | 1,988,200 | $ | 932,000 | $ | 1,988,200 | ||||||||
Accounts receivable, less allowance for doubtful accounts and sales returns $571,000 (May 31) and $562,800 (February 28) | 3,291,400 | 3,076,300 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts and sales returns $544,700 (Aug 31) and $562,800 (February 28) | 3,337,900 | 3,076,300 | ||||||||||||||
Inventories—Net | 10,023,200 | 10,010,100 | 10,195,900 | 10,010,100 | ||||||||||||
Prepaid expenses and other assets | 301,900 | 315,500 | 279,400 | 315,500 | ||||||||||||
Income tax receivable | 52,700 | - | ||||||||||||||
Deferred income taxes | 367,100 | 367,700 | 377,400 | 367,700 | ||||||||||||
Total current assets | 15,827,500 | 15,757,800 | 15,175,300 | 15,757,800 | ||||||||||||
INVENTORIES—Net | 492,000 | 593,000 | 500,000 | 593,000 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT—Net | 2,013,300 | 2,042,400 | 2,045,700 | 2,042,400 | ||||||||||||
OTHER ASSETS | 256,500 | 256,500 | 256,400 | 256,500 | ||||||||||||
DEFERRED INCOME TAXES | 55,100 | 55,300 | 60,600 | 55,300 | ||||||||||||
TOTAL ASSETS | $ | 18,644,400 | $ | 18,705,000 | $ | 18,038,000 | $ | 18,705,000 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable | $ | 2,593,100 | $ | 2,407,900 | $ | 2,517,300 | $ | 2,407,900 | ||||||||
Accrued salaries and commissions | 481,400 | 398,700 | 359,500 | 398,700 | ||||||||||||
Current maturities of long-term debt | 75,000 | 75,000 | 75,000 | 75,000 | ||||||||||||
Income taxes payable | 122,500 | 23,800 | - | 23,800 | ||||||||||||
Dividends payable | 466,700 | 468,700 | 466,700 | 468,700 | ||||||||||||
Other current liabilities | 516,300 | 672,400 | 574,700 | 672,400 | ||||||||||||
Total current liabilities | 4,255,000 | 4,046,500 | 3,993,200 | 4,046,500 | ||||||||||||
COMMITMENTS | ||||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||||
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (May 31 and February 28) shares; Outstanding 3,889,073 (May 31) and 3,905,898 (February 28) shares | 1,208,200 | 1,208,200 | ||||||||||||||
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (Aug 31 and February 28) shares; Outstanding 3,888,971 (Aug 31) and 3,905,898 (February 28) shares | 1,208,200 | 1,208,200 | ||||||||||||||
Capital in excess of par value | 8,548,000 | 8,548,000 | 8,548,000 | 8,548,000 | ||||||||||||
Retained earnings | 16,408,600 | 16,575,100 | 16,068,100 | 16,575,100 | ||||||||||||
26,164,800 | 26,331,300 | 25,824,300 | 26,331,300 | |||||||||||||
Less treasury stock, at cost | (11,775,400 | ) | (11,672,800 | ) | (11,779,500 | ) | (11,672,800 | ) | ||||||||
14,389,400 | 14,658,500 | 14,044,800 | 14,658,500 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 18,644,400 | $ | 18,705,000 | $ | 18,038,000 | $ | 18,705,000 |
Three Months Ended May 31, | Three Months Ended Aug 31, | Six Months Ended August 31, | ||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
GROSS SALES | $ | 9,303,900 | $ | 8,776,000 | $ | 9,390,900 | $ | 9,112,200 | $ | 18,694,800 | $ | 17,888,200 | ||||||||||||
Less discounts and allowances | (3,265,300 | ) | (2,744,400 | ) | (4,132,400 | ) | (3,616,800 | ) | (7,397,700 | ) | (6,361,200 | ) | ||||||||||||
Transportation revenue | 225,800 | 263,800 | 178,600 | 255,000 | 404,400 | 518,800 | ||||||||||||||||||
NET REVENUES | 6,264,400 | 6,295,400 | 5,437,100 | 5,750,400 | 11,701,500 | 12,045,800 | ||||||||||||||||||
COST OF SALES | 2,440,400 | 2,321,200 | 2,400,400 | 2,363,200 | 4,840,800 | 4,684,400 | ||||||||||||||||||
