Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Aug. 31, 2014 | Oct. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Educational Development Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--02-28 | ' |
Entity Common Stock, Shares Outstanding | ' | 4,011,306 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000031667 | ' |
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-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $79,900 | $680,000 |
Accounts receivable, less allowance for doubtful accounts and sales returns of $290,200 (August 31) and $333,900 (February 28) | 4,263,900 | 3,000,800 |
Inventories—Net | 11,695,500 | 9,869,400 |
Prepaid expenses and other assets | 264,500 | 262,200 |
Income tax receivable | 13,400 | 0 |
Deferred income taxes | 263,400 | 259,300 |
Total current assets | 16,580,600 | 14,071,700 |
INVENTORIES—Net | 430,400 | 470,200 |
PROPERTY, PLANT AND EQUIPMENT—Net | 1,928,700 | 1,877,600 |
OTHER ASSETS | 267,400 | 267,400 |
DEFERRED INCOME TAXES | 79,400 | 71,400 |
TOTAL ASSETS | 19,286,500 | 16,758,300 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 3,196,700 | 2,543,700 |
Line of credit | 2,500,000 | 0 |
Accrued salaries and commissions | 537,600 | 514,900 |
Income taxes payable | 0 | 140,900 |
Dividends payable | 320,200 | 318,200 |
Other current liabilities | 472,100 | 658,200 |
Total current liabilities | 7,026,600 | 4,175,900 |
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 4,002,478 (August 31) and 3,977,943 (February 28) shares | 1,208,200 | 1,208,200 |
Capital in excess of par value | 8,548,000 | 8,548,000 |
Retained earnings | 13,876,900 | 14,280,500 |
23,633,100 | 24,036,700 | |
Less treasury stock, at cost | -11,373,200 | -11,454,300 |
Total shareholders' equity | 12,259,900 | 12,582,400 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $19,286,500 | $16,758,300 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Allowance for doubtful accounts and sales returns (in Dollars) | $290,200 | $333,900 |
Common Stock, par value (in Dollars per share) | $0.20 | $0.20 |
Common Stock, shares authorized | 8,000,000 | 8,000,000 |
Common Stock, shares issued | 6,041,040 | 6,041,040 |
Common Stock, shares outstanding | 4,002,478 | 3,977,943 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
GROSS SALES | $11,335,200 | $9,513,000 | $22,055,600 | $18,442,200 |
Less discounts and allowances | -4,811,200 | -3,990,700 | -8,613,100 | -7,122,500 |
Transportation revenue | 284,200 | 192,800 | 544,000 | 385,900 |
NET REVENUES | 6,808,200 | 5,715,100 | 13,986,500 | 11,705,600 |
COST OF SALES | 3,013,100 | 2,661,000 | 5,856,600 | 5,137,200 |
Gross margin | 3,795,100 | 3,054,100 | 8,129,900 | 6,568,400 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Operating and selling | 2,065,700 | 1,601,700 | 4,124,300 | 3,337,500 |
Sales commissions | 1,177,200 | 866,200 | 2,597,100 | 2,025,800 |
General and administrative | 532,800 | 501,800 | 1,005,100 | 1,020,500 |
Total operating expenses | 3,775,700 | 2,969,700 | 7,726,500 | 6,383,800 |
OTHER INCOME (EXPENSE) | -11,100 | 1,800 | -7,500 | 6,400 |
EARNINGS BEFORE INCOME TAXES | 8,300 | 86,200 | 395,900 | 191,000 |
INCOME TAXES | 12,200 | 29,800 | 160,100 | 68,000 |
NET INCOME (LOSS) | ($3,900) | $56,400 | $235,800 | $123,000 |
BASIC AND DILUTED EARNINGS PER SHARE: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0 | $0.01 | $0.06 | $0.03 |
Diluted (in Dollars per share) | $0 | $0.01 | $0.06 | $0.03 |
DIVIDENDS PER SHARE (in Dollars per share) | $0.08 | $0.08 | $0.16 | $0.16 |
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING: | ' | ' | ' | ' |
Basic (in Shares) | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 |
Diluted (in Shares) | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 |
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—March 1, 2014 at Feb. 28, 2014 | $1,208,200 | $8,548,000 | $14,280,500 | ($11,454,300) | $12,582,400 |
BALANCE—March 1, 2014 (in Shares) at Feb. 28, 2014 | 6,041,040 | ' | ' | 2,063,097 | 6,041,040 |
