text:
Washington, D.C. 20549
(Mark One)
For the fiscal year ended February 29, 2012
For the transition period from to .
Commission file number: 0-4957
(Exact name of registrant as specified in its charter)
Registrant's telephone number, including area code (918) 622-4522
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.20 par value
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes o No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes o No x
The aggregate market value of the voting shares held by non-affiliates of the registrant at the price at which the common stock was last sold on August 31, 2011, on the NASDAQ Stock Market, LLC was $ $20,222,600.
As of May 23, 2012, 3,913,023 shares of common stock were outstanding.
Portions of the Proxy Statement for fiscal year 2012 relating to our Annual Meeting of Shareholders to be held on July 19, 2012 are incorporated by reference into Part III of this Report on Form 10-K.
Part I
This report contains statements that are forward-looking. You should read the following discussion in connection with our financial statements, including the notes to those statements, included in this document. These forward-looking statements are not historical facts but are expectations or projections based on certain assumptions and analyses made by our senior management in light of their experience and perception of historical trends, current conditions, expected future developments and other factors. Actual events and results may be materially different from anticipated results described in such statements. As used in this Annual Report on Form 10-K, the terms "EDC," "we," "our" or "us" mean Educational Development Corporation, a Delaware corporation, unless the context indicates otherwise.
Our ability to achieve such results is subject to certain risks and uncertainties which are not currently known to us. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report.
Item 1. BUSINESS
(a) General Development of Business
Educational Development Corporation ("EDC") is the exclusive United States trade publisher of the line of educational children's books produced in the United Kingdom by Usborne Publishing Limited ("Usborne"). We were incorporated on August 23, 1965. Our fiscal years end on February 29 (28).
We also own Kane/Miller Book Publishers; award-winning publishers of International children's books.
Our company motto is "The future of our world depends on the education of our children. EDC delivers educational excellence one book at a time. We provide economic opportunity while fostering strong family values. We touch the lives of children for a lifetime."
(b) Financial Information about Industry Segments
While selling children's books is our only line of business, we sell them through two divisions:
Percent Net Revenues by Division
(c) Narrative Description of Business
As the sole United States trade publisher of the Usborne line of books, we offer over 1,500 different titles. Many are interactive in nature, including our Touchy-Feely board books, jigsaw puzzle books, activity and flashcards, adventure and search books, art books, sticker books and foreign language books. The majority of the titles published by Kane/Miller Book Publishers originally were published in other countries in their native languages.
We have a broad line of 'internet-linked' books which allow readers to expand their educational experience by referring them to relevant non-Usborne websites. Our books include science and math titles, as well as chapter books and novels. We continually introduce new titles across all lines of our products.
UBAM markets the books through commissioned consultants using a combination of direct sales, home parties, book fairs and the Internet. The division had approximately 6,100 consultants in 50 states at February 29, 2012.
Publishing markets through commissioned trade representatives who call on book, toy, specialty stores and other retail outlets, as well as through in-house marketing by telephone to the trade. This division markets to approximately 5,000 book, toy and specialty stores. Significant orders totaling 40% of the Publishing Division's sales have been received from major book chains.
Sales for both divisions are greatest during the fall due to the holiday season.
We face competition on two fronts for our UBAM Division from several other larger direct selling companies - for sales and consultants. However, no other direct selling company exclusively sells children's books. Our school and library market faces competition from Scholastic Books for the book fair market.
Publishing faces strong competition from large U.S. and international companies. Historically, this division's sales are approximately 1.0% of industry sales of juvenile paperbacks.
As of April 1, 2012, 69 full-time and 2 part-time employees worked at our Tulsa and San Diego facilities; about half of those are in the assembly/distribution warehouse. We believe our relations with our employees are good.
Company Reports
Our annual and quarterly reports (Forms 10-K and 10-Q), current Form 8-K reports and amendments to those reports filed with the SEC are available for download from the Investor Relations portion of our Internet website at www.edcpub.com.
Item 1A. RISK FACTORS
We are a smaller reporting company and are not required to provide this information.
Item 1B. UNRESOLVED STAFF COMMENTS
Item 2. PROPERTIES
We are located at 10302 E. 55th Pl., Tulsa, Oklahoma. These facilities are owned by us and contain approximately 105,000 square feet of office and warehouse space. All product distributions are made from this warehouse. We believe that our operating facility meets both present and future capacity needs.
We lease 11,400 square feet of additional warehouse space two blocks from our main facilities. This space is located at 5432 S. 103rd E. Ave., Tulsa, Oklahoma, and is used to store longer-term inventory requirements.
We also lease a small office in San Diego, California which houses Kane/Miller Book Publishers.
Item 3. LEGAL PROCEEDINGS
We are not a party to any material pending legal proceedings.
Item 4. MINE SAFETY DISCLOSURES
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The common stock of EDC is traded on the NASDAQ Stock Market, LLC (symbol--EDUC). The high and low quarterly common stock quotations for fiscal years 2012 and 2011, as reported by the National Association of Securities Dealers, Inc., were as follows:
The number of shareholders of record of EDC's common stock at March 9, 2012 was 672.
During fiscal year 2012, we paid quarterly dividends totaling $0.48 per share as follows: $0.12 per share dividend on March 18, 2011, $0.12 per share dividend on June 17, 2011, $0.12 per share dividend on September 16, 2011, and $0.12 per share dividend on December 16, 2011. An additional $0.12 per share dividend was declared on February 29, 2012 and was paid during fiscal year 2013 to shareholders of record on March 9, 2012. Per share dividends paid during fiscal year 2011 totaled $0.51.