Gross margin | 3,824,000 | 3,974,200 | 3,036,700 | 3,387,200 | 6,860,700 | 7,361,400 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Operating and selling | 1,645,800 | 1,707,500 | 1,488,100 | 1,605,400 | 3,133,900 | 3,312,900 | ||||||||||||||||||
Sales commissions | 1,224,500 | 1,304,500 | 841,400 | 998,700 | 2,065,900 | 2,303,200 | ||||||||||||||||||
General and administrative | 478,400 | 477,600 | 511,800 | 517,000 | 990,200 | 994,600 | ||||||||||||||||||
Casualty loss | - | 188,500 | - | - | - | 188,500 | ||||||||||||||||||
3,348,700 | 3,678,100 | 2,841,300 | 3,121,100 | 6,190,000 | 6,799,200 | |||||||||||||||||||
OTHER INCOME | 5,400 | 4,200 | 4,700 | 37,000 | 10,100 | 41,200 | ||||||||||||||||||
EARNINGS BEFORE INCOME TAXES | 480,700 | 300,300 | 200,100 | 303,100 | 680,800 | 603,400 | ||||||||||||||||||
INCOME TAXES | 180,500 | 112,100 | 73,900 | 112,900 | 254,400 | 225,000 | ||||||||||||||||||
NET EARNINGS | $ | 300,200 | $ | 188,200 | $ | 126,200 | $ | 190,200 | $ | 426,400 | $ | 378,400 | ||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE: | ||||||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | 0.11 | $ | 0.10 | ||||||||||||
Diluted | $ | 0.08 | $ | 0.05 | $ | 0.03 | $ | 0.05 | $ | 0.11 | $ | 0.10 | ||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING: | ||||||||||||||||||||||||
Basic | 3,897,129 | 3,876,603 | 3,893,283 | 3,882,593 | 3,895,206 | 3,879,598 | ||||||||||||||||||
Diluted | 3,899,026 | 3,880,131 | 3,893,700 | 3,883,505 | 3,896,363 | 3,881,818 |
Common Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(par value $0.20 per share) | (par value $0.20 per share) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Capital in | Treasury Stock | Number of | Capital in | Treasury Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Excess of | Retained | Number of | Shareholders’ | Shares | Excess of | Retained | Number of | Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Issued | Amount | Par Value | Earnings | Shares | Amount | Equity | Issued | Amount | Par Value | Earnings | Shares | Amount | Equity | |||||||||||||||||||||||||||||||||||||||||||
BALANCE—March 1, 2011 | 6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 16,575,100 | 2,135,141 | $ | (11,672,800 | ) | $ | 14,658,500 | 6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 16,575,100 | 2,135,141 | $ | (11,672,800 | ) | $ | 14,658,500 | ||||||||||||||||||||||||||||||
Purchases of treasury stock | - | - | - | - | 25,417 | (154,200 | ) | (154,200 | ) | - | - | - | - | 36,721 | (214,300 | ) | (214,300 | ) | ||||||||||||||||||||||||||||||||||||||
Sales of treasury stock | - | - | - | - | (8,591 | ) | 51,600 | 51,600 | - | - | - | - | (19,793 | ) | 107,600 | 107,600 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared ($.12/share) | - | - | - | (466,700 | ) | - | - | (466,700 | ) | - | - | - | (466,700 | ) | - | - | (466,700 | ) | ||||||||||||||||||||||||||||||||||||||
Dividends declared and paid ($.12/share) | - | - | - | (466,700 | ) | - | - | (466,700 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | - | - | - | 300,200 | - | - | 300,200 | - | - | - | 426,400 | - | - | 426,400 | ||||||||||||||||||||||||||||||||||||||||||
BALANCE—May 31, 2011 | 6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 16,408,600 | 2,151,967 | $ | (11,775,400 | ) | $ | 14,389,400 | |||||||||||||||||||||||||||||||||||||||||||
BALANCE—August 31, 2011 | 6,041,040 | $ | 1,208,200 | $ | 8,548,000 | $ | 16,068,100 | 2,152,069 | $ | (11,779,500 | ) | $ | 14,044,800 |
2011 | 2010 | 2011 | 2010 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | $ | 427,000 | $ | 560,700 | $ | 46,900 | $ | 1,499,400 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | - | - | ||||||||||||||
