Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Aug. 31, 2013 | Oct. 10, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Educational Development Corp | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -26 | |
Entity Common Stock, Shares Outstanding | 3,970,216 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 31667 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $279,000 | $469,100 |
Accounts receivable, less allowance for doubtful accounts and sales returns $571,900 (August 31 and February 28) | 3,755,200 | 3,419,100 |
Inventories—Net | 9,888,000 | 9,724,700 |
Prepaid expenses and other assets | 207,400 | 438,800 |
Income tax receivable | 158,300 | 229,300 |
Deferred income taxes | 380,800 | 381,400 |
Total current assets | 14,668,700 | 14,662,400 |
INVENTORIES—Net | 517,700 | 559,000 |
PROPERTY, PLANT AND EQUIPMENT—Net | 1,902,700 | 1,915,500 |
INVESTMENT IN NONMARKETABLE EQUITY SECURITIES | 430,300 | 430,300 |
OTHER ASSETS | 256,700 | 256,700 |
DEFERRED INCOME TAXES | 69,400 | 76,900 |
TOTAL ASSETS | 17,845,500 | 17,900,800 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,540,400 | 1,862,100 |
Line of credit, current portion | 1,250,000 | 1,250,000 |
Accrued salaries and commissions | 419,700 | 439,300 |
Dividends payable | 318,900 | 317,900 |
Other current liabilities | 349,200 | 579,700 |
Total current liabilities | 4,878,200 | 4,449,000 |
COMMITMENTS | ||
SHAREHOLDERS’ EQUITY: | ||
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (August 31 and February 28) shares; Outstanding 3,970,216 (August 31) and 3,960,812 (February 28) shares | 1,208,200 | 1,208,200 |
Capital in excess of par value | 8,548,000 | 8,548,000 |
Retained earnings | 14,681,000 | 15,194,700 |
24,437,200 | 24,950,900 | |
Less treasury stock, at cost | -11,469,900 | -11,499,100 |
Total shareholders' equity | 12,967,300 | 13,451,800 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $17,845,500 | $17,900,800 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Allowance for doubtful accounts and sales returns (in Dollars) | $571,900 | $571,900 |
Common Stock, par value (in Dollars per share) | $0.20 | $0.20 |
Common Stock, shares authorized (in Shares) | 8,000,000 | 8,000,000 |
Common Stock, shares issued (in Shares) | 6,041,040 | 6,041,040 |
Common Stock, shares outstanding (in Shares) | 3,970,216 | 3,960,812 |
CONDENSED_STATEMENTS_OF_EARNIN
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
GROSS SALES | $9,513,000 | $9,388,100 | $18,442,200 | $18,992,000 |
Less discounts and allowances | -3,990,700 | -4,097,300 | -7,122,500 | -7,325,800 |
Transportation revenue | 192,800 | 173,600 | 385,900 | 392,800 |
NET REVENUES | 5,715,100 | 5,464,400 | 11,705,600 | 12,059,000 |
COST OF SALES | 2,661,000 | 2,440,200 | 5,137,200 | 4,916,100 |
Gross margin | 3,054,100 | 3,024,200 | 6,568,400 | 7,142,900 |
OPERATING EXPENSES: | ||||
Operating and selling | 1,601,700 | 1,504,500 | 3,337,500 | 3,105,700 |
Sales commissions | 866,200 | 810,000 | 2,025,800 | 2,176,500 |
General and administrative | 501,800 | 489,100 | 1,020,500 | 1,080,700 |
Total operating expenses | 2,969,700 | 2,803,600 | 6,383,800 | 6,362,900 |
OTHER INCOME (EXPENSE) | 1,800 | -1,400 | 6,400 | 1,100 |
EARNINGS BEFORE INCOME TAXES | 86,200 | 219,200 | 191,000 | 781,100 |
INCOME TAXES | 29,800 | 81,000 | 68,000 | 292,700 |
NET EARNINGS | $56,400 | $138,200 | $123,000 | $488,400 |
BASIC AND DILUTED EARNINGS PER SHARE: | ||||
Basic (in Dollars per share) | $0.01 | $0.04 | $0.03 | $0.12 |
Diluted (in Dollars per share) | $0.01 | $0.04 | $0.03 | $0.12 |
DIVIDENDS PER SHARE (in Dollars per share) | $0.08 | $0.12 | $0.16 | $0.24 |
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING: | ||||
Basic (in Shares) | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 |
Diluted (in Shares) | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Feb. 28, 2013 | $1,208,200 | $8,548,000 | $15,194,700 | ($11,499,100) | $13,451,800 |
Balance (in Shares) at Feb. 28, 2013 | 6,041,040 | 2,080,228 | 6,041,040 | ||
Purchases of treasury stock | -57,600 | -57,600 | |||
Purchases of treasury stock (in Shares) | 16,898 | ||||
Sales of treasury stock | 86,800 | 86,800 | |||
Sales of treasury stock (in Shares) | -26,302 | ||||
Dividends declared ($.08/share) | -318,900 | -318,900 | |||
Dividends paid ($.08/share) | -317,800 | -317,800 | |||
Net earnings | 123,000 | 123,000 | |||
Balance at Aug. 31, 2013 | $1,208,200 | $8,548,000 | $14,681,000 | ($11,469,900) | $12,967,300 |
Balance (in Shares) at Aug. 31, 2013 | 6,041,040 | 2,070,824 | 6,041,040 |
