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TULSA, OK – Educational Development Corporation (NASDAQ:EDUC), a wholesale distributor of children's books, announced the results of its annual stockholders meeting held on July 10, 2024. The company confirmed the reelection of two Class II Directors and the ratification of its independent registered public accounting firm for the upcoming fiscal year.
During the meeting, stockholders voted to reelect Craig M. White and Dr. Kara Gae Neal as Class II Directors for another three-year term. White received 4,683,888 votes for, none against, and 473,057 withheld, with 1,637,825 broker non-votes. Neal received 4,967,956 votes for, none against, and 188,989 withheld, also with 1,637,825 broker non-votes.
In addition, the appointment of HoganTaylor LLP as the company's independent public accounting firm for the fiscal year ending February 28, 2025, was ratified with 6,559,531 votes for, 19,976 against, and 215,263 abstentions.
The advisory vote on the compensation of the company's named executive officers also passed with 5,066,150 votes for, 50,516 against, and 40,279 abstentions, with 1,637,825 broker non-votes.
In other recent news, Educational Development Corporation reported its fiscal year 2024 earnings, demonstrating a strategic shift towards prioritizing cash flow over profitability. Despite a net loss in the fourth quarter, the company's full fiscal year net earnings amounted to $500,000, a notable improvement from the previous year's loss. The fourth quarter net revenues were reported at $9 million, down from $15 million, with a reduced net loss of $1.6 million compared to $1.9 million in the same period last year.
In addition to financial results, Educational Development Corporation announced the appointment of Dr. Amy Emerson (NYSE:EMR) to its Board of Directors. Dr. Emerson brings a wealth of experience in advocating for youth literacy programs and will serve on the Audit, Compensation, and Governance Committees.
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