##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the quarterly period ended August 31, 2006
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission file number: 0-4957
 EDUCATIONAL DEVELOPMENT CORPORATION
  Delaware
(State or other jurisdiction of 
incorporation or organization)
    
    73-0750007
(I.R.S. Employer
Identification No.)
 th
  þ o
  o o þ
  o þ




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TABLE OF CONTENTS  PART I. FINANCIAL INFORMATIONITEM 1ITEM 2 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSItem 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKItem 4 CONTROLS AND PROCEDURESPART II OTHER INFORMATIONItem 2UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSItem 6EXHIBITSSIGNATURESEXHIBIT INDEXEighth Amendment to Restated Loan AgreementCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certification Pursuant to 18 U.S.C. Section 1350    Table of Contents  EDUCATIONAL DEVELOPMENT CORPORATION
 
 PART I. FINANCIAL INFORMATION
 
   August 31, 2006
    
    
    February 28, 2006(unaudited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    268,944
    
    
    $
    321,537Accounts receivable  (less
allowances for doubtful accounts
and returns: 08/31/06 - $140,848;
2/28/06 - $185,209)
    
    
    3,246,915
    
    
    
    2,946,462Inventories  Net
    
    
    11,091,533
    
    
    
    12,159,360Prepaid expenses and other assets
    
    
    74,711
    
    
    
    119,508Income taxes receivable
    
    
    253,081
    
    
    
    Deferred income taxes
    
    
    91,600
    
    
    
    141,700Total current assets
    
    
    15,026,784
    
    
    
    15,688,567INVENTORIES  Net
    
    
    441,743
    
    
    
    379,570PROPERTY AND EQUIPMENTat cost (less accumulated depreciation:08/31/06 - $1,976,964 2/28/06 - $1,904,934)
    
    
    2,445,145
    
    
    
    2,493,929DEFERRED INCOME TAXES
    
    
    92,000
    
    
    
    81,900$
    18,005,672
    
    
    $
    18,643,966LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIES:Note payable to bank
    
    $
    
    
    
    $
    676,000Accounts payable
    
    
    2,671,879
    
    
    
    3,042,937Accrued salaries and commissions
    
    
    587,354
    
    
    
    566,379Income taxes
    
    
    
    
    
    
    71,749Dividends payable
    
    
    
    
    
    
    750,785Other current liabilities
    
    
    281,519
    
    
    
    197,486Total current liabilities
    
    
    3,540,752
    
    
    
    5,305,336COMMITMENTSSHAREHOLDERS EQUITY:Common Stock, $.20 par value (Authorized
8,000,000 shares; Issued 5,776,840 (8/31/06)
and 5,771,840 shares (02/28/06); Outstanding
3,759,239 (8/31/06) and 3,753,923 (2/28/06) shares)
    
    
    1,155,368
    
    
    
    1,154,368Capital in excess of par value
    
    
    7,603,328
    
    
    
    7,577,495Retained earnings
    
    
    16,421,234
    
    
    
    15,300,99925,179,930
    
    
    
    24,032,862Less treasury shares, at cost
    
    
    (10,715,010
    )
    
    
    (10,694,232
    )14,464,920
    
    
    
    13,338,630$
    18,005,672
    
    
    $
    18,643,966
  2




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EDUCATIONAL DEVELOPMENT CORPORATION
  Three Months Ended August 31,
    
    
    Six Months Ended August 31,2006
    
    
    2005
    
    
    2006
    
    
    2005REVENUES:Gross sales
    
    $
    9,059,937
    
    
    $
    9,548,491
    
    
    $
    19,803,315
    
    
    $
    20,542,895Less discounts & allowances
    
    
    (2,971,201
    )
    
    
    (3,099,352
    )
    
    
    (6,012,786
    )
    
    
    (6,210,893
    )Transportation revenue
    
    
    395,634
    
    
    
    345,013
    
    
    
    800,818
    
    
    
    688,829Net revenues
    
    
    6,484,370
    
    
    
    6,794,152
    
    
    
    14,591,347
    
    
    
    15,020,831COST OF SALES
    
    
    2,516,500
    
    
    
    2,739,220
    
    
    
    5,395,870
    
    
    
    5,743,996Gross margin
    
    
    3,967,870
    
    
    
    4,054,932
    
    
    
    9,195,477
    
    
    
    9,276,835OPERATING EXPENSES:Operating & selling
    
    
    1,639,731
    
    
    
    1,507,775
    
    
    
    3,481,474
    
    
    
    3,185,946Sales commissions
    
    
    1,403,759
    
    
    