CONDENSED_STATEMENT_OF_CHANGES1
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parentheticals) (USD $) | 6 Months Ended |
Aug. 31, 2013 | |
Dividends paid, price per share (in Dollars per share) | $0.16 |
Retained Earnings [Member] | |
Dividends declared, price per share (in Dollars per share) | $0.08 |
Dividends paid, price per share (in Dollars per share) | $0.08 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 6 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | $460,100 | $171,700 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in nonmarketable equity securites | 0 | -129,400 |
Purchases of property, plant and equipment | -43,700 | -16,500 |
Net cash used in investing activities | -43,700 | -145,900 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash paid to acquire treasury stock | -57,600 | -49,100 |
Cash received from sales of treasury stock | 86,800 | 110,800 |
Borrowings under revolving credit agreement | 900,000 | 725,000 |
Payments under revolving credit agreement | -900,000 | -200,000 |
Dividends paid | -635,700 | -939,600 |
Net cash used in financing activities | -606,500 | -352,900 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -190,100 | -327,100 |
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD | 469,100 | 760,100 |
CASH AND CASH EQUIVALENTS—END OF PERIOD | 279,000 | 433,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 20,400 | 7,200 |
Cash paid for income taxes | $0 | $344,100 |
Note_1
Note 1 | 6 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 1 – The information shown with respect to the three and six months ended August 31, 2013 and 2012, which is unaudited, includes all adjustments which in the opinion of Management are considered to be necessary for a fair presentation of earnings for such periods. The adjustments reflected in the financial statements represent normal recurring adjustments. The results of operations for the three and six months ended August 31, 2013 and 2012 are not necessarily indicative of the results to be expected at year end due to seasonality of the product sales. |
These financial statements and notes are prepared pursuant to the rules and regulations of the Securities and Ex-change Commission for interim reporting and should be read in conjunction with the Financial Statements and accompanying notes contained in our Annual Report to Shareholders for the Fiscal Year ended February 28, 2013. | |
Note_2
Note 2 | 6 Months Ended |
Aug. 31, 2013 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 2 – Effective June 30, 2013, we signed a Fifteenth Amendment to the Credit and Security Agreement with Arvest Bank (the Bank) which provides a $2,500,000 line of credit through June 30, 2014. Interest is payable monthly at the greater of (a) prime-floating rate minus 0.75% or (b) 4.00%. At August 31, 2013, the rate in effect was 4.00%. Borrowings are collateralized by substantially all the assets of the Company. |
We had $1,250,000 in borrowings outstanding on the above revolving credit agreement at August 31, 2013 and February 28, 2013. Available credit under the revolving credit agreement was $1,250,000 at August 31, 2013. This agreement also contains a provision for our use of the Bank’s letters of credit. The Bank agrees to issue, or obtain issuance of, commercial or stand-by letters of credit provided that no letters of credit will have an expiry date later than June 30, 2014 and that the sum of the line of credit plus the letters of credit would not exceed the borrowing base in effect at the time. The agreement contains provisions that require us to maintain specified financial ratios, restrict transactions with related parties, prohibit mergers or consolidation, disallow additional debt, and limit the amount of compensation, salaries, investments, capital expenditures and leasing transactions. We intend to renew the bank agreement or obtain other financing upon maturity. For the quarter ended August 31, 2013, we had no letters of credit outstanding. | |
Note_3
Note 3 | 6 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Note 3 – Inventories consist of the following: | ||||||||
2013 | |||||||||
August 31, | February 28, | ||||||||
Current: | |||||||||
Book inventory | $ | 9,913,000 | $ | 9,749,700 | |||||
Inventory valuation allowance | (25,000 | ) | (25,000 | ) | |||||
Inventories net–current | $ | 9,888,000 | $ | 9,724,700 | |||||
Non-current: | |||||||||
Book inventory | $ | 866,000 | $ | 934,000 | |||||
Inventory valuation allowance | (348,300 | ) | (375,000 | ) | |||||
