Educational Development (EDUC) 10-Q 14 Jan 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 30, 2015	Jan. 11, 2016
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		4,063,591
Amendment Flag	false
Entity Central Index Key	31,667
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	Nov. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED BALANCE SHEETS (UNAUD

CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 6,686,900	$ 383,900
Accounts receivable, less allowance for doubtful accounts and sales returns of $450,900 (November 30) and $334,500 (February 28)	3,758,000	3,076,700
Inventories—Net	11,373,400	11,181,000
Prepaid expenses and other assets	568,200	374,200
Deferred income taxes	245,100	249,800
Total current assets	22,631,600	15,265,600
INVENTORIES—Net	246,300	350,800
PROPERTY, PLANT AND EQUIPMENT—Net	1,332,800	2,073,200
FIXED ASSETS HELD FOR SALE	1,506,500	0
OTHER ASSETS	243,400	243,400
DEFERRED INCOME TAXES	66,100	80,200
TOTAL ASSETS	26,026,700	18,013,200
CURRENT LIABILITIES:
Accounts payable	5,375,100	2,237,700
Line of credit	0	1,400,000
Deferred revenues	1,375,000	0
Accrued salaries and commissions	2,741,600	618,100
Income taxes payable	785,600	63,600
Dividends payable	365,300	322,000
Other current liabilities	1,735,300	1,043,500
Total current liabilities	$ 12,377,900	$ 5,684,900
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 4,059,108 (November 30) and 4,024,539 (February 28) shares	$ 1,208,200	$ 1,208,200
Capital in excess of par value	8,548,000	8,548,000
Retained earnings	15,032,000	13,857,200
	24,788,200	23,613,400
Less treasury stock, at cost	(11,139,400)	(11,285,100)
Total shareholders' equity	13,648,800	12,328,300
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 26,026,700	$ 18,013,200

CONDENSED BALANCE SHEETS (UNAU3

CONDENSED BALANCE SHEETS (UNAUDITED) (Parentheticals) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Allowance for doubtful accounts and sales returns (in Dollars)	$ 450,900	$ 334,500
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	4,059,108	4,024,539

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
GROSS SALES	$ 28,931,400	$ 15,178,900	$ 59,920,100	$ 37,234,500
Discounts and allowances	(6,751,600)	(4,800,800)	(16,953,700)	(13,413,900)
Transportation revenue	2,244,400	558,400	3,702,400	1,102,400
NET REVENUES	24,424,200	10,936,500	46,668,800	24,923,000
COST OF SALES	7,386,200	4,114,800	15,537,400	9,971,400
Gross margin	17,038,000	6,821,700	31,131,400	14,951,600
OPERATING EXPENSES:
Operating and selling	6,888,000	2,872,900	13,006,700	6,997,200
Sales commissions	7,549,400	2,595,200	12,924,800	5,192,300
General and administrative	564,800	476,600	1,561,700	1,481,700
Total operating expenses	15,002,200	5,944,700	27,493,200	13,671,200
OTHER EXPENSE	(2,700)	(18,800)	(34,400)	(26,300)
EARNINGS BEFORE INCOME TAXES	2,033,100	858,200	3,603,800	1,254,100
INCOME TAXES	774,600	331,800	1,376,300	491,900
NET EARNINGS	$ 1,258,500	$ 526,400	$ 2,227,500	$ 762,200
BASIC AND DILUTED EARNINGS PER SHARE:
Basic (in Dollars per share)	$ 0.31	$ 0.13	$ 0.55	$ 0.19
Diluted (in Dollars per share)	0.31	0.13	0.55	0.19
DIVIDENDS PER SHARE (in Dollars per share)	$ 0.09	$ 0.08	$ 0.26	$ 0.24
WEIGHTED AVERAGE NUMBER OF COMMON AND EQUIVALENT SHARES OUTSTANDING:
Basic (in Shares)	4,055,756	4,009,418	4,044,622	3,998,050
Diluted (in Shares)	4,060,293	4,009,418	4,046,192	3,998,050