Purchases of property and equipment | (61,000 | ) | (4,200 | ) | ||||||||||||
Net cash used in investing activities | (61,000 | ) | (4,200 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Cash paid to acquire treasury stock | (154,200 | ) | (165,200 | ) | (214,300 | ) | (186,700 | ) | ||||||||
Cash received from sales of treasury stock | 51,600 | 56,900 | 107,600 | 124,100 | ||||||||||||
Dividends paid | (468,700 | ) | (466,400 | ) | (935,400 | ) | (931,700 | ) | ||||||||
Stock options exercised | - | 4,400 | ||||||||||||||
Net cash used in financing activities | (571,300 | ) | (574,700 | ) | (1,042,100 | ) | (989,900 | ) | ||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (144,300 | ) | (14,000 | ) | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,056,200 | ) | 505,300 | |||||||||||||
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD | 1,988,200 | 1,196,900 | 1,988,200 | 1,196,900 | ||||||||||||
CASH AND CASH EQUIVALENTS—END OF PERIOD | $ | 1,843,900 | $ | 1,182,900 | $ | 932,000 | $ | 1,702,200 | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||
Cash paid for income taxes | $ | 81,000 | $ | - | $ | 346,000 | $ | 160,000 |
2011 | 2011 | |||||||||||||||
May 31, | February 28, | August 31, | February 28, | |||||||||||||
Current: | ||||||||||||||||
Book inventory | $ | 10,045,400 | $ | 10,030,800 | $ | 10,219,600 | $ | 10,030,800 | ||||||||
Inventory valuation allowance | (22,200 | ) | (20,700 | ) | (23,700 | ) | (20,700 | ) | ||||||||
Inventories net–current | $ | 10,023,200 | $ | 10,010,100 | $ | 10,195,900 | $ | 10,010,100 | ||||||||
Noncurrent: | ||||||||||||||||
Book inventory | $ | 807,000 | $ | 903,000 | $ | 825,000 | $ | 903,000 | ||||||||
Inventory valuation allowance | (315,000 | ) | (310,000 | ) | (325,000 | ) | (310,000 | ) | ||||||||
Inventories net–noncurrent | $ | 492,000 | $ | 593,000 | $ | 500,000 | $ | 593,000 |
Earnings Per Share: | ||||||||
Three Months Ended May 31, | ||||||||
2011 | 2011 | |||||||
Net earnings applicable to common shareholders | $ | 300,200 | $ | 188,200 | ||||
Shares: | ||||||||
Weighted average shares outstanding - basic | 3,897,129 | 3,876,603 | ||||||
Assumed exercise of options | 1,897 | 3,528 | ||||||
Weighted average shares outstanding - diluted | 3,899,026 | 3,880,131 | ||||||
Basic Earnings Per Share | $ | 0.08 | $ | 0.05 | ||||
Diluted Earnings Per Share | $ | 0.08 | $ | 0.05 |
Earnings Per Share: | ||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net earnings applicable to common shareholders | $ | 126,200 | $ | 190,200 | $ | 426,400 | $ | 378,400 | ||||||||
Shares: | ||||||||||||||||
Weighted average shares outstanding - basic | 3,893,283 | 3,882,593 | 3,895,206 | 3,879,598 | ||||||||||||
Assumed exercise of options | 417 | 912 | 1,157 | 2,220 | ||||||||||||
Weighted average shares outstanding - diluted | 3,893,700 | 3,883,505 | 3,896,363 | 3,881,818 | ||||||||||||
Basic Earnings Per Share | $ | 0.03 | $ | 0.05 | $ | 0.11 | $ | 0.10 | ||||||||
Diluted Earnings Per Share | $ | 0.03 | $ | 0.05 | $ | 0.11 | $ | 0.10 |
NET REVENUES | ||||||||
Three Months Ended May 31, | ||||||||
2011 | 2010 | |||||||
Publishing | $ | 2,403,200 | $ | 2,099,600 | ||||
UBAM | 3,861,200 | 4,195,800 | ||||||
Other | - | - | ||||||
Total | $ | 6,264,400 | $ | 6,295,400 | ||||
EARNINGS (LOSS) BEFORE INCOME TAXES | ||||||||
Three Months Ended May 31, | ||||||||
2011 | 2010 | |||||||
Publishing | $ | 759,900 | $ | 603,600 | ||||
UBAM | 700,000 | 884,000 | ||||||
Other | (979,200 | ) | (1,187,300 | ) | ||||
Total | $ | 480,700 | $ | 300,300 |