The following table shows repurchases of our common stock which we made during the fourth quarter of fiscal year 2012.
Item 6. SELECTED FINANCIAL DATA
We are a smaller reporting company and are not required to provide this information.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MD&A contains statements that are forward-looking and include numerous risks which you should carefully consider. Additional risks and uncertainties may also materially and adversely affect our business. You should read the following discussion in connection with our financial statements, including the notes to those statements, included in this document. Our fiscal years end on February 29 (28).
Management Summary
Educational Development Corporation is the sole distributor in the United States of the Usborne line of children's books. We operate two separate divisions, Publishing and Usborne Books and More ("UBAM"), to sell these books. Our Corporate headquarters, including the distribution facility for both divisions, is located in Tulsa, Oklahoma.
These two divisions each have their own customer base. The Publishing Division markets its products on a wholesale basis to various retail accounts. The UBAM Division markets its products to individual consumers as well as to school and public libraries through direct-selling consultants.
Publishing Division
The Publishing Division operates in a market that is highly competitive, with a large number of companies engaged in the selling of books. The most recent annual sales data indicate sales in the book industry were approximately $11.7 billion for calendar year 2010. Sales in the trade industry, defined as wholesale sales to retailers, were approximately $5.3 billion for calendar year 2010.
The Publishing Division's customer base includes national book chains, regional and local bookstores, toy and gift stores, school supply stores and museums. To reach these markets, the Publishing Division utilizes a combination of commissioned sales representatives located throughout the country and a commissioned inside sales group located in our headquarters. The Vice President of the Publishing Division manages sales to the national chains.
Publishing Division Sales by Market Type
The Publishing Division uses a variety of methods to attract potential new customers and maintain current customers. Company personnel attend many of the national trade shows held by the book selling industry each year, allowing us to make contact with potential buyers who may be unfamiliar with our books. We actively target the national chains through joint promotional efforts and institutional advertising in trade publications. The Publishing Division also participates with certain customers in a cooperative advertising allowance program, under which we pay back up to 2% of the net sales to that customer. Our products are then featured in promotions, such as catalogs, offered by the vendor.
We may also acquire, for a fee, an end cap position in a bookstore (our products are placed on the end of a shelf), which in the publishing industry is considered an advantageous location in the bookstore. The costs of these promotions have been classified as reductions in revenue in the statements of earnings.
The Publishing Division's in-house telesales group targets the smaller independent book and gift store market. Our semi-annual, full-color, 160-page catalogs, are mailed to over 5,000 customers and potential customers. We also offer two display racks to assist stores in displaying our products.
Net Revenues for Publishing Division
Publishing Division's net revenues increased $1,151,700 in fiscal year 2012 from fiscal year 2011, or 11.7%. Net revenues were up 21.9% for smaller retail stores, 18.0% for national chain stores and 6.6% for inside sales.
Usborne Books and More ("UBAM") Division
The UBAM Division is a multi-level direct selling organization that markets its products through independent sales representatives ("consultants") located throughout the United States. The customer base of UBAM consists of individual purchasers, as well as school and public libraries. Revenues are generated through home shows, direct sales, Internet sales, book fairs and contracts with school and public libraries.
An important factor in the continued growth of the UBAM Division is the addition of new sales consultants and the retention of existing consultants. Current active consultants recruit new sales consultants. UBAM makes it easy to recruit by providing low-cost signing kits. For one month, kits containing sample products and supplies were free to new recruits when a minimum dollar home show was submitted by the new recruit. UBAM provides an extensive handbook that is a valuable tool in explaining the various programs to the new recruit.
Consultants During Year
The UBAM Division presently has six levels of sales representatives:
Upon signing up, each individual is considered a consultant. Consultants receive commissions from each sale they make; the commission rate being determined by the marketing program under which the sale is made. In addition, consultants receive a monthly sales bonus once their sales reach an established monthly goal. Consultants who recruit other consultants and meet certain established criteria are eligible to become team leaders. Upon reaching this level, they receive monthly override payments based upon the sales of their downline groups.
Once team leaders reach certain established criteria, they become senior team leaders and are eligible to earn promotion bonuses on their consultants. Once senior team leaders reach certain established criteria, they become executive team leaders, senior executive team leaders or directors. Executive team leaders and higher may receive an additional monthly override payment based upon the sales of their downline groups.
Net revenues from home shows declined 21% or $880,100 during fiscal year 2012. This was primarily due to 21% fewer orders placed during the period. Consultants contact individuals ("hostesses") to hold book shows in their homes. The consultant assists the hostess in setting up the details for the show and makes a presentation at the show and takes orders for the books. The hostess earns free books based upon the total sales at the show. Customer specials are available for customers when they order a selected amount. Additionally, home shows provide an excellent opportunity for recruiting new consultants.
Net revenues from direct sales decreased 11% or $30,000 during fiscal year 2012. This resulted from a 23% decrease in the number of orders placed during the year, offset by a 15% increase in average sales per order. Direct sales are sales without a hostess being involved.
The UBAM Division offers many promotions (customer specials) throughout the year. These promotions offer the customer the opportunity to purchase selected items at a discount if the customer meets the defined criteria. The discounts under these promotions are recorded in discounts and allowances.
The school and library marketing program, including book fairs, decreased 10% or $548,300 during fiscal year 2012. The number of orders placed during the year were down 11% while the per-order average increased 1%.
School and library sales are restricted to consultants who have received additional, specialized training which allows them to sell to schools and libraries. The UBAM consultant is the only source that a library or school has for library-bound Usborne books and for most Kane/Miller titles. They are not available through any of the school supply distribution companies.
