Revenue jumped 137% in the first quarter ended May 31, over the comparable period last year, at Educational Development Corp. Total sales were $22.8 million in the most recent quarter, up from $9.6 million a year earlier. Net earnings rose to $620,200, from $324,600 in the quarter ended May 31, 2015.
The record quarter follows a fiscal year in which EDC's revenue rose 95% and earning jumped to over $2 million. The gains in the quarter were led by EDC's home business division, Usborne Books & Music, where sales soared to $20.7 million from $7.0 million.
EDC chairman Randall White said the growth in the Usborne unit was largely due to the huge gain in the number of sales associated who totaled about 23,000 at the end of May 2016 compared to 8,000 at the end of May 2015.
During the quarter, EDC completed the move to a new office and warehouse, and finished upgrading new software and distribution systems. The improvements have enabled EDC to double the number of daily shipments the company can make. Even with the new capacity, White said that the company closed the first quarter with a backlog of over $5 million in orders.
