Educational Development (EDUC) 10-Q 14 Jan 15 2015 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Nov. 30, 2014	Jan. 09, 2015
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		4,022,438
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	30-Nov-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

CONDENSED_BALANCE_SHEETS_UNAUD

CONDENSED BALANCE SHEETS (UNAUDITED) (USD $)	Nov. 30, 2014	Feb. 28, 2014
CURRENT ASSETS:
Cash and cash equivalents	$648,300	$680,000
Accounts receivable, less allowance for doubtful accounts and sales returns of $288,900 (November 30) and $333,900 (February 28)	4,608,800	3,000,800
Inventories—Net	10,393,100	9,869,400
Prepaid expenses and other assets	312,200	262,200
Deferred income taxes	251,700	259,300
Total current assets	16,214,100	14,071,700
INVENTORIES—Net	361,900	470,200
PROPERTY, PLANT AND EQUIPMENT—Net	2,051,000	1,877,600
OTHER ASSETS	267,400	267,400
DEFERRED INCOME TAXES	69,900	71,400
TOTAL ASSETS	18,964,300	16,758,300
CURRENT LIABILITIES:
Accounts payable	2,447,700	2,543,700
Line of credit	1,400,000	0
Accrued salaries and commissions	1,057,000	514,900
Income taxes payable	253,800	140,900
Dividends payable	321,100	318,200
Other current liabilities	976,200	658,200
Total current liabilities	6,455,800	4,175,900
COMMITMENTS
SHAREHOLDERS’ EQUITY:
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (November 30 and February 28) shares; Outstanding 4,013,339 (November 30) 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	14,082,200	14,280,500
	23,838,400	24,036,700
Less treasury stock, at cost	-11,329,900	-11,454,300
Total shareholders' equity	12,508,500	12,582,400
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$18,964,300	$16,758,300

CONDENSED_BALANCE_SHEETS_UNAUD1

CONDENSED BALANCE SHEETS (UNAUDITED) (Parentheticals) (USD $)	Nov. 30, 2014	Feb. 28, 2014
Allowance for doubtful accounts and sales returns (in Dollars)	$288,900	$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	4,013,339	3,977,943

CONDENSED_STATEMENTS_OF_EARNIN

CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) (USD $)	3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
GROSS SALES	$15,178,900	$12,360,600	$37,234,500	$30,802,800
Discounts and allowances	-4,800,800	-4,195,000	-13,413,900	-11,317,500
Transportation revenue	558,400	336,400	1,102,400	722,300
NET REVENUES	10,936,500	8,502,000	24,923,000	20,207,600
COST OF SALES	4,114,800	3,294,500	9,971,400	8,431,700
Gross margin	6,821,700	5,207,500	14,951,600	11,775,900
OPERATING EXPENSES:
Operating and selling	2,872,900	2,048,800	6,997,200	5,386,300
Sales commissions	2,595,200	1,741,900	5,192,300	3,767,700
General and administrative	476,600	495,500	1,481,700	1,516,000
Total operating expenses	5,944,700	4,286,200	13,671,200	10,670,000
OTHER INCOME (EXPENSE)	-18,800	6,100	-26,300	12,500
EARNINGS BEFORE INCOME TAXES	858,200	927,400	1,254,100	1,118,400
INCOME TAXES	331,800	379,600	491,900	447,600
NET EARNINGS	$526,400	$547,800	$762,200	$670,800
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$0.13	$0.14	$0.19	$0.17
Diluted (in Dollars per share)	$0.13	$0.14	$0.19	$0.17
DIVIDENDS PER SHARE (in Dollars per share)	$0.08	$0.08	$0.24	$0.24
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	4,009,418	3,964,830	3,998,050	3,967,092
Diluted (in Shares)	4,009,418	3,964,830	3,998,050	3,967,092

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, 2014	$1,208,200	$8,548,000	$14,280,500	($11,454,300)	$12,582,400
Balance (in Shares) at Feb. 28, 2014	6,041,040			2,063,097	6,041,040
Purchases of treasury stock				-5,100	-5,100
Purchases of treasury stock (in Shares)				1,330
Sales of treasury stock				129,500	129,500
Sales of treasury stock (in Shares)				-36,726
Dividends declared ($.08/share)			-321,100		-321,100
Dividends paid ($.16/share)			-639,400		-639,400
Net earnings			762,200		762,200
Balance at Nov. 30, 2014	$1,208,200	$8,548,000	$14,082,200	($11,329,900)	$12,508,500
Balance (in Shares) at Nov. 30, 2014	6,041,040			2,027,701	6,041,040

