---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-23-000005"
form_type: "8-K"
ticker: "EDUC"
cik: "0000031667"
company_name: "EDUCATIONAL DEVELOPMENT CORP"
filed_at: "2023-01-05T23:59:59+00:00"
generated_at: "2026-06-20T19:55:48.669880+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# EDC reports Q3 net revenues down 32.8% to $30.3M; EPS $0.00 vs $0.31

## Summary
- Q3 net revenues $30.3M (-32.8% YoY); net earnings $900 vs $2.6M; EPS $0.00 vs $0.31.
- Average active direct-sales consultants fell to 27,100 from 41,500 YoY.
- Year-to-date net loss of $585,200 vs net income of $8.0M; EPS $(0.07) vs $0.94.
- Company rebranded direct sales division to PaperPie and launched SmartLab Toys product line.
- Usborne distribution agreement changed; retail rights ended Nov 15 (extended to Jan 31).

## SEC filing metadata
- accession: 0001185185-23-000005
- form_type: 8-K
- ticker: EDUC
- cik: 0000031667
- company_name: EDUCATIONAL DEVELOPMENT CORP
- filed_at: 2023-01-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/31667/000118518523000005/0001185185-23-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/31667/000118518523000005/edc20230104_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-23-000005
- JSON: https://secwatch.observer/filing/0001185185-23-000005.json
- Plain text: https://secwatch.observer/filing/0001185185-23-000005.txt

## Key facts
- Earnings Releases
  EDUCATIONAL DEVELOPMENT CORP reported nine months ended November 30, 2022 results: revenue $72.8 million, net income $(0.6) million, EPS $(0.07).
  - Period: nine months ended November 30, 2022
  - Revenue: $72.8 million
  - Net income: $(0.6) million
  - EPS: $(0.07)
  - Result: reported results
  source text: ● Net revenues of $72.8 million, a decrease of $46.1 million, or 38.8%, compared to $118.9 million. ● Average active UBAM sales consultants totaled 28,700 compared to 47,300. ● Earnings (loss) before income taxes were $(0.8) million, a decrease of $11.7 million, or 107.3%, compared to $10.9 million. ● Net earnings (loss) totaled $(0.6) million, compared to $8.0 million, a decrease of $8.6 million, or 107.5%. ● Earnings (loss) per share totaled $(0.07), compared to $0.94, down 107.4% on a fully diluted basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/31667/000118518523000005/0001185185-23-000005-index.htm
- Earnings Releases
  EDUCATIONAL DEVELOPMENT CORP reported third quarter ended November 30, 2022 results: revenue $30.3 million, net income $0.0 million, EPS $0.00.
  - Period: third quarter ended November 30, 2022
  - Revenue: $30.3 million
  - Net income: $0.0 million
  - EPS: $0.00
  - Result: reported results
  source text: ● Net revenues were $30.3 million, a decrease of $14.8 million, or 32.8%, compared to $45.1 million. ● Average active direct-sales consultants totaled 27,100 compared to 41,500. ● Earnings before income taxes were $0.0 million, a decrease of $3.6 million, compared to $3.6 million. ● Net earnings totaled $0.0 million, compared to $2.6 million, a decrease of $2.6 million. ● Earnings per share totaled $0.00, compared to $0.31, on a fully diluted basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/31667/000118518523000005/0001185185-23-000005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.