    1,476,698
    
    
    
    3,276,919
    
    
    
    3,393,832General & administrative
    
    
    484,618
    
    
    
    411,930
    
    
    
    909,639
    
    
    
    829,239Interest
    
    
    4,919
    
    
    
    28,256
    
    
    
    7,577
    
    
    
    42,9483,533,027
    
    
    
    3,424,659
    
    
    
    7,675,609
    
    
    
    7,451,965OTHER INCOME
    
    
    266,046
    
    
    
    8,174
    
    
    
    271,569
    
    
    
    16,077EARNINGS BEFORE INCOME TAXES
    
    
    700,889
    
    
    
    638,447
    
    
    
    1,791,437
    
    
    
    1,840,947INCOME TAXES
    
    
    276,900
    
    
    
    243,600
    
    
    
    670,800
    
    
    
    700,900NET EARNINGS
    
    $
    423,989
    
    
    $
    394,847
    
    
    $
    1,120,637
    
    
    $
    1,140,047BASIC AND DILUTED EARNINGS
PER SHARE:Basic
    
    $
    0.11
    
    
    $
    0.11
    
    
    $
    0.30
    
    
    $
    0.30Diluted
    
    $
    0.11
    
    
    $
    0.10
    
    
    $
    0.29
    
    
    $
    0.29WEIGHTED AVERAGE NUMBER OF
COMMON AND EQUIVALENT
SHARES OUTSTANDING:Basic
    
    
    3,756,042
    
    
    
    3,745,057
    
    
    
    3,756,251
    
    
    
    3,741,595Diluted
    
    
    3,869,908
    
    
    
    3,905,290
    
    
    
    3,878,424
    
    
    
    3,903,439DIVIDENDS DECLARED PER
COMMON SHARE
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    0.15
  3




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EDUCATIONAL DEVELOPMENT CORPORATION
  Common Stock(par value $.20 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Treasury StockNumber of
    
    
    
    
    
    
    Capital in
    
    
    
    
    
    
    NumberShares
    
    
    
    
    
    
    Excess of
    
    
    Retained
    
    
    of
    
    
    
    
    
    
    ShareholdersIssued
    
    
    Amount
    
    
    Par Value
    
    
    Earnings
    
    
    Shares
    
    
    Amount
    
    
    EquityBALANCE, MAR. 1, 2006
    
    
    5,771,840
    
    
    $
    1,154,368
    
    
    $
    7,577,495
    
    
    $
    15,300,999
    
    
    
    2,017,917
    
    
    $
    (10,694,232
    )
    
    $
    13,338,630Purchases of treasury stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,991
    
    
    
    (80,744
    )
    
    
    (80,744
    )Sales of treasury stock
    
    
    
    
    
    
    
    
    
    
    5,196
    
    
    
    
    
    
    
    (11,307
    )
    
    
    59,966
    
    
    
    65,162Exercise of options at
$2.50/share
    
    
    5,000
    
    
    
    1,000
    
    
    
    11,500
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,500Tax benefit-stock options
    
    
    
    
    
    
    
    
    
    
    9,137
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,137Cash dividends  net of accrual
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (402
    )
    
    
    
    
    
    
    
    
    
    
    (402
    )Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,120,637
    
    
    
    
    
    
    
    
    
    
    
    1,120,637BALANCE AUGUST 31, 2006
    
    
    5,776,840
    
    
    $
    1,155,368
    
    
    $
    7,603,328
    
    
    $
    16,421,234
    
    
    
    2,017,601
    
    
    $
    (10,715,010
    )
    
    $
    14,464,920
  4




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EDUCATIONAL DEVELOPMENT CORPORATION
  Six Months Ended August 31,2006
    
    
    2005CASH FLOWS FROM OPERATING ACTIVITIES
    
    $
    1,391,785
    
    
    $
    (485,845
    )CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment
    
    
    (23,246
    )
    
    
    (106,105
    )Net cash used in investing activities
    
    
    (23,246
    )
    
    
    (106,105
    )CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings under revolving credit agreement
    
    
    3,278,000
    
    
    
    7,932,000Payments under revolving credit agreement
    
    
    (3,954,000
    )
    
    
    (6,869,000
    )Cash received from exercise of stock options
    
    
    12,500
    
    
    
    49,375Tax benefit of stock options exercised
    
    
    9,137
    
    
    
    12,240Cash received from sale of treasury stock
    
    
    65,162
    
    
    
    78,263Cash paid to acquire treasury stock
    
    
    (80,744
    )
    
