Revenue for the first quarter ended May 31 at Educational Development Corp. slipped from $6.4 million to $6.3 million and net income fell to $188,200 from $415,400. The decline in earnings was due in part to a one-time charge of $188,500 that EDC called a “casualty loss.” According to EDC’s quarterly filing, money paid to a third party to reserve travel was not used for that purpose and EDC will need to pay $188,500 in travel expenses.
In the quarter, sales in EDC’s publishing division rose to $2.1 million from $2.0 million helped by an increase in sales to smaller retail stores. Sales in the home party division, now known as Usborne Books and More, fell to $4.4 million from $4.2 million with the decrease due to a decline in the number of home party orders, partly offset by higher online sales and increased sales to schools and libraries.