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Publishing | $ | 2,832,900 | $ | 2,709,300 | $ | 5,236,100 | $ | 4,808,900 | ||||||||
UBAM | 2,604,200 | 3,041,100 | 6,465,400 | 7,236,900 | ||||||||||||
Other | - | - | - | - | ||||||||||||
Total | $ | 5,437,100 | $ | 5,750,400 | $ | 11,701,500 | $ | 12,045,800 | ||||||||
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Publishing | $ | 910,300 | $ | 843,500 | $ | 1,670,200 | $ | 1,447,100 | ||||||||
UBAM | 291,600 | 456,900 | 991,600 | 1,340,900 | ||||||||||||
Other | (1,001,800 | ) | (997,300 | ) | (1,981,000 | ) | (2,184,600 | ) | ||||||||
Total | $ | 200,100 | $ | 303,100 | $ | 680,800 | $ | 603,400 |
Three Months Ended May 31, | ||||||||
2011 | 2010 | |||||||
Net revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 39.0 | % | 36.9 | % | ||||
Gross margin | 61.0 | % | 63.1 | % | ||||
Operating expenses: | ||||||||
Operating & selling | 26.3 | % | 27.1 | % | ||||
Sales commissions | 19.5 | % | 20.7 | % | ||||
General & administrative | 7.6 | % | 7.6 | % | ||||
Casualty loss | 0.0 | % | 3.0 | % | ||||
Total operating expenses | 53.4 | % | 58.4 | % | ||||
Income from operations | 7.6 | % | 4.7 | % | ||||
Other income | 0.1 | % | 0.1 | % | ||||
Earnings before income taxes | 7.7 | % | 4.8 | % | ||||
Income taxes | 2.9 | % | 1.8 | % | ||||
Net earnings | 4.8 | % | 3.0 | % |
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales | 44.1 | % | 41.1 | % | 41.4 | % | 38.9 | % | ||||||||
Gross margin | 55.9 | % | 58.9 | % | 58.6 | % | 61.1 | % | ||||||||
Operating expenses: | ||||||||||||||||
Operating & selling | 27.4 | % | 27.9 | % | 26.8 | % | 27.5 | % | ||||||||
Sales commissions | 15.5 | % | 17.4 | % | 17.6 | % | 19.1 | % | ||||||||
General & administrative | 9.4 | % | 9.0 | % | 8.5 | % | 8.2 | % | ||||||||
Casualty loss | 0.0 | % | 0.0 | % | 0.0 | % | 1.6 | % | ||||||||
Total operating expenses | 52.3 | % | 54.3 | % | 52.9 | % | 56.4 | % | ||||||||
Other income | 0.1 | % | 0.7 | % | 0.1 | % | 0.3 | % | ||||||||
Earnings before income taxes | 3.7 | % | 5.3 | % | 5.8 | % | 5.0 | % | ||||||||
Income taxes | 1.4 | % | 2.0 | % | 2.2 | % | 1.9 | % | ||||||||
Net earnings | 2.3 | % | 3.3 | % | 3.6 | % | 3.1 | % |
For the Three Months Ended August 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Gross sales | $ | 9,390,900 | $ | 9,112,200 | $ | 278,700 | 3.1 | |||||||||
Less discounts & allowances | (4,132,400 | ) | (3,616,800 | ) | (515,600 | ) | 14.3 | |||||||||
Transportation revenue | 178,600 | 255,000 | (76,400 | ) | (30.0 | ) | ||||||||||
Net revenues | $ | 5,437,100 | $ | 5,750,400 | $ | (313,300 | ) | (5.4 | ) |
For the Three Months Ended May 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Gross sales | $ | 9,303,900 | $ | 8,776,000 | $ | 527,900 | 6.0 | |||||||||
Less discounts & allowances | (3,265,300 | ) | (2,744,400 | ) | (520,900 | ) | 19.0 | |||||||||
Transportation revenue | 225,800 | 263,800 | (38,000 | ) | (14.4 | ) | ||||||||||
Net revenues | $ | 6,264,400 | $ | 6,295,400 | $ | (31,000 | ) | (0.5 | ) |
For Three Months Ended August 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Cost of sales | $ | 2,400,400 | $ | 2,363,200 | $ | 37,200 | 1.6 | |||||||||
Operating & selling | 1,488,100 | 1,605,400 | (117,300 | ) | (7.3 | ) | ||||||||||
Sales commissions | 841,400 | 998,700 | (157,300 | ) | (15.8 | ) | ||||||||||
General & administrative | 511,800 | 517,000 | (5,200 | ) | (1.0 | ) | ||||||||||
Total | $ | 5,241,700 | $ | 5,484,300 | $ | (242,600 | ) | (4.4 | ) |
For Three Months Ended May 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Cost of sales | $ | 2,440,400 | $ | 2,321,200 | $ | 119,200 | 5.1 | |||||||||