This program includes our book fairs. Book fairs can be held with almost any organization as the sponsor. The consultant provides promotional materials to acquaint parents with the books. Parents turn in their orders at a designated time. The book fair program generates free books for the sponsoring organization. UBAM also has a Reach for the Stars fundraiser program. This is a pledge-based reading incentive program that provides cash and books to the organization and books for the children.
Internet sales were down 15% or $248,900 during fiscal year 2012. Consultants utilize in-house-developed and hosted web sites in their businesses for a nominal annual fee. They can customize the web sites to their own particular needs or they can maintain the generic site. Orders are transmitted to us through a shopping cart arrangement and the consultant receives sales credit and commission on the sales.
A fund-raising program, Cards for a Cause, was added during the second quarter of the fiscal year, generating $364,800 in sales its inaugural year. Organizations sell variety boxes of greeting-type cards and keep a portion of the proceeds to help support themselves and their related causes.
The cost of free books provided under the various UBAM marketing programs is recorded as operating and selling expense in the statements of earnings.
While there are many, UBAM continues to be the only multi-level company in the United States exclusively selling books. We believe this is a fertile market with excellent opportunities for continued growth. The keys to future growth in the UBAM Division are recruiting and retaining consultants.
(1-2) Liquidity and Capital Resources
EDC has a history of profitability and positive cash flow. We can continue to grow with minimal additional capital requirements. Our primary source of cash is generated from operations. Our primary uses of cash are to pay dividends, acquire treasury stock, and purchase property and equipment. If needed, we would utilize our bank credit facility to meet our short-term cash requirements.
We expect our ongoing cash flow to continue to exceed cash required to operate the business. Consequently, we expect short-term borrowings to continue to remain at a minimum.
During fiscal year 2012, we experienced a positive cash flow from operations of $783,900. Cash flow from net earnings of $1,420,900 was increased due to the provision for doubtful accounts and sales returns of $874,800, a decrease in inventories of $201,100 and a $40,400 increase in net income tax payable offset by an increase in accounts receivable of $1,373,500, a decrease in current liabilities of $469,000, and a $6,200 increase in prepaid expenses and other assets.
Cash used in investing activities was $326,100 due to a $250,000 payment for our initial investment in Demibooks and $76,100 for capital expenditures. We estimate that cash used in investing activities for fiscal year 2013 will be less than $200,000. This would consist of software and hardware enhancements to our existing data processing equipment, property improvements and additional warehouse equipment.
Cash used in financing activities was $1,685,900 which was primarily due to dividend payments of $1,870,200, $75,000 notes payable paid, and $214,300 paid to acquire treasury stock. These were offset by cash received of $250,000 from borrowings under our revolving credit agreement and $223,600 from the sale of treasury stock. In September 2002, the Board of Directors authorized paying a minimum annual cash dividend of 20% of net earnings. In fiscal years 2012 and 2011, we paid 132% and 170%, respectively, of net earnings as a cash dividend.
Our Board of Directors adopted a stock repurchase plan in which we may purchase up to an additional 500,000 shares as market conditions warrant. Management believes the stock is undervalued and when stock becomes available at an attractive price, we can utilize free cash flow to repurchase shares. Management believes this enhances the value to the remaining stockholders and that these repurchases will have no adverse effect on our short-term and long-term liquidity.
(3) Results of Operations
Fiscal Year 2012 Compared with Fiscal Year 2011
The following presents an overview of our results of operations for years ended February 29, 2012 and February 28, 2011. We had earnings before income taxes of $2,277,700 for fiscal year 2012 compared with $1,870,200 for fiscal year 2011.
The UBAM Division's gross sales decreased 6.2% or $1,189,700 during FY 2012 when compared with FY 2011. This decrease is attributable to lower sales in the home party, direct sales, school and library/book fair, and the internet markets. Average sales per order for this division were up 3.7%, while the overall number of orders was down 16.4% due to reductions in each of those markets. The Publishing Division's gross sales increased 12.1% or $2,465,200 during FY 2012 when compared with FY 2011.
The Publishing Division's discounts and allowances are a much larger percentage of gross sales than discounts and allowances in the UBAM Division due to the different customer markets that each division targets. The Publishing Division's discounts and allowances were $11,956,400 in fiscal year 2012 and $10,646,500 in fiscal year 2011. To be competitive with other wholesale book distributors, the Publishing Division sells at discounts between 48% and 55% of the retail price, based upon the quantity of books ordered and the dollar amount of the order. The Publishing Division's discounts and allowances were 52.2% of Publishing's gross sales in fiscal year 2012 and 52.1% in fiscal year 2011.
The UBAM Division's discounts and allowances were $3,635,600 in fiscal year 2012 and $3,011,100 in fiscal year 2011. Most sales in the UBAM Division are at retail. As a part of the UBAM Division's marketing programs, discounts between 40% and 50% of retail are offered on selected items at various times throughout the year. The discounts and allowances in the UBAM Division will vary from year to year depending upon the marketing programs in place during any given year. The UBAM Division's discounts and allowances were 20.2% of UBAM's gross sales in fiscal year 2012 and 15.7% in fiscal year 2011.
Transportation revenues decreased $311,000 in fiscal year 2012, primarily due to the decrease in UBAM sales during the year.
Cost of sales increased 2.6% in fiscal year 2012 when compared with fiscal year 2011. Our cost of products is 25% to 34% of the gross sales price, depending upon the product. In comparing the percentage change in gross sales with the percentage change in cost of goods, consideration must be given to the mix of products sold. Approximately 73% of our products come from one vendor, where the cost of the products is a fixed percentage of the retail price.