Purchases of treasury stock | ' | ' | ' | -4,400 | -4,400 |
Purchases of treasury stock (in Shares) | ' | ' | ' | 1,180 | ' |
Sales of treasury stock | ' | ' | ' | 85,500 | 85,500 |
Sales of treasury stock (in Shares) | ' | ' | ' | -25,715 | ' |
Dividends declared ($.08/share) | ' | ' | -320,200 | ' | -320,200 |
Dividends paid ($.08/share) | ' | ' | -319,200 | ' | -319,200 |
Net earnings | ' | ' | 235,800 | ' | 235,800 |
BALANCE— August 31, 2014 at Aug. 31, 2014 | $1,208,200 | $8,548,000 | $13,876,900 | ($11,373,200) | $12,259,900 |
BALANCE— August 31, 2014 (in Shares) at Aug. 31, 2014 | 6,041,040 | ' | ' | 2,038,562 | 6,041,040 |
CONDENSED_STATEMENT_OF_CHANGES1
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parentheticals) (Retained Earnings [Member], USD $) | 6 Months Ended |
Aug. 31, 2014 | |
Retained Earnings [Member] | ' |
Dividends declared/share | $0.08 |
Dividends paid/share | $0.08 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 6 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ($2,429,500) | $460,100 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -114,300 | -43,700 |
Net cash used in investing activities | -114,300 | -43,700 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash paid to acquire treasury stock | -4,400 | -57,600 |
Cash received from sales of treasury stock | 85,500 | 86,800 |
Borrowings under revolving credit agreement | 2,900,000 | 900,000 |
Payments under revolving credit agreement | -400,000 | -900,000 |
Dividends paid | -637,400 | -635,700 |
Net cash provided by (used in) financing activities | 1,943,700 | -606,500 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -600,100 | -190,100 |
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD | 680,000 | 469,100 |
CASH AND CASH EQUIVALENTS—END OF PERIOD | 79,900 | 279,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 20,000 | 20,400 |
Cash paid for income taxes | $326,500 | $0 |
Note_1
Note 1 | 6 Months Ended |
Aug. 31, 2014 | |
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, 2014 and 2013, 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, 2014 and 2013 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 audited financial statements and accompanying notes contained in our annual report on Form 10-K for the fiscal year ended February 28, 2014. | |
Note_2
Note 2 | 6 Months Ended |
Aug. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Note 2 – At August 31, 2014, we had a $2,500,000 revolving credit agreement, with interest payable monthly at the greater of (a) prime rate minus 0.75% or (b) 4.00%. At August 31, 2014, the rate in effect was 4.00%. Effective September 19, 2014, we signed a Seventeenth Amendment to the Credit and Security Agreement with Arvest Bank (the Bank) which increases our revolving credit to $3,200,000 and continues this agreement with the Bank through June 30, 2015. The revolving credit agreement is collateralized by substantially all of our assets. We had $2,500,000 in borrowings outstanding on the above revolving credit agreement at August 31, 2014 and no borrowings at February 28, 2014. Available credit under the previous revolving credit agreement was $0 at August 31, 2014. | |
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, 2015 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 of the revolving credit agreement. For the quarter ended August 31, 2014, we had no letters of credit outstanding. | |
Note_3
Note 3 | 6 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 3 – Inventories consist of the following: | |||||||||
2014 | |||||||||
August 31, | February 28, | ||||||||
Current: | |||||||||
Book inventory | $ | 11,720,500 | $ | 9,894,400 | |||||
Inventory valuation allowance | (25,000 | ) | (25,000 | ) | |||||
Inventories net–current | $ | 11,695,500 | $ | 9,869,400 | |||||
Non-current: | |||||||||
Book inventory | $ | 791,000 | $ | 824,000 | |||||
Inventory valuation allowance | (360,600 | ) | (353,800 | ) | |||||
Inventories net–non-current | $ | 430,400 | $ | 470,200 | |||||
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 $3.4 million and $2.7 million for the three months ended August 31, 2014 and 2013, respectively. Total inventory purchases from all suppliers were approximately $4.1 million and $3.3 million for the three months ended August 31, 2014 and 2013, respectively. | |||||||||
Purchases from this company were approximately $6.7 million and $4.1 million for the six-month periods ended August 31, 2014 and 2013, respectively. Total inventory purchases from all suppliers were approximately $8.1 million and $5.5 million for the six-month periods ended August 31, 2014 and 2013, respectively. | |||||||||
Note_4
Note 4 | 6 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
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. | |||||||||||||||||
Earnings Per Share: | |||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | (3,900 | ) | $ | 56,400 | $ | 235,800 | $ | 123,000 | ||||||||
Shares: | |||||||||||||||||
Weighted average shares outstanding - basic | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 | |||||||||||||
Assumed exercise of options | - | - | - | - | |||||||||||||
Weighted average shares outstanding - diluted | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 | |||||||||||||
Basic Earnings Per Share | $ | (0.00 | ) | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Diluted Earnings Per Share | $ | (0.00 | ) | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Stock options not considered above because | 10,000 | 11,000 | 10,000 | 11,000 | |||||||||||||
they were antidilutive | |||||||||||||||||
Our Board of Directors has adopted a stock repurchase plan in which we may purchase up to a total of 3,000,000 shares as market conditions warrant. This plan has no expiration date. During the three months ended August 31, 2014, we did not purchase any shares of common stock. The maximum number of shares that can be repurchased in the future is 303,474. | |||||||||||||||||
Note_5
Note 5 | 6 Months Ended |
Aug. 31, 2014 | |
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, 2014 and 2013. | |
Note_6
Note 6 | 6 Months Ended |
Aug. 31, 2014 | |
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 $799,200 and $540,900 for the three months ended August 31, 2014 and 2013, respectively. These costs were $1,539,900 and $1,146,500 for the six-month period ended August 31, 2014 and 2013, respectively. | |
Note_7
Note 7 | 6 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 7 – We have two reportable segments: EDC Publishing (“Publishing”) and Usborne Books & 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 internet web sales. | |||||||||||||||||
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 below. 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, 2014 and 2013 follows: | |||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Publishing | $ | 3,260,100 | $ | 3,197,400 | $ | 6,024,000 | $ | 5,564,400 | |||||||||
UBAM | 3,548,100 | 2,517,700 | 7,962,500 | 6,141,200 | |||||||||||||
Total | $ | 6,808,200 | $ | 5,715,100 | $ | 13,986,500 | $ | 11,705,600 | |||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Publishing | $ | 965,400 | $ | 998,500 | $ | 1,774,700 | $ | 1,700,000 | |||||||||
UBAM | 154,100 | 117,700 | 769,500 | 603,300 | |||||||||||||
Other | (1,111,200 | ) | (1,030,000 | ) | (2,148,300 | ) | (2,112,300 | ) | |||||||||
Total | $ | 8,300 | $ | 86,200 | $ | 395,900 | $ | 191,000 | |||||||||
Note_8
Note 8 | 6 Months Ended |
Aug. 31, 2014 | |
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 following recently issued accounting standards apply to us. | |
In April 2014, FASB issued guidance that changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. The change is effective for fiscal years, and interim reporting periods within those years, beginning on or after December 15, 2014, which means the first quarter of our fiscal year 2016, with early adoption permitted. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. This new guidance will not affect our financial position, results of operations or cash flows. | |