Operating & selling | 1,645,800 | 1,707,500 | (61,700 | ) | (3.6 | ) | ||||||||||
Sales commissions | 1,224,500 | 1,304,500 | (80,000 | ) | (6.1 | ) | ||||||||||
General & administrative | 478,400 | 477,600 | 800 | 0.2 | ||||||||||||
Casualty loss | - | 188,500 | (188,500 | ) | (100.0 | ) | ||||||||||
Total | $ | 5,789,100 | $ | 5,999,300 | $ | (210,200 | ) | (3.5 | ) |
For the Six Months Ended August 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Gross sales | $ | 18,694,800 | $ | 17,888,200 | $ | 806,600 | 4.5 | |||||||||
Less discounts & allowances | (7,397,700 | ) | (6,361,200 | ) | (1,036,500 | ) | 16.3 | |||||||||
Transportation revenue | 404,400 | 518,800 | (114,400 | ) | (22.1 | ) | ||||||||||
Net revenues | $ | 11,701,500 | $ | 12,045,800 | $ | (344,300 | ) | (2.9 | ) |
For the Six Months Ended August 31, | ||||||||||||||||
2011 | 2010 | $ Change | % Change | |||||||||||||
Cost of sales | $ | 4,840,800 | $ | 4,684,400 | $ | 156,400 | 3.3 | |||||||||
Operating & selling | 3,133,900 | 3,312,900 | (179,000 | ) | (5.4 | ) | ||||||||||
Sales commissions | 2,065,900 | 2,303,200 | (237,300 | ) | (10.3 | ) | ||||||||||
General & administrative | 990,200 | 994,600 | (4,400 | ) | (0.4 | ) | ||||||||||
Casualty loss | - | 188,500 | (188,500 | ) | (100.0 | ) | ||||||||||
Total | $ | 11,030,800 | $ | 11,483,600 | $ | (452,800 | ) | (3.9 | ) |
Period | Total # of Shares Purchased | Average Price Paid per Share | Total # of Shares Purchased as Part of Publicly Announced Plan (1) | Maximum # of Shares that May be Repurchased under the Plan (2) (3) | ||||||||||||
March 1 - 31, 2011 | 845 | $ | 6.37 | 845 | 395,995 | |||||||||||
April 1 - 30, 2011 | 23,120 | $ | 6.05 | 23,120 | 372,875 | |||||||||||
May 1 - 31, 2011 | 1,452 | $ | 6.19 | 1,452 | 371,423 | |||||||||||
Total | 25,417 | $ | 6.07 | 25,417 | ||||||||||||
(1) All of the shares of common stock set forth in this column were purchased pursuant to a publicly announced plan as described in footnote 2 below. | ||||||||||||||||
(2) In April 2008 the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under a repurchase plan. Pursuant to the plan, we may purchase a total of 371,423 additional shares of our common stock until 3,000,000 shares have been repurchased. | ||||||||||||||||
(3) There is no expiration date for the repurchase plan. |
Period | Total # of Shares Purchased | Average Price Paid per Share | Total # of Shares Purchased as Part of Publicly Announced Plan (1) | Maximum # of Shares that May be Repurchased under the Plan | ||||||||||||
(2 | ) (3) | |||||||||||||||
371423 | ||||||||||||||||
June 1 - 30, 2011 | 30 | $ | 5.57 | 30 | 371,393 | |||||||||||
July 1 - 31, 2011 | 204 | $ | 5.57 | 204 | 371,189 | |||||||||||
August 1 - 31, 2011 | 11,070 | $ | 5.31 | 11,070 | 360,119 | |||||||||||
Total | 11,304 | $ | 5.31 | 11,304 |
(1) | All of the shares of common stock set forth in this column were purchased pursuant to a publicly announced plan as described in footnote 2 below. |
(2) | In April 2008 the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under a repurchase plan. Pursuant to the plan, we may purchase a total of 360,119 additional shares of our common stock until 3,000,000 shares have been repurchased. |
(3) | There is no expiration date for the repurchase plan. |
Exhibit No. | Description |
31.1 |
32.1 | |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
EDUCATIONAL DEVELOPMENT CORPORATION (Registrant) | |||
Date: | By: | /s/ Randall W. White | |
Randall W. White | |||
President | |||
Exhibit No. | Description |
31.1 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |