Ownership / Educational Development Corporation | Tables in SEC filings

EDUC Educational Development Corporation

Quarterly report

	November 30,		February 29,
ASSETS	2024		2024
CURRENT ASSETS:
Cash and cash equivalents	$	2,289,300	$	844,500
Restricted cash		935,600		432,900
Accounts receivable, less allowance for credit losses of $124,700 (November 30) and $129,000 (February 29)		2,175,200		1,936,900
Inventories - net		32,058,600		43,913,200
Prepaid expenses and other assets		842,900		630,800
Assets held for sale		19,250,000		18,281,100
Total current assets		57,551,600		66,039,400

INVENTORIES - net		14,728,500		11,677,000
PROPERTY, PLANT AND EQUIPMENT - net		6,964,300		8,939,600
DEFERRED INCOME TAX ASSET		2,663,600		1,406,500
OPERATING LEASE RIGHT-OF-USE ASSETS		1,256,500		1,614,900
OTHER ASSETS		437,300		427,600
TOTAL ASSETS	$	83,601,800	$	90,105,000

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,332,700	$	3,910,200
Line of credit		4,298,100		5,498,100
Deferred revenues		1,378,100		583,500
Operating lease liabilities, current		705,800		726,900
Current maturities of long-term debt		1,800,000		1,800,000
Accrued salaries and commissions		913,900		384,400
Income taxes payable		1,148,100		773,400
Other current liabilities		3,232,400		3,338,100
Total current liabilities		15,809,100		17,014,600

LONG-TERM DEBT - net		25,324,300		26,640,700
OPERATING LEASE LIABILITIES, non-current		550,700		888,000
OTHER LONG-TERM LIABILITIES		111,000		111,000
Total liabilities		41,795,100		44,654,300


SHAREHOLDERS' EQUITY:
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,583,601 (November 30) and 8,575,088 (February 29) shares		2,540,400		2,540,400
Capital in excess of par value		13,698,500		13,405,400
Retained earnings		38,648,500		42,566,600
Accumulated other comprehensive income (loss)		(21,600)		24,400
		54,865,800		58,536,800
Less treasury stock, at cost		(13,059,100)		(13,086,100)
Total shareholders' equity		41,806,700		45,450,700
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	83,601,800	$	90,105,000

	Nine Months Ended November 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$	(3,918,100)	$	2,161,000
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		1,355,300		1,995,500
Deferred income taxes		(1,257,100)		(199,500)
Provision for credit losses		53,600		19,800
Provision for inventory valuation allowance		220,400		9,300
Share-based compensation expense - net		302,400		270,700
Net loss (gain) on sale of assets		3,300		(4,017,100)
Changes in assets and liabilities:
Accounts receivable		(291,900)		1,041,900
Inventories - net		8,582,700		5,867,700
Prepaid expenses and other assets		(241,900)		107,300
Accounts payable		(1,577,500)		1,271,200
Accrued salaries and commissions and other liabilities		377,800		637,700
Deferred revenues		794,600		1,491,600
Income taxes payable/receivable		374,700		961,700
Total adjustments		8,696,400		9,457,800
Net cash provided by operating activities		4,778,300		11,618,800
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment		(308,300)		(675,200)
Proceeds from sale of assets		9,800		4,858,200
Net cash provided by (used in) investing activities		(298,500)		4,183,000
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on term debt		(1,350,000)		(6,049,100)
Cash paid to acquire treasury stock		-		(563,900)
Sales of treasury stock		17,700		-
Net payments under line of credit		(1,200,000)		(5,636,400)
Net cash used in financing activities		(2,532,300)		(12,249,400)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		1,947,500		3,552,400
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD		1,277,400		689,100
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD	$	3,224,900	$	4,241,500

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Cash paid for interest	$	1,695,900	$	2,216,400
Cash paid for income taxes - net of refunds	$	33,800	$	25,000

	November 30, 2024		February 29, 2024
Current:
Product inventory	$	32,486,300	$	44,303,000
Inventory valuation allowance		(427,700)		(389,800)
Inventories net – current	$	32,058,600	$	43,913,200

Noncurrent:
Product inventory	$	15,480,300	$	12,269,200
Inventory valuation allowance		(751,800)		(592,200)
Inventories net – noncurrent	$	14,728,500	$	11,677,000

Years ending February 28 (29),
2025	$	450,000
2026		1,800,000
2027		1,800,000
2028		23,200,900
Total	$	27,250,900

	Shares		Weighted Average Fair Value (per share)

Outstanding at February 29, 2024		297,000	$	5.53
Granted		-		-
Vested		-		-
Forfeited		-		-
Outstanding at November 30, 2024		297,000	$	5.53

Table search / Ownership / Educational Development Corporation

127 results

Top filers

Top filing types

Recent filing years