In May 2014, FASB issued revised guidance on revenue recognition. The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures. The changes are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which means the first quarter of our fiscal year 2018. We are currently reviewing the revised guidance and assessing the potential impact on our financial statements. | |
Note_9
Note 9 | 6 Months Ended |
Aug. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
Note 9 - 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 $2,500,000 at August 31, 2014 and $0 at February 28, 2014. Management's estimates are based on the obligations' characteristics, including a floating interest rate, maturity, and collateral. Such valuation inputs are considered a Level 2 measurement in the fair value valuation hierarchy. | |
Note_10
Note 10 | 6 Months Ended |
Aug. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 10 – On September 19, 2014 we paid the previously declared $0.08 dividend per share to shareholders of record as of September 12, 2014. | |
Note_3_Tables
Note 3 (Tables) | 6 Months Ended | ||||||||
Aug. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory [Table Text Block] | 'Inventories consist of the following: | ||||||||
2014 | |||||||||
August 31, | February 28, | ||||||||
Current: | |||||||||
Book inventory | $ | 11,720,500 | $ | 9,894,400 | |||||
Inventory valuation allowance | (25,000 | ) | (25,000 | ) | |||||
Inventories net–current | $ | 11,695,500 | $ | 9,869,400 | |||||
Non-current: | |||||||||
Book inventory | $ | 791,000 | $ | 824,000 | |||||
Inventory valuation allowance | (360,600 | ) | (353,800 | ) | |||||
Inventories net–non-current | $ | 430,400 | $ | 470,200 |
Note_4_Tables
Note 4 (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
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. | ||||||||||||||||
Earnings Per Share: | |||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) | $ | (3,900 | ) | $ | 56,400 | $ | 235,800 | $ | 123,000 | ||||||||
Shares: | |||||||||||||||||
Weighted average shares outstanding - basic | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 | |||||||||||||
Assumed exercise of options | - | - | - | - | |||||||||||||
Weighted average shares outstanding - diluted | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 | |||||||||||||
Basic Earnings Per Share | $ | (0.00 | ) | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Diluted Earnings Per Share | $ | (0.00 | ) | $ | 0.01 | $ | 0.06 | $ | 0.03 | ||||||||
Stock options not considered above because | 10,000 | 11,000 | 10,000 | 11,000 | |||||||||||||
they were antidilutive |
Note_7_Tables
Note 7 (Tables) | 6 Months Ended | ||||||||||||||||
Aug. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 follows: | ||||||||||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Publishing | $ | 3,260,100 | $ | 3,197,400 | $ | 6,024,000 | $ | 5,564,400 | |||||||||
UBAM | 3,548,100 | 2,517,700 | 7,962,500 | 6,141,200 | |||||||||||||
Total | $ | 6,808,200 | $ | 5,715,100 | $ | 13,986,500 | $ | 11,705,600 | |||||||||
Three Months Ended August 31, | Six Months Ended August 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Publishing | $ | 965,400 | $ | 998,500 | $ | 1,774,700 | $ | 1,700,000 | |||||||||
UBAM | 154,100 | 117,700 | 769,500 | 603,300 | |||||||||||||
Other | (1,111,200 | ) | (1,030,000 | ) | (2,148,300 | ) | (2,112,300 | ) | |||||||||
Total | $ | 8,300 | $ | 86,200 | $ | 395,900 | $ | 191,000 |
Note_2_Details
Note 2 (Details) (USD $) | 0 Months Ended | 6 Months Ended | ||
Sep. 14, 2014 | Aug. 31, 2014 | Sep. 14, 2014 | Feb. 28, 2014 | |
Note 2 (Details) [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $2,500,000 | $3,200,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | 4.00% | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | 4.00% | ' | ' |