    
    (77,250
    )Dividends paid
    
    
    (751,187
    )
    
    
    (560,719
    )Net cash provided by (used in) financing activities
    
    
    (1,421,132
    )
    
    
    564,909Net Decrease in Cash and Cash Equivalents
    
    
    (52,593
    )
    
    
    (27,041
    )Cash and Cash Equivalents, Beginning of Period
    
    
    321,537
    
    
    
    364,024Cash and Cash Equivalents, End of Period
    
    $
    268,944
    
    
    $
    336,983Supplemental Disclosure of Cash Flow Information:Cash paid for interest
    
    $
    9,919
    
    
    $
    36,688Cash paid for income taxes
    
    $
    948,400
    
    
    $
    949,200
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EDUCATIONAL DEVELOPMENT CORPORATION
  Note 1
  Note 2 Wall Street Journal
 Note 3
 August 31, 2006
    
    
    February 28, 2006Current:Book inventory
    
    $
    11,121,993
    
    
    $
    12,186,820Inventory valuation allowance
    
    
    (30,460
    )
    
    
    (27,460
    )Inventories net  current
    
    $
    11,091,533
    
    
    $
    12,159,360Non-current:Book inventory
    
    $
    787,000
    
    
    $
    657,000Inventory valuation allowance
    
    
    (345,257
    )
    
    
    (277,430
    )Inventories  non-current
    
    $
    441,743
    
    
    $
    379,570
    Note 4
 6




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EDUCATIONAL DEVELOPMENT CORPORATION
  Three Months Ended August 31,
    
    
    Six Months Ended August 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Net Earnings
    
    $
    423,989
    
    
    $
    394,847
    
    
    $
    1,120,637
    
    
    $
    1,140,047Basic EPS:Weighted Average Shares Outstanding
    
    
    3,756,042
    
    
    
    3,745,057
    
    
    
    3,756,251
    
    
    
    3,741,595Basic EPS
    
    $
    0.11
    
    
    $
    0.11
    
    
    $
    0.30
    
    
    $
    0.30Diluted EPS:Weighted Average Shares Outstanding
    
    
    3,756,042
    
    
    
    3,745,057
    
    
    
    3,756,251
    
    
    
    3,741,595Assumed Exercise of Options
    
    
    113,866
    
    
    
    160,233
    
    
    
    122,173
    
    
    
    161,844Shares Applicable to Diluted Earnings
    
    
    3,869,908
    
    
    
    3,905,290
    
    
    
    3,878,424
    
    
    
    3,903,439Diluted EPS
    
    $
    0.11
    
    
    $
    0.10
    
    
    $
    0.29
    
    
    $
    0.29
  Note 5
  Note 6
 Note 7
  7




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##### Table of Contents



EDUCATIONAL DEVELOPMENT CORPORATION
  Publishing
    
    
    UBAH
    
    
    Other
    
    
    TotalThree Months Ended August 31, 2006Net revenues from external customers
    
    $
    2,097,457
    
    
    $
    4,386,913
    
    
    $
    
    
    
    $
    6,484,370Earnings before income taxes
    
    $
    585,378
    
    
    $
    879,895
    
    
    $
    (764,384
    )
    
    $
    700,889Three Months Ended August 31, 2005Net revenues from external customers
    
    $
    2,264,964
    
    
    $
    4,529,188
    
    
    $
    
    
    
    $
    6,794,152Earnings before income taxes
    
    $
    707,178
    
    
    $
    853,205
    
    
    $
    (921,936
    )
    
    $
    638,447Six Months Ended August 31, 2006Net revenues from external customers
    
    $
    4,168,669
    
    
    $
    10,422,678
    
    
    $
    
    
    
    $
    14,591,347Earnings before income taxes
    
    $
    1,243,800
    
    
    $
    2,204,995
    
    
    $
    (1,657,358
    )
    
    $
    1,791,437Six Months Ended August 31, 2005Net revenues from external customers
    
    $
    4,425,072
    
    
    $
    10,595,759
    
    
    $
    
    
    
    $
    15,020,831Earnings before income taxes
    
    $
    1,476,681
    
    
    $
    2,196,190
    
    
    $
    (1,831,924
    )
    
    $
    1,840,947
 
 ITEM 2 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Factors Affecting Forward Looking Statements
   Overview
  8




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EDUCATIONAL DEVELOPMENT CORPORATION
  Three Months Ended August 31,
    
    
    Six Months Ended August 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Net revenues
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of sales
    