Inventories net–non-current | $ | 517,700 | $ | 559,000 | |||||
We occasionally purchase book inventory in quantities in excess of what will be sold within the normal operating cycle due to minimum order requirements of our primary supplier. These amounts are included in non-current inventory. | |||||||||
Significant portions of our inventory purchases are concentrated with an England-based publishing company. Purchases from this company were approximately $2.7 million and $2.6 million for the three months ended August 31, 2013 and 2012, respectively. Total inventory purchases from all suppliers were approximately $3.3 million and $3.6 million for the three months ended August 31, 2013 and 2012, respectively. | |||||||||
For the six-month period ended August 31, 2013 and 2012, respectively, purchases from this company were approximately $4.1 million and $5.1 million. Total inventory purchases from all suppliers were approximately $5.5 million and $6.4 million for the six-month period ended August 31, 2013 and 2012, respectively. | |||||||||
Note_4
Note 4 | 6 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | Note 4 – Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options. In computing diluted EPS we have utilized the treasury stock method. | ||||||||||||||||
The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below. | |||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings applicable to common shareholders | $ | 56,400 | $ | 138,200 | $ | 123,000 | $ | 488,400 | |||||||||
Shares: | |||||||||||||||||
Weighted average shares outstanding - basic | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 | |||||||||||||
Assumed exercise of options | - | - | - | - | |||||||||||||
Weighted average shares outstanding - diluted | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 | |||||||||||||
Basic Earnings Per Share | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | 0.12 | |||||||||
Diluted Earnings Per Share | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | 0.12 | |||||||||
Stock options not considered above because they were antidilutive | 11,000 | 16,000 | 11,000 | 16,000 | |||||||||||||
In April 2008, our Board of Directors authorized us to purchase up to 500,000 additional shares of our common stock under a plan initiated in 1998. This plan has no expiration date. During the current quarter of fiscal year 2014, we purchased 16,243 shares of common stock. The maximum number of shares that can be repurchased in the future is 331,105. | |||||||||||||||||
Note_5
Note 5 | 6 Months Ended |
Aug. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 5 – We account for stock-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at date of grant and recognized as compensation expense over the vesting period. No such transactions occurred in the three and six-month periods ended August 31, 2013. |
Note_6
Note 6 | 6 Months Ended |
Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | Note 6 – Freight costs and handling costs incurred are included in operating and selling expenses and were $540,900 and $468,400 for the three months ended August 31, 2013 and 2012, respectively. These costs were $1,146,500 and $1,069,600 for the six-month period ended August 31, 2013 and 2012, respectively. |
Note_7
Note 7 | 6 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 7 – We have two reportable segments: Publishing and Usborne Books and More (“UBAM”). These reportable segments are business units that offer different methods of distribution to different types of customers. They are managed separately based on the fundamental differences in their operations. The Publishing Division markets its products to retail accounts, which include book, school supply, toy and gift stores and museums, through commissioned sales representatives, trade and specialty wholesalers and an internal telesales group. The UBAM Division markets its product line through a network of independent sales consultants through a combination of direct sales, home shows, book fairs and the Internet. | ||||||||||||||||
The accounting policies of the segments are the same as those of the rest of the Company. We evaluate segment performance based on earnings before income taxes of the segments, which is defined as segment net sales reduced by cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments, but are listed in the “other” row. Corporate expenses include the executive department, accounting department, information services department, general office management and building facilities management. Our assets and liabilities are not allocated on a segment basis. | |||||||||||||||||
Information by industry segment for the three and six-month periods ended August 31, 2013 and 2012 follows: | |||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Publishing | $ | 3,197,400 | $ | 3,130,100 | $ | 5,564,400 | $ | 5,436,900 | |||||||||
UBAM | 2,517,700 | 2,334,300 | 6,141,200 | 6,622,100 | |||||||||||||
Other | - | - | - | - | |||||||||||||
Total | $ | 5,715,100 | $ | 5,464,400 | $ | 11,705,600 | $ | 12,059,000 | |||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Publishing | $ | 998,500 | $ | 1,014,400 | $ | 1,700,000 | $ | 1,789,400 | |||||||||
UBAM | 117,700 | 182,300 | 603,300 | 1,087,700 | |||||||||||||
Other | (1,030,000 | ) | (977,500 | ) | (2,112,300 | ) | (2,096,000 | ) | |||||||||
Total | $ | 86,200 | $ | 219,200 | $ | 191,000 | $ | 781,100 | |||||||||
Note_8
Note 8 | 6 Months Ended |
Aug. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 8 - The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued pronouncements and concluded that the recently issued accounting standards are not currently applicable to us. |
Note_9
Note 9 | 6 Months Ended |
Aug. 31, 2013 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 9 - At February 28, 2013, we had a receivable in the amount of $364,300 due from a customer who has filed for protection from its creditors under Chapter 11 of the Bankruptcy Reform Act of 1978 ("Act"), as it had been unable to secure further financing to satisfy the claims of its creditors. During the quarter ended August 31, 2013, we received a payment towards this receivable in the amount of $44,800 representing 12% of the allowed amount of our general unsecured claim. As of August 31, 2013, this receivable balance is $319,500 and is fully reserved. |
Note_10
Note 10 | 6 Months Ended |
Aug. 31, 2013 | |
Investments, All Other Investments [Abstract] | |
Cost-method Investments, Description [Text Block] | Note 10 - During fiscal year 2012, we signed a Stock Purchase Agreement to acquire an 11% position with Demibooks, Inc. for an initial investment of $250,000. We have accounted for this investment using the cost method, as reflected on the balance sheet under ‘investment in nonmarketable equity securities’. Demibooks provides a publishing platform, Composer, which is a code-free way for publishers and self-published authors and illustrators to create interactive books for the iPad on the device itself. We utilize the Composer platform to create proprietary interactive products. The Stock Purchase Agreement allowed for an additional $250,000 investment, of which we invested an additional $180,300 during fiscal year 2013, resulting in a total position of 15.6%. Our investment in Demibooks is subject to a high degree of risk because such securities are illiquid and the value of such securities could decline causing us to write-down or write-off the value of our investment, which would result in a negative impact to our earnings. |
Note_11
Note 11 | 6 Months Ended |
Aug. 31, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 11 - The valuation hierarchy included in U.S. GAAP considers the transparency of inputs used to value assets and liabilities as of the measurement date. The less transparent or observable the inputs used to value assets and liabilities, the lower the classification of the assets and liabilities in the valuation hierarchy. A financial instrument's classification within the valuation hierarchy is based on the lowest level of input that is significant to its fair value measurement. The three levels of the valuation hierarchy and the classification of our financial assets and liabilities within the hierarchy are as follows: |
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |
Level 2 - Observable inputs other than quoted prices included within Level 1 for the asset or liability, either directly or indirectly. If an asset or liability has a specified term, a Level 2 input must be observable for substantially the full term of the asset or liability. | |
Level 3 - Unobservable inputs for the asset or liability. | |
We do not report any assets or liabilities at fair value in the financial statements. However, the estimated fair value of our line of credit is estimated by management to approximate the carrying value of $1,250,000 at August 31, 2013 and February 28, 2013. Management's estimates are based on the obligations' characteristics, including floating interest rate, maturity, and collateral. Such valuation inputs are considered a Level 2 measurement in the fair value valuation hierarchy. | |
It was not practicable to estimate the fair value of an investment representing 15.6% of the issued common stock of an untraded company; that investment is carried at its original cost of $430,300 at August 31, 2013 and February 28, 2013. | |
There were no transfers among Level 1, Level 2 or Level 3 assets during the periods ended August 31, 2013 and February 28, 2013. | |
Note_12
Note 12 | 6 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12 – On September 20, 2013, we paid the previously declared $0.08 dividend per share to shareholders of record as of September 13, 2013. |
Note_3_Tables
Note 3 (Tables) | 6 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory [Table Text Block] | Inventories consist of the following: | ||||||||
2013 | |||||||||
August 31, | February 28, | ||||||||
Current: | |||||||||
Book inventory | $ | 9,913,000 | $ | 9,749,700 | |||||
Inventory valuation allowance | (25,000 | ) | (25,000 | ) | |||||
Inventories net–current | $ | 9,888,000 | $ | 9,724,700 | |||||
Non-current: | |||||||||
Book inventory | $ | 866,000 | $ | 934,000 | |||||
Inventory valuation allowance | (348,300 | ) | (375,000 | ) | |||||
Inventories net–non-current | $ | 517,700 | $ | 559,000 |
Note_4_Tables
Note 4 (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of weighted average common and common equivalent shares used in the calculation of basic and diluted earnings per share (“EPS”) is shown below. | ||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net earnings applicable to common shareholders | $ | 56,400 | $ | 138,200 | $ | 123,000 | $ | 488,400 | |||||||||
Shares: | |||||||||||||||||
Weighted average shares outstanding - basic | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 | |||||||||||||
Assumed exercise of options | - | - | - | - | |||||||||||||
Weighted average shares outstanding - diluted | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 | |||||||||||||
Basic Earnings Per Share | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | 0.12 | |||||||||
Diluted Earnings Per Share | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | 0.12 | |||||||||
Stock options not considered above because they were antidilutive | 11,000 | 16,000 | 11,000 | 16,000 |
Note_7_Tables
Note 7 (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information by industry segment for the three and six-month periods ended August 31, 2013 and 2012 follows: | ||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Publishing | $ | 3,197,400 | $ | 3,130,100 | $ | 5,564,400 | $ | 5,436,900 | |||||||||
UBAM | 2,517,700 | 2,334,300 | 6,141,200 | 6,622,100 | |||||||||||||
Other | - | - | - | - | |||||||||||||
Total | $ | 5,715,100 | $ | 5,464,400 | $ | 11,705,600 | $ | 12,059,000 | |||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Publishing | $ | 998,500 | $ | 1,014,400 | $ | 1,700,000 | $ | 1,789,400 | |||||||||
UBAM | 117,700 | 182,300 | 603,300 | 1,087,700 | |||||||||||||
Other | (1,030,000 | ) | (977,500 | ) | (2,112,300 | ) | (2,096,000 | ) | |||||||||
Total | $ | 86,200 | $ | 219,200 | $ | 191,000 | $ | 781,100 |
Note_2_Details
Note 2 (Details) (USD $) | 6 Months Ended | |
Aug. 31, 2013 | Feb. 28, 2013 | |
Debt Disclosure [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $2,500,000 | |
Line of Credit Facility, Interest Rate Description | greater of (a) prime-floating rate minus 0.75% or (b) 4.00% | |
Line of Credit Facility, Interest Rate at Period End | 4.00% | |
Line of Credit Facility, Amount Outstanding | 1,250,000 | 1,250,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 1,250,000 | |
Letters of Credit Outstanding, Amount | $0 |
Note_3_Details
Note 3 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
England Based Publishing Company [Member] | ||||
Note 3 (Details) [Line Items] | ||||
Payments for Purchase of Other Assets | $2.70 | $2.60 | $4.10 | $5.10 |
All Inventory Suppliers [Member] | ||||
Note 3 (Details) [Line Items] | ||||
Payments for Purchase of Other Assets | $3.30 | $3.60 | $5.50 | $6.40 |
Note_3_Details_Schedule_of_Inv
Note 3 (Details) - Schedule of Inventory (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Note 3 (Details) - Schedule of Inventory [Line Items] | ||
Inventories netbnon-current | $517,700 | $559,000 |
Inventories netbcurrent | 9,888,000 | 9,724,700 |
Current [Member] | ||
Note 3 (Details) - Schedule of Inventory [Line Items] | ||
Book inventory | 9,913,000 | 9,749,700 |
Inventory valuation allowance | -25,000 | -25,000 |
Noncurrent [Member] | ||
Note 3 (Details) - Schedule of Inventory [Line Items] | ||
Book inventory | 866,000 | 934,000 |
Inventory valuation allowance | ($348,300) | ($375,000) |
Note_4_Details
Note 4 (Details) | 3 Months Ended |
Aug. 31, 2013 | |
Earnings Per Share [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 |
Stock Repurchased During Period, Shares | 16,243 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 331,105 |
Note_4_Details_Schedule_of_Ear
Note 4 (Details) - Schedule of Earnings Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Schedule of Earnings Per Share [Abstract] | ||||
Net earnings applicable to common shareholders (in Dollars) | $56,400 | $138,200 | $123,000 | $488,400 |
Shares: | ||||
Weighted average shares outstanding - basic | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 |
Assumed exercise of options | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted | 3,968,930 | 3,924,514 | 3,968,223 | 3,921,397 |
Basic Earnings Per Share (in Dollars per share) | $0.01 | $0.04 | $0.03 | $0.12 |
Diluted Earnings Per Share (in Dollars per share) | $0.01 | $0.04 | $0.03 | $0.12 |
Stock options not considered above because they were antidilutive | 11,000 | 16,000 | 11,000 | 16,000 |
Note_6_Details
Note 6 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Disclosure Text Block [Abstract] | ||||
Shipping, Handling and Transportation Costs | $540,900 | $468,400 | $1,146,500 | $1,069,600 |
Note_7_Details
Note 7 (Details) | 6 Months Ended |
Aug. 31, 2013 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Note_7_Details_Schedule_of_Inf
Note 7 (Details) - Schedule of Information by Industry Segment (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Segment Reporting Information [Line Items] | ||||
Net Revenues | $5,715,100 | $5,464,400 | $11,705,600 | $12,059,000 |
Earnings (Loss) Before Income Taxes | 86,200 | 219,200 | 191,000 | 781,100 |
Publishing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 3,197,400 | 3,130,100 | 5,564,400 | 5,436,900 |
Earnings (Loss) Before Income Taxes | 998,500 | 1,014,400 | 1,700,000 | 1,789,400 |
Usborne Books and More [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,517,700 | 2,334,300 | 6,141,200 | 6,622,100 |
Earnings (Loss) Before Income Taxes | 117,700 | 182,300 | 603,300 | 1,087,700 |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 0 | 0 | 0 | 0 |
Earnings (Loss) Before Income Taxes | ($1,030,000) | ($977,500) | ($2,112,300) | ($2,096,000) |
Note_9_Details
Note 9 (Details) (USD $) | 3 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2013 | |
Creditor in Bankruptcy [Member] | Creditor in Bankruptcy [Member] | ||
Note 9 (Details) [Line Items] | |||
Accounts Receivable, Gross, Current | $319,500 | $364,300 | |
Proceeds from Collection of Notes Receivable | $44,800 | ||
Loans and Leases Receivable, Description | representing 12% of the allowed amount of our general unsecured claim |
Note_10_Details
Note 10 (Details) (Demibooks Stock Purchase Agreement [Member], USD $) | 12 Months Ended | |
Feb. 28, 2013 | Feb. 29, 2012 | |
Demibooks Stock Purchase Agreement [Member] | ||
Note 10 (Details) [Line Items] | ||
Cost Method Investment, Ownership, Percentage | 15.60% | 11.00% |
Payments to Acquire Other Investments (in Dollars) | $180,300 | $250,000 |
Cost Method Investments, Additional Information | The Stock Purchase Agreement allowed for an additional $250,000 investment |
Note_11_Details
Note 11 (Details) (USD $) | 12 Months Ended | |
Feb. 28, 2013 | Aug. 31, 2013 | |
Note 11 (Details) [Line Items] | ||
Cost Method Investments | $430,300 | $430,300 |
Demibooks Stock Purchase Agreement [Member] | ||
Note 11 (Details) [Line Items] | ||
Cost Method Investments, Statement that Fair Value was Not Estimated | It was not practicable to estimate the fair value of an investment representing 15.6% of the issued common stock of an untraded company; that investment is carried at its original cost | |
Cost Method Investments | 430,300 | 430,300 |
Fair Value, Inputs, Level 2 [Member] | ||
Note 11 (Details) [Line Items] | ||
Lines of Credit, Fair Value Disclosure | $1,250,000 |
Note_12_Details
Note 12 (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Sep. 20, 2013 | |
Subsequent Event [Member] | |||||
Note 12 (Details) [Line Items] | |||||
Dividends Payable, Date to be Paid | 20-Sep-13 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.08 | $0.12 | $0.16 | $0.24 | $0.08 |
Dividends Payable, Date of Record | 13-Sep-13 |