EDC

An employee checks a book order at the Educational Development Corp. facility. On Tuesday, the company reported record net sales and earnings for fiscal 2018. MATT BARNARD/Tulsa World file

Educational Development Corp. on Tuesday reported record net sales and earnings per share for its fiscal year ending Feb. 28.

The Tulsa-based distributor of Usborne Publishing children’s books reported net revenues of $112 million, a 5 percent increase over the previous year.

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Net earnings of $5.3 million represent an 82 percent increase over fiscal year 2017.

Earnings per diluted share this year was $1.27, compared to 70 cents in fiscal year 2017, an 81 percent increase.

“I am very pleased to report that our company had record net revenues for our fourth consecutive fiscal year, growing from $32.5 million in fiscal 2015 to $112.0 million in fiscal 2018,” said CEO Randall White in a statement. “This growth was made possible by the continued success of our sales consultants within our UBAM (Usborne Books and More) Division.”

Additionally, the EDC board has approved the reinstatement of quarterly dividends and has authorized a 10-cent per share cash dividend to be paid June 21 to shareholders of record on June 4.

The company also reported that the number of direct sales consultants increased to 35,500 at the end of fiscal 2018, a jump of 38 percent over 2017.

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Mike Averill

918-581-8489

mike.averill@tulsaworld.com

Twitter: @Mike_Averill