CONDENSED STATEMENT OF CHANGES

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 9 months ended Nov. 30, 2015 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Feb. 28, 2015	$ 1,208,200	$ 8,548,000	$ 13,857,200	$ (11,285,100)	$ 12,328,300
Balance (in Shares) at Feb. 28, 2015	6,041,040			2,016,501
Purchases of treasury stock				$ (1,600)	(1,600)
Purchases of treasury stock (in Shares)				163
Sales of treasury stock				$ 147,300	147,300
Sales of treasury stock (in Shares)				(34,732)
Dividends paid ($.17/share)			(687,400)		(687,400)
Dividends declared ($.09/share)			(365,300)		(365,300)
Net earnings			2,227,500		2,227,500
Balance at Nov. 30, 2015	$ 1,208,200	$ 8,548,000	$ 15,032,000	$ (11,139,400)	$ 13,648,800
Balance (in Shares) at Nov. 30, 2015	6,041,040			1,981,932

CONDENSED STATEMENT OF CHANGES6

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - Retained Earnings [Member]	9 Months Ended
	Nov. 30, 2015$ / shares
Dividends paid	$ 0.17
Dividends declared	$ 0.09

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:	$ 9,412,700	$ (328,800)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(846,000)	(269,700)
Net cash used in investing activities	(846,000)	(269,700)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash paid to acquire treasury stock	(1,600)	(5,100)
Cash received from sales of treasury stock	147,300	129,500
Borrowings under revolving credit agreement	1,550,000	3,400,000
Payments under revolving credit agreement	(2,950,000)	(2,000,000)
Dividends paid	(1,009,400)	(957,600)
Net cash provided by (used in) financing activities	(2,263,700)	566,800
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,303,000	(31,700)
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD	383,900	680,000
CASH AND CASH EQUIVALENTS—END OF PERIOD	6,686,900	648,300
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	51,600	46,800
Cash paid for income taxes	$ 635,600	$ 369,900

Note 1

Note 1	9 Months Ended
	Nov. 30, 2015
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	Note 1 These financial statements and notes are prepared pursuant to the rules and regulations of the Securities and Exchange 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, 2015.

Note 2

Note 2	9 Months Ended
	Nov. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 2 We had no borrowings outstanding on our revolving credit agreement at November 30, 2015, no agreement was in place on that date. We had $1,400,000 in borrowings at February 28, 2015 under our previous Credit and Security Agreement. No credit was available under a revolving credit agreement at November 30, 2015, as no agreement was in place as of that date. Effective December 1, 2015, we signed a Loan Agreement with MidFirst Bank (the Bank) which provides a $4,000,000 line of credit through December 1, 2016. Interest is payable monthly at the lessor of the maximum interest rate permitted under the Governing law, or the bank adjusted LIBOR Index plus 2.75% (4.23 % at December 1, 2015). 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 December 1, 2016, 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, 2015, we had no letters of credit outstanding.

Note 3

Note 3	9 Months Ended
	Nov. 30, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 3 2015 November 30, February 28, Current: Book inventory $ 11,398,400 $ 11,206,000 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 11,373,400 $ 11,181,000 Non-current: Book inventory $ 586,400 $ 718,900 Inventory valuation allowance (340,100 ) (368,100 ) Inventories net–non-current $ 246,300 $ 350,800

Note 4

Note 4	9 Months Ended
	Nov. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 4 Earnings Per Share: Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 Net earnings $ 1,258,500 $ 526,400 $ 2,227,500 $ 762,200 Shares: Weighted average shares outstanding - basic 4,055,756 4,009,418 4,044,622 3,998,050 Assumed exercise of options 4,537 - 1,570 - Weighted average shares outstanding - diluted 4,060,293 4,009,418 4,046,192 3,998,050 Basic Earnings Per Share $ 0.31 $ 0.13 $ 0.55 $ 0.19 Diluted Earnings Per Share $ 0.31 $ 0.13 $ 0.55 $ 0.19 Stock options not considered above because they were antidilutive - 10,000 - 10,000 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 nine months ended November 30, 2015, we purchased 163 shares of common stock. The maximum number of shares that can be repurchased in the future is 303,152.

Note 5

Note 5	9 Months Ended
	Nov. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 5

Note 6

Note 6	9 Months Ended
	Nov. 30, 2015
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 $3,267,800 and $1,154,600 for the three months ended November 30, 2015 and 2014, respectively. These costs were $5,872,900 and $2,694,500 for the nine months ended November 30, 2015 and 2014, respectively.