CONDENSED_STATEMENT_OF_CHANGES1

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parentheticals) (Retained Earnings [Member], USD $)	9 Months Ended
	Nov. 30, 2014
Retained Earnings [Member]
Dividends declared/share	$0.08
Dividends paid/share	$0.16

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	($328,800)	$1,752,900
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	-269,700	-57,800
Net cash used in investing activities	-269,700	-57,800
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash paid to acquire treasury stock	-5,100	-129,200
Cash received from sales of treasury stock	129,500	130,900
Borrowings under revolving credit agreement	3,400,000	1,250,000
Payments under revolving credit agreement	-2,000,000	-2,000,000
Dividends paid	-957,600	-954,600
Net cash provided by (used in) financing activities	566,800	-1,702,900
NET DECREASE IN CASH AND CASH EQUIVALENTS	-31,700	-7,800
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD	680,000	469,100
CASH AND CASH EQUIVALENTS—END OF PERIOD	648,300	461,300
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	46,800	33,600
Cash paid for income taxes	$369,900	$16,700

Note_1

Note 1	9 Months Ended
	Nov. 30, 2014
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	Note 1 – The information shown with respect to the three and nine months ended November 30, 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 nine months ended November 30, 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	9 Months Ended
	Nov. 30, 2014
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 2 – Effective September 19, 2014, we signed a Seventeenth Amendment to the Credit and Security Agreement with Arvest Bank (the Bank) which provides a $3,200,000 line of credit through June 30, 2015.  Interest is payable monthly at the greater of (a) prime rate minus 0.75% or (b) 4.00%.  At November 30, 2014, the rate in effect was 4.00%.  The revolving credit agreement is collateralized by substantially all of our assets.
	We had $1,400,000 in borrowings outstanding on the above revolving credit agreement at November 30, 2014 and no borrowings at February 28, 2014. Available credit under the revolving credit agreement was $1,800,000 at November 30, 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. For the quarter ended November 30, 2014, we had no letters of credit outstanding.

Note_3

Note 3	9 Months Ended
	Nov. 30, 2014
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 3 – Inventories consist of the following:
		2014
		November 30,			February 28,
	Current:
	Book inventory	$	10,418,100		$	9,894,400
	Inventory valuation allowance		(25,000	)		(25,000	)
	Inventories net–current	$	10,393,100		$	9,869,400
	Non-current:
	Book inventory	$	711,900		$	824,000
	Inventory valuation allowance		(350,000	)		(353,800	)
	Inventories net–non-current	$	361,900		$	470,200
	Book inventory quantities in excess of what will be sold within the normal operating cycle, due to minimum order requirements of our primary supplier, 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 $2.5 million and $2.6 million for the three months ended November 30, 2014 and 2013, respectively.  Total inventory purchases from all suppliers were $3.2 million for the three months ended November 30, 2014 and 2013.
	Purchases from this company were approximately $9.2 million and $6.7 million for the nine-month periods ended November 30, 2014 and 2013, respectively.  Total inventory purchases from all suppliers were approximately $11.4 million and $8.7 million for the nine-month periods ended November 30, 2014 and 2013, respectively.

Note_4

Note 4	9 Months Ended
	Nov. 30, 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 November 30,				Nine Months Ended November 30,
		2014		2013		2014		2013
	Net earnings	$	526,400	$	547,800	$	762,200	$	670,800
	Shares:
	Weighted average shares outstanding - basic		4,009,418		3,964,830		3,998,050		3,967,092
	Assumed exercise of options		-		-		-		-
	Weighted average shares outstanding - diluted		4,009,418		3,964,830		3,998,050		3,967,092
	Basic Earnings Per Share	$	0.13	$	0.14	$	0.19	$	0.17
	Diluted Earnings Per Share	$	0.13	$	0.14	$	0.19	$	0.17
	Stock options not considered above because they were antidilutive		10,000		11,000		10,000		11,000
	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 November 30, 2014, we purchased 150 shares of common stock.  The maximum number of shares that can be repurchased in the future is 303,324.

Note_5

Note 5	9 Months Ended
	Nov. 30, 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 nine-month periods ended November 30, 2014 and 2013.