    
    38.8
    %
    
    
    40.3
    %
    
    
    37.0
    %
    
    
    38.2
    %Gross margin
    
    
    61.2
    %
    
    
    59.7
    %
    
    
    63.0
    %
    
    
    61.8
    %Operating expenses:Operating & selling
    
    
    25.3
    %
    
    
    22.2
    %
    
    
    23.9
    %
    
    
    21.2
    %Sales commissions
    
    
    21.6
    %
    
    
    21.7
    %
    
    
    22.4
    %
    
    
    22.6
    %General & administrative
    
    
    7.5
    %
    
    
    6.1
    %
    
    
    6.2
    %
    
    
    5.5
    %Interest
    
    
    0.1
    %
    
    
    0.4
    %
    
    
    0.1
    %
    
    
    0.3
    %Total operating expenses
    
    
    54.5
    %
    
    
    50.4
    %
    
    
    52.6
    %
    
    
    49.6
    %Other income
    
    
    4.1
    %
    
    
    0.1
    %
    
    
    1.9
    %
    
    
    0.1
    %Earnings before income taxes
    
    
    10.8
    %
    
    
    9.4
    %
    
    
    12.3
    %
    
    
    12.3
    %Income taxes
    
    
    4.3
    %
    
    
    3.6
    %
    
    
    4.6
    %
    
    
    4.7
    %Net earnings
    
    
    6.5
    %
    
    
    5.8
    %
    
    
    7.7
    %
    
    
    7.6
    %
 Operating Results for the Three Months Ended August 31, 2006
  Revenues
 Three Months Ended August 31,
    
    
    $ Increase/
    
    
    % Increase/2006
    
    
    2005
    
    
    (decrease)
    
    
    (decrease)Gross sales
    
    $
    9,059,937
    
    
    $
    9,548,491
    
    
    $
    (488,554
    )
    
    
    (5.1
    %)Less discounts & allowances
    
    
    (2,971,201
    )
    
    
    (3,099,352
    )
    
    
    128,151
    
    
    
    4.1
    %Transportation revenue
    
    
    395,634
    
    
    
    345,013
    
    
    
    50,621
    
    
    
    14.7
    %Net revenues
    
    $
    6,484,370
    
    
    $
    6,794,152
    
    
    $
    (309,782
    )
    
    
    (4.6
    %)
 nd nd nd
  9




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EDUCATIONAL DEVELOPMENT CORPORATION
   Expenses
 Three Months Ended August 31,
    
    
    $ Increase/
    
    
    % Increase/2006
    
    
    2005
    
    
    (decrease)
    
    
    (decrease)Cost of sales
    
    $
    2,516,500
    
    
    $
    2,739,220
    
    
    $
    (222,720
    )
    
    
    (8.1
    %)Operating & selling
    
    
    1,639,731
    
    
    
    1,507,775
    
    
    
    131,956
    
    
    
    8.8
    %Sales commissions
    
    
    1,403,759
    
    
    
    1,476,698
    
    
    
    (72,939
    )
    
    
    (4.9
    %)General & administrative
    
    
    484,618
    
    
    
    411,930
    
    
    
    72,688
    
    
    
    17.6
    %Interest
    
    
    4,919
    
    
    
    28,256
    
    
    
    (23,337
    )
    
    
    (82.6
    %)Total
    
    $
    6,049,527
    
    
    $
    6,163,879
    
    
    $
    (114,352
    )
    
    
    (1.9
    %)
    nd
  10




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##### Table of Contents



EDUCATIONAL DEVELOPMENT CORPORATION
 Operating Results for the Six Months Ended August 31, 2006
  Revenues
 Six Months Ended August 31,
    
    
    $ Increase/
    
    
    % Increase/2006
    
    
    2005
    
    
    (decrease)
    
    
    (decrease)Gross sales
    
    $
    19,803,315
    
    
    $
    20,542,895
    
    
    $
    (739,580
    )
    
    
    (3.6
    %)Less discounts & allowances
    
    
    (6,012,786
    )
    
    
    (6,210,893
    )
    
    
    198,107
    
    
    
    3.2
    %Transportation revenue
    
    
    800,818
    
    
    
    688,829
    
    
    
    111,989
    
    
    
    16.3
    %Net revenues
    
    $
    14,591,347
    
    
    $
    15,020,831
    
    
    $
    (429,484
    )
    
    
    (2.9
    %)
 nd nd
    11




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EDUCATIONAL DEVELOPMENT CORPORATION
 Expenses
 Six Months Ended August 31,
    
    
    $ Increase/
    
    
    % Increase/2006
    
    
    2005
    
    
    (decrease)
    