Line of Credit Facility, Expiration Date | 30-Jun-15 | ' | ' | ' |
Long-term Line of Credit | ' | 2,500,000 | ' | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | ' | $0 | ' | ' |
Prime Rate [Member] | Minimum [Member] | ' | ' | ' | ' |
Note 2 (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 'minus 0.75% | ' | ' |
Note_3_Details
Note 3 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 |
Note 3 (Details) [Line Items] | ' | ' | ' | ' |
Payments for Purchase of Other Assets | $4.10 | $3.30 | $8.10 | $5.50 |
England Based Publishing Company [Member] | ' | ' | ' | ' |
Note 3 (Details) [Line Items] | ' | ' | ' | ' |
Payments for Purchase of Other Assets | $3.40 | $2.70 | $6.70 | $4.10 |
Note_3_Details_Schedule_of_Inv
Note 3 (Details) - Schedule of Inventory (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Note 3 (Details) - Schedule of Inventory [Line Items] | ' | ' |
Inventories netbnon-current | $430,400 | $470,200 |
Inventories netbcurrent | 11,695,500 | 9,869,400 |
Inventory, Current [Member] | ' | ' |
Note 3 (Details) - Schedule of Inventory [Line Items] | ' | ' |
Book inventory | 11,720,500 | 9,894,400 |
Inventory valuation allowance | -25,000 | -25,000 |
Inventory, Noncurrent [Member] | ' | ' |
Note 3 (Details) - Schedule of Inventory [Line Items] | ' | ' |
Book inventory | 791,000 | 824,000 |
Inventory valuation allowance | ($360,600) | ($353,800) |
Note_4_Details
Note 4 (Details) | Aug. 31, 2014 |
Earnings Per Share [Abstract] | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000,000 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 303,474 |
Note_4_Details_Schedule_of_Ear
Note 4 (Details) - Schedule of Earnings Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Schedule of Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) (in Dollars) | ($3,900) | $56,400 | $235,800 | $123,000 |
Shares: | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 |
Assumed exercise of options | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted | 3,998,170 | 3,968,930 | 3,992,365 | 3,968,223 |
Basic Earnings Per Share (in Dollars per share) | $0 | $0.01 | $0.06 | $0.03 |
Diluted Earnings Per Share (in Dollars per share) | $0 | $0.01 | $0.06 | $0.03 |
Stock options not considered above because they were antidilutive | 10,000 | 11,000 | 10,000 | 11,000 |
Note_5_Details
Note 5 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0 | $0 | $0 | $0 |
Note_6_Details
Note 6 (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Disclosure Text Block [Abstract] | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs | $799,200 | $540,900 | $1,539,900 | $1,146,500 |
Note_7_Details
Note 7 (Details) | 6 Months Ended |
Aug. 31, 2014 | |
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, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | $6,808,200 | $5,715,100 | $13,986,500 | $11,705,600 |
Earnings (Loss) Before Income Taxes | 8,300 | 86,200 | 395,900 | 191,000 |
Publishing [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 3,260,100 | 3,197,400 | 6,024,000 | 5,564,400 |
Earnings (Loss) Before Income Taxes | 965,400 | 998,500 | 1,774,700 | 1,700,000 |
Usborne Books and More [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenues | 3,548,100 | 2,517,700 | 7,962,500 | 6,141,200 |
Earnings (Loss) Before Income Taxes | 154,100 | 117,700 | 769,500 | 603,300 |
Other Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Earnings (Loss) Before Income Taxes | ($1,111,200) | ($1,030,000) | ($2,148,300) | ($2,112,300) |
Note_9_Details
Note 9 (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 9 (Details) [Line Items] | ' | ' |
Lines of Credit, Fair Value Disclosure | $2,500,000 | $0 |
Note_10_Details
Note 10 (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Sep. 19, 2014 | |
Subsequent Event [Member] | ' |
Note 10 (Details) [Line Items] | ' |
Dividends Payable, Date to be Paid | 19-Sep-14 |
Dividends Payable, Date of Record | 12-Sep-14 |
Common Stock, Dividends, Per Share, Cash Paid | $0.08 |