Cost of sales is the inventory cost of product sold (including the cost of the product itself and inbound freight charges). Operating and selling expenses include purchasing and receiving, inspection, warehousing, and other costs of our distribution network. These costs totaled $1,274,100 in FY 2012 and $1,135,100 in FY 2011. When comparing our gross margins with the gross margins of other companies, note that we do not include the costs of our distribution network in our cost of sales.
In addition to costs associated with our distribution network (noted above), operating and selling costs include expenses of the Publishing Division, the UBAM Division and the order entry and customer service functions. Operating and selling expenses as a percentage of gross sales were 16.4% for fiscal year 2012 and 17.9% for fiscal year 2011.
Sales commissions in the Publishing Division increased $32,100 for the fiscal year ended 2012. Sales commissions for this division fluctuate depending upon the amount of sales made to our "house accounts," which are our largest customers and do not have any commission expense associated with them, and sales made by the Company's outside sales representatives. Publishing Division sales commissions are paid on net sales and were 2.1% in both fiscal years 2012 and 2011.
Sales commissions in the UBAM Division decreased $745,500. UBAM Division sales commissions are paid on retail sales and were 39.5% for fiscal year 2012 and 39.6% for fiscal year 2011. The fluctuation in the percentages of commission expense to retail sales is the result of the type of sale. Home shows, book fairs, school and library sales and direct sales have different commission rates. Also contributing to the fluctuations in the percentages is the payment of overrides and bonuses, both dependent on consultants' monthly sales and downline sales. The decrease in sales commissions is the result of lower sales in the UBAM Division.
General and administrative expenses include the executive department, accounting department, information services department, general office management and building facilities management. General and administrative expenses as a percentage of gross sales were 4.8% for fiscal year 2012 and 6.0% for fiscal year 2011.
The tax provision for fiscal year 2012 was $856,800. The effective rate for fiscal year 2012 was 37.6% and for fiscal year 2011 was 37.5%. Our effective tax rate is higher than the Federal statutory rate due to state income taxes.
Contractual Obligations
We are a smaller reporting company and are not required to provide this information.
Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to our valuation of inventory, allowance for uncollectable accounts receivable, allowance for sales returns, long-lived assets and deferred income taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may materially differ from these estimates under different assumptions or conditions. Historically, however, actual results have not differed materially from those determined using required estimates. Our significant accounting policies are described in the notes accompanying the financial statements included elsewhere in this report. However, we consider the following accounting policies to be more significantly dependent on the use of estimates and assumptions.
Stock-Based Compensation
We account for stock-based compensation whereby share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at date of grant and recognized as compensation expense.
Revenue Recognition
Sales are recognized and recorded when products are shipped. Products are shipped FOB shipping point. The UBAM Division's sales are paid at the time the product is shipped. These sales accounted for 58% of net revenues in fiscal year 2012 and 64% of net revenues in fiscal year 2011.
Estimated allowances for sales returns are recorded as sales are recognized and recorded. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from the retail stores. The damages occur in the stores, not in shipping to the stores. It is industry practice to accept returns from wholesale customers. Transportation revenue, the amount billed to the customer for shipping the product, is recorded when products are shipped. Management has estimated and included a reserve for sales returns of $100,000 as of both February 29, 2012 and February 28, 2011.
Allowance for Doubtful Accounts
We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. An estimate of uncollectable amounts is made by management based upon historical bad debts, current customer receivable balances, age of customer receivable balances, customers' financial conditions and current economic trends. Management has estimated allowance for doubtful accounts of $456,300 and $462,800 as of February 29, 2012 and February 28, 2011, respectively.
Management continually estimates and calculates the amount of non-current inventory. The inventory arises due to occasional purchases of book inventory in quantities in excess of what will be sold within the normal operating cycle due to minimum order requirements of our primary supplier. Noncurrent inventory was estimated by management using the current year turnover ratio by title. All inventory in excess of 2 ½ years of anticipated sales was classified as noncurrent inventory. Noncurrent inventory balances were $888,000 and $903,000 at February 29, 2012 and February 28, 2011, respectively.
Inventories are presented net of a valuation allowance. Management has estimated and included a valuation allowance for both current and noncurrent inventory. This allowance is based on management's identification of slow moving inventory on hand. Management has estimated a valuation allowance for both current and noncurrent inventory of $365,000 and $330,700 as of February 29, 2012 and February 28, 2011, respectively.
Our product line contains approximately 1,500 titles, each with different rates of sale, depending upon the nature and popularity of the title. Almost all of our product line is saleable as the books are not topical in nature and remain current in content today as well as in the future. Most of our products are printed in Europe, China, Singapore, India, Malaysia and Dubai resulting in a three to four-month lead-time to have a title reprinted and delivered to us.
Our principal supplier, based in England, imposes minimum order requirements before reprinting a title. At the current time we must reorder 6,500 or more of a title in order to get a solo print run. If we order less than 6,500 of a title, then we normally share a print run with the supplier's other customers, which can result in more lengthy delays to receive the ordered title. Anticipating customer preferences and purchasing habits requires historical analysis of similar titles in the same series. We then place the initial order or re-order based upon this analysis.
These factors and historical analysis have led Management to determine that 2 ½ years represents a reasonable estimate of the normal operating cycle for our products.
New Accounting Pronouncements
The Financial Accounting Standards Board ("FASB") periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued pronouncements and concluded that the recently issued accounting standards are not applicable to us.
