secwatch.observer — SEC 8-K summary
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Issuer:     EDUCATIONAL DEVELOPMENT CORP (EDUC)
CIK:        0000031667
Form:       8-K
Filed at:   2024-05-21T23:59:59+00:00
Accession:  0001185185-24-000575
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

EDC Q4 revenues fall 40% YoY to $9.0M; FY2024 net income of $0.5M vs prior loss
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- FY2024 net revenues $51.0M, down 42% from $87.8M; net earnings $0.5M vs $(2.5M) loss.
- Q4 net loss $(1.6M) vs $(1.9M) loss; diluted EPS $(0.19) vs $(0.24).
- Average active PaperPie Brand Partners dropped to 15,500 from 26,100 in Q4; full-year 18,300 vs 28,000.
- Inventory reduced $8.2M (to $55.6M); bank debt cut from $45.7M to $33.9M; $3.8M ERC and $4.9M building sale.
- Headquarters building appraised at ~$40M; planned sale/leaseback to fully repay bank borrowings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31667/000118518524000575/0001185185-24-000575-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31667/000118518524000575/edc20240520_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000575

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