Note 7

Note 7	9 Months Ended
	Nov. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 7 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, 2015 and 2014, follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 EDC Publishing $ 2,642,500 $ 2,998,600 $ 8,936,200 $ 9,022,600 UBAM 21,781,700 7,937,900 37,732,600 15,900,400 Total $ 24,424,200 $ 10,936,500 $ 46,668,800 $ 24,923,000 EARNINGS BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 EDC Publishing $ 796,200 $ 974,100 $ 2,762,100 $ 2,748,800 UBAM 3,376,400 1,076,700 5,408,700 1,846,300 Other (2,139,500 ) (1,192,600 ) (4,567,000 ) (3,341,000 ) Total $ 2,033,100 $ 858,200 $ 3,603,800 $ 1,254,100

Note 8

Note 8	9 Months Ended
	Nov. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 8 . In May 2014, FASB issued ASU No. 2014-09, and amended with ASU No. 2015-14 “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, 2017, which means the first quarter of our fiscal year 2019. We are currently reviewing the ASU and assessing the potential impact on our financial statements. In August 2015, FASB issued ASU No. 2015-15 “Interest—Imputation of Interest,” which modifies the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. These changes allow In November 2015, FASB issued ASU No. 2015-17, which is intended to improve how deferred taxes are classified on organizations’ balance sheets by

Note 9

Note 9	9 Months Ended
	Nov. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 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 February 28, 2015. 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, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 10

Note 11

Note 11	9 Months Ended
	Nov. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11 On December 1, 2015, subsequent to the end of our third quarter, we completed the purchase of a new facility to provide larger office and warehouse capacity which will accommodate the future growth of our operations. The land, building and equipment associated with the facility were purchased for approximately $23,000,000 of which approximately $18,400,000 was financed through a ten-year bank loan, with the remainder paid from current working capital. The bank loan has two tranches, tranche A with a principal amount of $13,400,000 at a contract interest rate of 4.23, and tranche B with a principal amount of $5,000,000 at the lessor of the maximum interest rate permitted under the Governing law, or the bank adjusted LIBOR Index plus 2.75% (4.23 % at December 1, 2015). As part of the purchase, we entered into a 15-year lease with the seller, a non-related third party, who will lease approximately 181,300 square feet, or approximately 45.3% of the facility. The lease terms are $105,800 per month, with a 2.0% annual increase adjustment. The lease terms allow for one five-year extension at the expiration of the 15-year term. Additionally, a letter of intent was signed on October 2, 2015, to sell our current facility, which has a carrying value of $1,506,500 and is recorded as Fixed Assets Held for Sale as of November 30, 2015. This transaction is expected to be finalized during this fiscal year. Assets held for sale are recorded at the lower of the carrying value of the asset or fair value less costs to sell.

Note 12

Note 12	9 Months Ended
	Nov. 30, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	Note 12 As of the end of our third quarter, we had received approximately $1,375,000 in payments for sales orders which were shipped out subsequent to the quarter ended in December 2015. As of November 30, 2015, these prepaid sales orders are recognized as deferred revenue.

Note 3 (Tables)

Note 3 (Tables)	9 Months Ended
	Nov. 30, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	Inventories consist of the following: 2015 November 30, February 28, Current: Book inventory $ 11,398,400 $ 11,206,000 Inventory valuation allowance (25,000 ) (25,000 ) Inventories net–current $ 11,373,400 $ 11,181,000 Non-current: Book inventory $ 586,400 $ 718,900 Inventory valuation allowance (340,100 ) (368,100 ) Inventories net–non-current $ 246,300 $ 350,800

Note 4 (Tables)

Note 4 (Tables)	9 Months Ended
	Nov. 30, 2015
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 EPS is shown below. Earnings Per Share: Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 Net earnings $ 1,258,500 $ 526,400 $ 2,227,500 $ 762,200 Shares: Weighted average shares outstanding - basic 4,055,756 4,009,418 4,044,622 3,998,050 Assumed exercise of options 4,537 - 1,570 - Weighted average shares outstanding - diluted 4,060,293 4,009,418 4,046,192 3,998,050 Basic Earnings Per Share $ 0.31 $ 0.13 $ 0.55 $ 0.19 Diluted Earnings Per Share $ 0.31 $ 0.13 $ 0.55 $ 0.19 Stock options not considered above because they were antidilutive - 10,000 - 10,000