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting company and are not required to provide this information.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this Item 8 begins at page 23.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Item 9A(T). CONTROLS AND PROCEDURES
An evaluation was performed of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) and 15d-15(e) as of February 29, 2012. This evaluation was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and our Controller/Corporate Secretary (Principal Financial and Accounting Officer).
Based on that evaluation, these officers concluded that our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to them, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported in accordance within the time periods specified in Securities and Exchange Commission rules and forms. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events.
During the fourth fiscal quarter of the fiscal year covered by this report on Form 10-K, there have been no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Securities Exchange Act of 1934 (the "Exchange Act"). Under the supervision and with the participation of our management, including our President and our Controller, we evaluated the effectiveness of our internal control over financial reporting based on the framework in INTERNAL CONTROL-INTEGRATED FRAMEWORK issued by the Committee of Sponsoring Organizations of the Treadway Commission. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on our evaluation under that framework and applicable SEC rules, our management concluded that our internal control over financial reporting was effective as of February 29, 2012.
This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management's report in this annual report.
Item 9B. OTHER INFORMATION
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
(a) Identification of Directors
The information required by this Item 10 is furnished by incorporation by reference to the information under the caption "Election of Directors" in our definitive Proxy Statement to be filed in connection with the Annual Meeting of Shareholders to be held on July 19, 2012.
(b) Identification of Executive Officers
Information regarding our executive officers required by Item 401 of Regulation S-K is presented in Item 1 hereof under the subcaption "Executive Officers" as permitted by General Instruction G (3) to Form 10-K and Instruction 3 to Item 401(b) of Regulation S-K.
(c) Compliance with Section 16 (a) of the Exchange Act
The information required by this Item 10 is furnished by incorporation by reference to the information under the caption "Section 16 (a) Beneficial Ownership Reporting Compliance" in our definitive Proxy Statement to be filed in connection with the Annual Meeting of Shareholders to be held on July 19, 2012.
Item 11. EXECUTIVE COMPENSATION
The information required by this Item 11 is furnished by incorporation by reference to the information under the caption "Executive Compensation" in our definitive Proxy Statement to be filed in connection with the Annual Meeting of Shareholders to be held on July 19, 2012.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by this Item 12 is furnished by incorporation by reference to the information under the captions "Security Ownership of Certain Beneficial Owners and Management" and "Compensation Plans" in our definitive Proxy Statement to be filed in connection with the Annual Meeting of Shareholders to be held on July 19, 2012.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 14. PRINCIPAL ACCOUNTANT'S FEES AND SERVICES
The information required by this Item 14 is furnished by incorporation by reference to the information under the caption "Independent Registered Public Accountants" in our definitive Proxy Statement to be filed in connection with the Annual Meeting of Shareholders to be held on July 19, 2012.
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this report:
Schedules have been omitted as such information is either not required or is included in the financial statements.
2. Exhibits
*Filed Herewith
Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 25, 2012 By /s/ Marilyn Pinney
Marilyn Pinney
Controller and Corporate Secretary
(Principal Financial and Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Date: May 25, 2012 /s/ Randall W. White
Randall W. White
Chairman of the Board
President, Treasurer and
May 25, 2012 /s/ John A. Clerico
John A. Clerico, Director
May 25, 2012 /s/ Ronald McDaniel
Ronald McDaniel, Director
May 25, 2012 /s/ Kara Gae Neal
Kara Gae Neal, Director
May 25, 2012 /s/ Marilyn Pinney
Marilyn Pinney
Controller and Corporate Secretary
(Principal Financial and Accounting Officer)
To the Board of Directors and Shareholders of
Educational Development Corporation
We have audited the accompanying balance sheets of Educational Development Corporation as of February 29, 2012 and February 28, 2011, and the related statements of earnings, shareholders' equity and cash flows for each of the two years in the period ended February 29, 2012. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Educational Development Corporation as of February 29, 2012 and February 28, 2011, and the results of its operations and its cash flows for each of the two years in the period ended February 29, 2012, in conformity with U.S. generally accepted accounting principles.
/s/ HOGANTAYLOR LLP
Tulsa, Oklahoma
May 25, 2012
See notes to financial statements.
See notes to financial statements.
See notes to financial statements.
See notes to financial statements.
Nature of Business—We distribute books and publications through our Publishing and Usborne Books and More ("UBAM") Divisions to book, toy and gift stores, libraries and home educators located throughout the United States ("U.S."). We are the sole U.S. distributor of books and related items, which are published by an England-based publishing company, Usborne, our primary supplier. We are also in the direct publishing market through our ownership of Kane/Miller Publishers.
Estimates—Our financial statements were prepared in conformity with accounting principles generally accepted in the United States of America, which requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements. Actual results could differ from these estimates.
Business Concentration—A significant portion of our inventory purchases are concentrated with an England-based publishing company. Purchases from this company were approximately $8.3 million for the year ended February 29, 2012 and $7.3 million for the year ended February 28, 2011. Total inventory purchases for those same periods were approximately $11.4 million and $10.3 million, respectively.
Cash and Cash Equivalents—Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. We have never experienced any losses related to these balances. All of our non-interest bearing cash balances were fully insured at February 29, 2012 due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and our non-interest bearing cash balances may again exceed federally insured limits. The majority of payments due from banks for third party credit card transactions process within two business days. Amounts due are classified as cash and cash equivalents at February 29, 2012 and February 28, 2011.