    
    (decrease)Cost of sales
    
    $
    5,395,870
    
    
    $
    5,743,996
    
    
    $
    (348,126
    )
    
    
    (6.1
    %)Operating & selling
    
    
    3,481,474
    
    
    
    3,185,946
    
    
    
    295,528
    
    
    
    9.3
    %Sales commissions
    
    
    3,276,919
    
    
    
    3,393,832
    
    
    
    (116,913
    )
    
    
    (3.4
    %)General & administrative
    
    
    909,639
    
    
    
    829,239
    
    
    
    80,400
    
    
    
    9.7
    %Interest
    
    
    7,577
    
    
    
    42,948
    
    
    
    (35,371
    )
    
    
    (82.4
    %)Total
    
    $
    13,071,479
    
    
    $
    13,195,961
    
    
    $
    (124,482
    )
    
    
    (0.1
    %)
    nd
  Liquidity and Capital Resources
  12




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EDUCATIONAL
DEVELOPMENT CORPORATION
       Bank Credit Agreement
 Wall Street Journal
 Critical Accounting Policies
  13




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EDUCATIONAL DEVELOPMENT CORPORATION
 Revenue Recognition
  Allowance for Doubtful Accounts
  Inventory
 1 2
  Deferred Tax Assets
  Long-lived Assets
  Stock- Based Compensation
  14




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##### Table of Contents



EDUCATIONAL DEVELOPMENT CORPORATION
 
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 CONTROLS AND PROCEDURES
  
 PART II OTHER INFORMATION
 
 Item 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  ISSUER PURCHASES OF EQUITY SECURITIES
 (d) Maximum(c) Total Number
    
    
    Number (orof Shares (or
    
    
    ApproximateUnits) Purchased
    
    
    Dollar Value)as Part of
    
    
    of Shares (orPublicly
    
    
    Units) that May(a) Total Number
    
    
    (b) Average
    
    
    Announced
    
    
    Yet Be Purchasedof Shares (or
    
    
    Price Paid per
    
    
    Plans
    
    
    Under thePeriod
    
    Units Purchased
    
    
    Share (or Unit)
    
    
    or Programs (1)
    
    
    Plans or ProgramsJune 1, 2006 
June 30, 2006
    
    
    9,672
    
    
    $
    7.35
    
    
    
    9,672
    
    
    
    161,892July 1, 2006 
July 31, 2006
    
    
    1,319
    
    
    $
    7.34
    
    
    
    1,319
    
    
    
    160,573August 1, 2006 
August 31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    160,573Total
    
    
    10,991
    
    
    $
    7.35
    
    
    
    10,991
 
 (1)
    
    In July 1998, the Board of Directors authorized the Company to purchase up to
1,000,000 shares of the Companys common stock pursuant to a plan that was announced
publicly on October 14, 1998. In May 1999, the Board of Directors authorized the Company
to purchase up to an additional 1,000,000 shares of its common stock under this plan,
which was announced publicly on May 19, 1999. In April 2004 the Board of Directors
authorized the Company to purchase up to an additional 500,000 shares of its common stock
under this plan. Pursuant to the plan, the Company may purchase such 2,500,000 shares of
the Companys common stock until 2,500,000 shares have been repurchased. There is no
expiration date for the repurchase plan. 15




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##### Table of Contents



EDUCATIONAL DEVELOPMENT CORPORATION
 
 Item 6 EXHIBITS
  10.1
    
    Eighth Amendment dated June 30, 2006 to Restated Loan Agreement between the Company and
Arvest Bank, Tulsa, OK31.1
    
    Certification of the Chief Executive Officer of Educational Development Corporation pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 furnished herewith.31.2
    
    Certification of Controller and Corporate Secretary (Principal Financial and Accounting
Officer) of Educational Development Corporation pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 furnished herewith.32.1
    
    Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
 
 SIGNATURES
  
 Date October 13, 2006
    
    By
    
    /s/ Randall W. White

     Randall W. WhitePresident
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##### Table of Contents



EDUCATIONAL DEVELOPMENT CORPORATION
 
  Exhibit No.
    
    Description10.1
    
    Eighth Amendment dated June 30, 2006 to Restated Loan Agreement between the Company and
Arvest Bank, Tulsa, OK31.1
    
    Certification of the Chief Executive Officer of Educational Development Corporation pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002 furnished herewith.31.2
    
    Certification of Controller and Corporate Secretary (Principal Financial and Accounting
Officer) of Educational Development Corporation pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 furnished herewith.32.1
    
    Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
 17