Note_6

Note 6	9 Months Ended
	Nov. 30, 2014
Disclosure Text Block [Abstract]
Other Operating Income and Expense [Text Block]	Note 6 – Outbound freight and handling costs incurred are included in operating and selling expenses and were $1,154,600 and $802,800 for the three months ended November 30, 2014 and 2013, respectively.  These costs were $2,694,500 and $1,949,300 for the nine-month period ended November 30, 2014 and 2013, respectively.

Note_7

Note 7	9 Months Ended
	Nov. 30, 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 nine-month periods ended November 30, 2014 and 2013 follows:
	NET REVENUES
		Three Months Ended November 30,						Nine Months Ended November 30,
		2014			2013			2014			2013
	Publishing	$	2,998,600		$	3,180,100		$	9,022,600		$	8,744,500
	UBAM		7,937,900			5,321,900			15,900,400			11,463,100
	Total	$	10,936,500		$	8,502,000		$	24,923,000		$	20,207,600
	EARNINGS BEFORE INCOME TAXES
		Three Months Ended November 30,						Nine Months Ended November 30,
		2014			2013			2014			2013
	Publishing	$	974,100		$	1,065,100		$	2,748,800		$	2,765,100
	UBAM		1,076,700			951,500			1,846,300			1,554,800
	Other		(1,192,600	)		(1,089,200	)		(3,341,000	)		(3,201,500	)
	Total	$	858,200		$	927,400		$	1,254,100		$	1,118,400

Note_8

Note 8	9 Months Ended
	Nov. 30, 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 Accounting Standards Update (ASU) No. 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which 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 ASU applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. This new ASU will not affect our financial position, results of operations or cash flows.
	In May 2014, FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers,” which 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 ASU and assessing the potential impact on our financial statements.

Note_9

Note 9	9 Months Ended
	Nov. 30, 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 $1,400,000 at November 30, 2014 and $0 at February 28, 2014. Management's estimates are based on the obligation’s 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	9 Months Ended
	Nov. 30, 2014
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 10 – On December 19, 2014 we paid the previously declared $0.08 dividend per share to shareholders of record as of December 12, 2014.

Note_3_Tables

Note 3 (Tables)	9 Months Ended
	Nov. 30, 2014
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following:
		2014
		November 30,			February 28,
	Current:
	Book inventory	$	10,418,100		$	9,894,400
	Inventory valuation allowance		(25,000	)		(25,000	)
	Inventories net–current	$	10,393,100		$	9,869,400
	Non-current:
	Book inventory	$	711,900		$	824,000
	Inventory valuation allowance		(350,000	)		(353,800	)
	Inventories net–non-current	$	361,900		$	470,200

Note_4_Tables

Note 4 (Tables)	9 Months Ended
	Nov. 30, 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 November 30,				Nine Months Ended November 30,
		2014		2013		2014		2013
	Net earnings	$	526,400	$	547,800	$	762,200	$	670,800
	Shares:
	Weighted average shares outstanding - basic		4,009,418		3,964,830		3,998,050		3,967,092
	Assumed exercise of options		-		-		-		-
	Weighted average shares outstanding - diluted		4,009,418		3,964,830		3,998,050		3,967,092
	Basic Earnings Per Share	$	0.13	$	0.14	$	0.19	$	0.17
	Diluted Earnings Per Share	$	0.13	$	0.14	$	0.19	$	0.17
	Stock options not considered above because they were antidilutive		10,000		11,000		10,000		11,000

Note_7_Tables

Note 7 (Tables)	9 Months Ended
	Nov. 30, 2014
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Information by industry segment for the three and nine-month periods ended November 30, 2014 and 2013 follows:
	NET REVENUES
		Three Months Ended November 30,						Nine Months Ended November 30,
		2014			2013			2014			2013
	Publishing	$	2,998,600		$	3,180,100		$	9,022,600		$	8,744,500
	UBAM		7,937,900			5,321,900			15,900,400			11,463,100
	Total	$	10,936,500		$	8,502,000		$	24,923,000		$	20,207,600
	EARNINGS BEFORE INCOME TAXES
		Three Months Ended November 30,						Nine Months Ended November 30,
		2014			2013			2014			2013
	Publishing	$	974,100		$	1,065,100		$	2,748,800		$	2,765,100
	UBAM		1,076,700			951,500			1,846,300			1,554,800
	Other		(1,192,600	)		(1,089,200	)		(3,341,000	)		(3,201,500	)
	Total	$	858,200		$	927,400		$	1,254,100		$	1,118,400