Accounts Receivable— Accounts receivable are uncollateralized customer obligations due under normal trade terms generally requiring payment within thirty days from the invoice date. Trade accounts are stated at the amount management expects to collect from outstanding balances. Delinquency fees are not assessed. Payments of accounts receivable are allocated to the specific invoices identified on the customers' remittance advice. Accounts receivable are carried at original invoice amount less an estimated reserve made for returns and discounts based on quarterly review of historical rates of returns and expected discounts to be taken. The carrying amount of accounts receivable is reduced, if needed, by a valuation allowance that reflects management's best estimate of the amounts that will not be collected.
Management periodically reviews accounts receivable balances and, based on an assessment of historical bad debts, current customer receivable balances, age of customer receivable balances, customers' financial conditions and current economic trends, estimates the portion, if any, of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation account based on its assessment of the current status of the individual accounts. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. Recoveries of trade receivables previously written off are recorded when received.
Inventories—Inventories are stated at the lower of cost or market. Cost is determined using the FIFO method. We present a portion of our inventory as a noncurrent asset. Occasionally we purchase book inventory in quantities in excess of what will be sold within the normal operating cycle due to minimum order requirements of our primary supplier. These excess quantities are included in noncurrent inventory. We estimate noncurrent inventory using the current year turnover ratio by title. All inventory in excess of 2½ years of anticipated sales is classified as noncurrent inventory.
Inventories are presented net of a valuation allowance. Management has estimated and included an allowance for slow moving inventory for both current and noncurrent inventory. This allowance is based on management's analysis of inventory on hand at February 29, 2012 and February 28, 2011.
Property, Plant and Equipment—Property, plant and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives, as follows:
Income Taxes—We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and the tax basis of assets and liabilities using the current tax laws and rates. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized.
Revenue Recognition—Sales are recognized and recorded when products are shipped. Products are shipped FOB shipping point. The UBAM Division's sales are paid at the time the product is shipped. These sales accounted for 58% of net revenues in FY 2012 and 64% of net revenues in FY 2011.
Estimated allowances for sales returns are recorded as sales are recognized and recorded. Management uses a moving average calculation to estimate the allowance for sales returns. We are not responsible for product damaged in transit. Damaged returns are primarily from the retail stores related to damages which occur in the stores, not in shipping to the stores. It is industry practice to accept returns from wholesale customers. Management has estimated and included a reserve for sales returns of $100,000 as of February 29, 2012 and February 28, 2011.
Transportation revenue, the amount billed to the customer for shipping the product, is recorded when products are shipped.
Advertising Costs—Advertising costs are expensed as incurred. Advertising expenses, included in selling and operating expenses in the statements of earnings, were $219,900 and $162,800 for the years ending February 29, 2012 and February 28, 2011, respectively.
Shipping and Handling Costs— We classify shipping and handling costs as operating and selling expenses in the statements of earnings. Shipping and handling costs were $2,289,700 and $2,320,300 for the years ending February 29, 2012 and February 28, 2011, respectively.
Earnings per Share—Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares outstanding and dilutive potential common shares issuable which include, where appropriate, the assumed exercise of options. In computing Diluted EPS we have utilized the treasury stock method.
The following reconciles the diluted earnings per share:
There were no stock options for the fiscal years ended February 29, 2012 and February 28, 2011 excluded from the diluted earnings per share calculation.
Fair Value of Financial Instruments—For cash and cash equivalents, accounts receivable, and accounts payable, the carrying amount approximates fair value because of the short maturity of those instruments.
Long-Lived Asset Impairment— We review the value of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated future cash flows. No impairment was noted as a result of such review during the years ended February 29, 2012 and February 28, 2011.
Stock-Based Compensation—Share-based payment transactions with employees, such as stock options and restricted stock, are measured at estimated fair value at date of grant and recognized as compensation expense.
New accounting pronouncements—The Financial Accounting Standards Board ("FASB") periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. We have reviewed the recently issued pronouncements and concluded that the recently issued accounting standards are not applicable to us.
Inventories consist of the following:
Property, plant and equipment consist of the following:
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax assets and liabilities as of February 29 (28) are as follows:
Management has determined that no valuation allowance is necessary to reduce the carrying value of deferred tax assets as it is more likely than not that such assets are realizable.
The components of income tax expense are as follows:
The following reconciles our expected income tax expense utilizing statutory tax rates to the actual tax expense:
We file our tax returns in the US and certain state jurisdictions. We are no longer subject to income tax examinations by tax authorities for fiscal years before 2009. We are not currently the subject of any income tax examinations by any tax authorities.
Based upon a review of our income tax filing positions, we believe that our positions would be sustained upon an audit and do not anticipate any adjustments that would result in a material change to our financial position. Therefore, no reserves for uncertain income tax positions have been recorded. We classify interest and penalties associated with income taxes as a component of income tax expense on the statement of earnings.
We have a profit sharing plan that incorporates the provisions of Section 401(k) of the Internal Revenue Code. The 401(k) plan covers substantially all employees meeting specific age and length of service requirements. Matching contributions are discretionary and amounted to $74,400 and $73,400 in the fiscal years ended February 29, 2012 and February 28, 2011, respectively.
We have a $2,500,000 revolving credit agreement, with interest payable monthly at the greater of (a) prime rate minus 0.75% or (b) 4.00%. At February 29, 2012, the rate in effect was 4.00%, collateralized by substantially all of our assets and maturing on June 30, 2012.
We had $250,000 in borrowings outstanding on the above revolving credit agreement at February 29, 2012 and no borrowings outstanding at February 28, 2011. Available credit under the revolving credit agreement was $2,250,000 at February 29, 2012. This agreement also contains a provision for our use of the Bank's letters of credit. The Bank agrees to issue, or obtain issuance of commercial or stand-by letters of credit provided that no letters of credit will have an expiry date later than June 30, 2012 and that the sum of the line of credit plus the letters of credit would not exceed the borrowing base in effect at the time. The agreement contains provisions that require us to maintain specified financial ratios, restrict transactions with related parties, prohibit mergers or consolidation, disallow additional debt, and limit the amount of compensation, salaries, investments, capital expenditures and leasing transactions. We intend to renew the bank agreement or obtain other financing upon maturity.