Note 7 (Tables)

Note 7 (Tables)	9 Months Ended
	Nov. 30, 2015
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, 2015 and 2014, follows: NET REVENUES Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 EDC Publishing $ 2,642,500 $ 2,998,600 $ 8,936,200 $ 9,022,600 UBAM 21,781,700 7,937,900 37,732,600 15,900,400 Total $ 24,424,200 $ 10,936,500 $ 46,668,800 $ 24,923,000 EARNINGS BEFORE INCOME TAXES Three Months Ended November 30, Nine Months Ended November 30, 2015 2014 2015 2014 EDC Publishing $ 796,200 $ 974,100 $ 2,762,100 $ 2,748,800 UBAM 3,376,400 1,076,700 5,408,700 1,846,300 Other (2,139,500 ) (1,192,600 ) (4,567,000 ) (3,341,000 ) Total $ 2,033,100 $ 858,200 $ 3,603,800 $ 1,254,100

Note 2 (Details)

Note 2 (Details) - USD ($)	Dec. 01, 2015	Nov. 30, 2015	Nov. 18, 2015	Feb. 28, 2015
Note 2 (Details) [Line Items]
Long-term Line of Credit		$ 0		$ 1,400,000
Letters of Credit Outstanding, Amount		$ 0
Subsequent Event [Member]
Note 2 (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000
Line of Credit Facility, Expiration Date	Dec. 1, 2016
Debt Instrument, Interest Rate Terms	Interest is payable monthly
Debt Instrument, Interest Rate, Effective Percentage	4.23%
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 2 (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Terminated Credit Facility [Member]
Note 2 (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 4,000,000

Note 3 (Details)

Note 3 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Note 3 (Details) [Line Items]
Payments for Purchase of Other Assets	$ 6.6	$ 3.2	$ 17.9	$ 11.4
England Based Publishing Company [Member]
Note 3 (Details) [Line Items]
Payments for Purchase of Other Assets	$ 4.5	$ 2.5	$ 13	$ 9.2

Note 3 (Details) - Schedule of

Note 3 (Details) - Schedule of Inventory - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Note 3 (Details) - Schedule of Inventory [Line Items]
Inventories net–non-current	$ 246,300	$ 350,800
Inventories net–current	11,373,400	11,181,000
Inventory, Current [Member]
Note 3 (Details) - Schedule of Inventory [Line Items]
Book inventory	11,398,400	11,206,000
Inventory valuation allowance	(25,000)	(25,000)
Inventories net–current	11,373,400	11,181,000
Inventory, Noncurrent [Member]
Note 3 (Details) - Schedule of Inventory [Line Items]
Book inventory	586,400	718,900
Inventory valuation allowance	(340,100)	(368,100)
Inventories net–non-current	$ 246,300	$ 350,800

Note 4 (Details)

Note 4 (Details)	9 Months Ended
	Nov. 30, 2015shares
Earnings Per Share [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	3,000,000
Stock Repurchased During Period, Shares	163
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	303,152

Note 4 (Details) - Schedule of

Note 4 (Details) - Schedule of Earnings Per Share - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Schedule of Earnings Per Share [Abstract]
Net earnings (in Dollars)	$ 1,258,500	$ 526,400	$ 2,227,500	$ 762,200
Shares:
Weighted average shares outstanding - basic	4,055,756	4,009,418	4,044,622	3,998,050
Assumed exercise of options	4,537	0	1,570	0
Weighted average shares outstanding - diluted	4,060,293	4,009,418	4,046,192	3,998,050
Basic Earnings Per Share (in Dollars per share)	$ 0.31	$ 0.13	$ 0.55	$ 0.19
Diluted Earnings Per Share (in Dollars per share)	$ 0.31	$ 0.13	$ 0.55	$ 0.19
Stock options not considered above because they were antidilutive	0	10,000	0	10,000

Note 5 (Details)

Note 5 (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
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, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Disclosure Text Block [Abstract]
Shipping, Handling and Transportation Costs	$ 3,267,800	$ 1,154,600	$ 5,872,900	$ 2,694,500

Note 7 (Details)