Note_2_Details

Note 2 (Details) (Line of Credit [Member], USD $)	0 Months Ended
	Sep. 14, 2014	Nov. 30, 2014	Sep. 14, 2014	Feb. 28, 2014
Note 2 (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$3,200,000		$3,200,000
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	4.00%
Line of Credit Facility, Interest Rate at Period End		4.00%
Long-term Line of Credit		1,400,000		0
Line of Credit Facility, Remaining Borrowing Capacity		$1,800,000
Line of Credit Facility, Expiration Date	30-Jun-15
Prime Rate [Member] | Maximum [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		9 Months Ended
In Millions, unless otherwise specified	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Note 3 (Details) [Line Items]
Payments for Purchase of Other Assets	$3.20	$3.20	$11.40	$8.70
England Based Publishing Company [Member]
Note 3 (Details) [Line Items]
Payments for Purchase of Other Assets	$2.50	$2.60	$6.70	$9.20

Note_3_Details_Schedule_of_Inv

Note 3 (Details) - Schedule of Inventory (USD $)	Nov. 30, 2014	Feb. 28, 2014
Note 3 (Details) - Schedule of Inventory [Line Items]
Inventories netbnon-current	$361,900	$470,200
Inventories netbcurrent	10,393,100	9,869,400
Inventory, Current [Member]
Note 3 (Details) - Schedule of Inventory [Line Items]
Book inventory	10,418,100	9,894,400
Inventory valuation allowance	-25,000	-25,000
Inventory, Noncurrent [Member]
Note 3 (Details) - Schedule of Inventory [Line Items]
Book inventory	711,900	824,000
Inventory valuation allowance	($350,000)	($353,800)

Note_4_Details

Note 4 (Details)	3 Months Ended
	Nov. 30, 2014
Earnings Per Share [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	3,000,000
Stock Repurchased During Period, Shares	150
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	303,324

Note_4_Details_Schedule_of_Ear

Note 4 (Details) - Schedule of Earnings Per Share (USD $)	3 Months Ended		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Schedule of Earnings Per Share [Abstract]
Net earnings (in Dollars)	$526,400	$547,800	$762,200	$670,800
Shares:
Weighted average shares outstanding - basic	4,009,418	3,964,830	3,998,050	3,967,092
Assumed exercise of options	0	0	0	0
Weighted average shares outstanding - diluted	4,009,418	3,964,830	3,998,050	3,967,092
Basic Earnings Per Share (in Dollars per share)	$0.13	$0.14	$0.19	$0.17
Diluted Earnings Per Share (in Dollars per share)	$0.13	$0.14	$0.19	$0.17
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		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 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		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Disclosure Text Block [Abstract]
Shipping, Handling and Transportation Costs	$1,154,600	$802,800	$2,694,500	$1,949,300

Note_7_Details

Note 7 (Details)	9 Months Ended
	Nov. 30, 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		9 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Segment Reporting Information [Line Items]
Net Revenues	$10,936,500	$8,502,000	$24,923,000	$20,207,600
Earnings (Loss) Before Income Taxes	858,200	927,400	1,254,100	1,118,400
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,998,600	3,180,100	9,022,600	8,744,500
Earnings (Loss) Before Income Taxes	974,100	1,065,100	2,748,800	2,765,100
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	7,937,900	5,321,900	15,900,400	11,463,100
Earnings (Loss) Before Income Taxes	1,076,700	951,500	1,846,300	1,554,800
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	($1,192,600)	($1,089,200)	($3,341,000)	($3,201,500)

Note_9_Details

Note 9 (Details) (Fair Value, Inputs, Level 2 [Member], USD $)	Nov. 30, 2014	Feb. 28, 2014
Fair Value, Inputs, Level 2 [Member]
Note 9 (Details) [Line Items]
Lines of Credit, Fair Value Disclosure	$1,400,000	$0

Note_10_Details

Note 10 (Details) (Subsequent Event [Member], USD $)	0 Months Ended
	Dec. 19, 2014
Subsequent Event [Member]
Note 10 (Details) [Line Items]
Dividends Payable, Date to be Paid	19-Dec-14
Dividends Payable, Date of Record	12-Dec-14
Common Stock, Dividends, Per Share, Cash Paid	$0.08