At February 29, 2012, we had outstanding purchase commitments for inventory totaling approximately $3,859,700.
Rent expense for the year ended February 29, 2012 was $81,200. The following table provides a summary of our future lease obligations as of February 29, 2012:
The Board of Directors adopted the 1992 Incentive Stock Option Plan (the "1992 Plan") in June of 1992, which authorized us to grant up to 1,000,000 stock options. The 1992 Plan expired in June of 2002 upon which the Board of Directors adopted the 2002 Stock Option Plan (the "2002 Plan"). The 2002 Plan also authorized us to grant up to 1,000,000 stock options.
Options granted under the 1992 Plan and 2002 Plan (collectively the "Incentive Plans") vest at date of grant and are exercisable up to ten years from the date of grant. The exercise price on options granted is equal to the market price at the date of grant. Options outstanding at February 29, 2012 expire beginning in March 2014 through December 2019.
A summary of the status of our Incentive Plans as of February 29, 2012 and February 28, 2011, and changes during the years then ended is presented below:
The following table summarizes information about stock options outstanding at February 29, 2012:
All options outstanding are exercisable at February 29, 2012.
The following is a summary of the quarterly results of operations for the years ended February 29, 2012 and February 28, 2011.
We have two reportable segments: Publishing and Usborne Books and More ("UBAM") which are business units that offer different methods of distribution to different types of customers. They are managed separately based on the fundamental differences in their operations.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate segment performance based on earnings (loss) before income taxes of the segments, which is defined as segment net sales reduced by direct cost of sales and direct expenses. Corporate expenses, depreciation, interest expense and income taxes are not allocated to the segments, but are listed in the "other" column. Corporate expenses include the executive department, accounting department, information services department, general office management and building facilities management. Our assets and liabilities are not allocated on a segment basis.
Information by industry segment for the years ended February 29, 2012 and February 28, 2011 is set forth below:
In April 2008, the Board of Directors authorized us to purchase up to an additional 500,000 shares of our common stock under the plan initiated in 1998. This plan has no expiration date. During fiscal year 2012, we purchased 36,731, shares of common stock at an average price of $5.83 per share totaling approximately $214,300. The maximum number of shares that may be repurchased in the future is 360,109.
During fiscal year ended February 28, 2011, we determined that amounts paid to a third party for travel deposits had not been used to reserve travel for the Company. As a result of this, we had to pay approximately $188,500 in additional travel expenses, which was reported in operating expenses as a casualty loss for fiscal year ended February 28, 2011.
At February 28, 2011, we had a receivable in the amount of $364,500 due from a customer who has filed for protection from its creditors under Chapter 11 of the Bankruptcy Reform Act of 1978 ("Act"). In July 2011, the debtor announced plans to sell itself to a group of liquidators. It had been unable to secure further financing to satisfy the claims of its creditors. At February 29, 2012, this receivable remains $364,500, of which, $340,000 is reserved.
On October 13, 2011, we signed a Stock Purchase Agreement to acquire an 11% position with Demibooks, Inc for an initial investment of $250,000. We have accounted for this investment using the cost method, as reflected on the balance sheet under 'investment in nonmarketable equity securities'. Demibooks provides a publishing platform for interactive books. Their Demibooks® Composer product is a code-free way for publishers and self-published authors and illustrators to create interactive books for the iPad on the device itself. We will utilize the Composer platform to create our proprietary interactive products. The Stock Purchase Agreement allows for an additional $250,000 investment, resulting in a total position of 18%, upon the completion of specified milestones.
On March 16, 2012, we paid the previously declared $0.12 dividend per share to shareholders of record as of March 9, 2012.


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NJ's acting governor says former attorney general should leave high court
(TRENTON, N.J.) - New Jersey's chief executive has joined the chorus calling for the resignation of state Supreme Court Justice Peter Verniero over the hot issue of racial profiling.
Verniero served as the state's attorney general before Gov. Christie Whitman named him to the high court in 1999. During that time, officials denied that state troopers were targeting black and Hispanic drivers for traffic stops. Acting Gov. Donald DiFrancesco, who, as president of the state Senate, succeeded Whitman, said today that Verniero should step down because he gave misleading answers during a hearing on his confirmation. The state Senate Judiciary Committee sent a letter to DiFrancesco earlier this week calling for resignation, and some legislators have said they are preparing resolutions of censure or impeachment.
Verniero spent 13 hours last week testifying before the committee. He denied any wrongdoing and suggested that he was too trusting of State Police officials, who were nominally under his supervision as attorney general.
Whether the Legislature has grounds to remove Verniero is unclear, and he has said he will not resign. If he remains on the Supreme Court, he could be rejected in 2006, when the state Senate must reconfirm his nomination.
This week, John Farmer, New Jersey's current attorney general, told the committee that troopers still appear to be making race-based traffic stops. He said that 73 percent of the drivers subjected to consent searches on the New Jersey Turnpike are black and Hispanic, and that troopers find guns, drugs or other illegal items in a much higher proportion of the vehicles with white drivers.
Full story: NJ's acting governor says former attorney general should leave high court
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Ferns, palms, potted colour – it doesn't matter whether your corner of paradise is big or small, growing a plant can be one of life's great little pleasures.