Note 7 (Details)	9 Months Ended
	Nov. 30, 2015
Segment Reporting [Abstract]
Number of Reportable Segments	2

Note 7 (Details) - Schedule of

Note 7 (Details) - Schedule of Information by Industry Segment - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Segment Reporting Information [Line Items]
Net Revenues	$ 24,424,200	$ 10,936,500	$ 46,668,800	$ 24,923,000
Earnings (Loss) Before Income Taxes	2,033,100	858,200	3,603,800	1,254,100
Publishing [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,642,500	2,998,600	8,936,200	9,022,600
Earnings (Loss) Before Income Taxes	796,200	974,100	2,762,100	2,748,800
Usborne Books and More [Member]
Segment Reporting Information [Line Items]
Net Revenues	21,781,700	7,937,900	37,732,600	15,900,400
Earnings (Loss) Before Income Taxes	3,376,400	1,076,700	5,408,700	1,846,300
Other Segments [Member]
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (2,139,500)	$ (1,192,600)	$ (4,567,000)	$ (3,341,000)

Note 9 (Details)

Note 9 (Details)	Feb. 28, 2015USD ($)
Fair Value, Inputs, Level 2 [Member]
Note 9 (Details) [Line Items]
Lines of Credit, Fair Value Disclosure	$ 1,400,000

Note 10 (Details)

Note 10 (Details) - Subsequent Event [Member]	Dec. 18, 2015$ / shares
Note 10 (Details) [Line Items]
Dividends Payable, Date to be Paid	Dec. 18, 2015
Common Stock, Dividends, Per Share, Cash Paid	$ 0.09
Dividends Payable, Date of Record	Dec. 11, 2015

Note 11 (Details)

Note 11 (Details)	Dec. 01, 2015USD ($)ft²	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)	Feb. 28, 2015USD ($)
Note 11 (Details) [Line Items]
Payments to Acquire Property, Plant, and Equipment		$ 846,000	$ 269,700
Assets Held-for-sale, Not Part of Disposal Group		$ 1,506,500		$ 0
Subsequent Event [Member]
Note 11 (Details) [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	4.23%
Land, Building and Equipment Associated with Facility [Member] | Subsequent Event [Member]
Note 11 (Details) [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 23,000,000
Lessee Leasing Arrangment, Operating Leases, Minimum Rentals	$ 105,800
Land, Building and Equipment Associated with Facility [Member] | Subsequent Event [Member] | Sublease of Facility to Seller as Part of Purchase [Member]
Note 11 (Details) [Line Items]
Description of Lessee Leasing Arrangements, Operating Leases	As part of the purchase, we entered into a 15-year lease with the seller, a non-related third party, who will lease approximately 181,300 square feet, or approximately 45.3% of the facility. The lease terms are $105,800 per month, with a 2.0% annual increase adjustment. The lease terms allow for one five-year extension at the expiration of the 15-year term.
Lessee Leasing Arrangements, Operating Leases, Term of Contract	15 years
Area of Real Estate Property (in Square Feet) | ft²	181,300
Area of Real Estate Property, as a Percentage of the Facility	45.30%
Land, Building and Equipment Associated with Facility [Member] | Notes Payable to Banks [Member] | Subsequent Event [Member]
Note 11 (Details) [Line Items]
Debt Instrument, Face Amount	$ 18,400,000
Debt Instrument, Interest Rate, Stated Percentage, Annual Increase	2.00%
Land, Building and Equipment Associated with Facility [Member] | Bank Loan - Tranche A [Member] | Notes Payable to Banks [Member] | Subsequent Event [Member]
Note 11 (Details) [Line Items]
Debt Instrument, Face Amount	$ 13,400,000
Debt Instrument, Interest Rate, Stated Percentage	4.23%
Land, Building and Equipment Associated with Facility [Member] | Bank Loan - Tranche B [Member] | Notes Payable to Banks [Member] | Subsequent Event [Member]
Note 11 (Details) [Line Items]
Debt Instrument, Face Amount	$ 5,000,000
Debt Instrument, Basis Spread on Variable Rate	2.75%
Debt Instrument, Interest Rate, Effective Percentage	4.23%

Note 12 (Details)

Note 12 (Details) - USD ($)	Nov. 30, 2015	Feb. 28, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue, Current	$ 1,375,000	$ 0