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Tui Pot Power is the premier potting mix for today's container gardening connoisseurs. This lightweight mix is formulated using superb growing media technology, coupled with superior ingredients.
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Solar Power : Global Market Attractiveness Model (Interactive Model)
7. What is the total energy capacity of a given country; what are past trends and what is the future growth outlook?
8. Which countries are most dependent on net electricity imports?
9. Which countries have existing solar capacity and what are the accessible market expectations through to 2020?
10. How large is the LCOE gap between conventional fuels and solar projects?A few examples of possible scenarios : 1. Which are the most stable markets in Asia with low electrification or significant distribution issues? 2. Which markets in Africa would be most suitable for residential, off-grid solar installations? 3. Which markets in Europe are likely to show the most growth in solar capacity through to 2020? 4. What are the most supportive markets for solar from a financing, policy and general business support perspective? 5. Which Latin American markets have high solar potential but have the highest investment risk? SOLAR POWER : GLOBAL MARKET ATTRACTIVENESS MODEL TABLE OF CONTENTS 1 Solar Attractiveness Model (Excel 2007) 1 User Guide (PDF) The model is fully interactive and comes complete with a detailed user guide. Irrespective of users' experience with Excel, complex scenarios can be built and reviewed quickly and easily and customisation (either by advanced Excel users or on request from Energici Holdings Inc) is possible. SOLAR ATTRACTIVENESS MODEL The model consists of 4 main sections spread across 10 tabs in an Excel 2007 spreadsheet. Raw Data Over 19,000 datapoints assigned to 120 indicators distributed across 26 categories (see below) and 214 geographic entities. All data is fully sourced and referenced. Controls Every indicator can be weighted to increase its relative contribution to a scenario. Scoring parameters for indicators are also fully editable to reflect the requirements or sensitivities of any given scenario.
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I'm studying and have a theoretical question:
I know that there are 5 FSMO roles and there should be one instance of each FSMO role (though I think it may be possible to duplicate *some* of them and distribute them amongst DCs). I know that the FSMO roles can be moved from one DC to another, but what if the DC holding one or more of the FSMO roles dies (perhaps there's been a water leak in the server room)? Would I be absolutely st****d? I've heard of seizing the role, but if the hard drive holding the FSMO role is dead, surely I wouldn't be able to seize the role anyway?
A supplemetary question - what if just the system disk (or partition) of the PDC died? Would I have to reinstall and hope that the BDC would step in to recreate everything for me? Is this a time where I should consider mirroring the system partition on the PDC (and probably the BDC)?
I hasten to add that I've never faced these scenarios, I'm just thinking laterally about what MS might throw at me in an exam.


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Redirect a domain. ISPConfig is adding a / at the end of the path...
Hi to everybody.
I'm running a server with ISPConfig 220.127.116.11
I'm setting up a website www.domain.com that will be redirect to www.another.com
The redirect is working (I'm using the "no flag" option).
The problem that I've is that the redirect is adding a / at the end of the path... and my path is not working with that /
How to avoid this problem?
Thanks a lot
Why does it not work with the /? :confused:
The destination address is a asp page, a kind of:
The redirect code is only made for directory redirects of domains. If you need some other kind of redirects, you can add them in the apache directives field of a website or in a .htaccess file.
Hi Till,
thanks for your reply.
I was hoping that I was able to manage the redirect with ISPConfig (I really don't know why it's adding this / at the end)
Anyway if there is no way to avoid this problem, I'll edit apache file manually... in this case, could I know which command do I need for?
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My Profile
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Member since Dec 2009
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Reviewed Paula's Italian Pasta Salad
Jan 13, 2012 in Food Network Community Toolbox on FoodNetwork.com
"one word: addicting. made it like the recipe but made my own balsamic vinaigrette, used fresh mushrooms instead of canned, and added grilled chicken and basil to the mix....turned out real good!"""


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Chita Johnson
Revolving Door (0)
Sightings (4)
Chief Meteorologist Gene Norman Out at KHOU - Posted November 19, 2012
After four years as chief meteorologist at KHOU, Gene Norman has parted ways with the Houston CBS affiliate. General manager ... [TVSpy]
Chita Johnson to Mornings, David Paul to Afternoons at Houston's KHOU - Posted August 13, 2012
Changes are coming to the weather team at KHOU, the CBS-affiliate in Houston, media blogger Mike McGuff reports. ... [TVSpy]
On the Move, 11/17/11 - Posted November 17, 2011
Anne Craig joins WTNH in New Haven, CT as weekend anchor and reporter, from reporter at WNYW in New York. Lucy Noland joins KNBC in Los Angeles, anchoring the station's midday and 5 p.m. newscasts during the week. Ken Barlow becomes a weeknight me... [TVSpy]
On the Move, 7/18/11 - Posted July 18, 2011
Meteorologist Chita Johnson joins KHOU. Johnson comes to Houston from KRCR in Redding, CA where she was the morning meteorologist for the past four years. Leigh Dana moves from reporter at WBNG in Binghamton, NY to reporter at WBBH in Fort Myers, FL. Kri... [TVSpy]


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Honduras Good Works
A 501(c)3 nonprofit faith-based organization. We work with the Episcopal Diocese of Honduras; however, volunteers who go on our mission trips come from all faiths.
On our mission trips, volunteer doctors and dentists see around 3,000 patients in a week, bringing quality medical and dental care to rural Hondurans in need.
We provide scholarships to Honduran children so that they can afford to graduate from high school, giving them a better chance at a better life.
As part of our church and community development, we have programs to help build churches in rural villages and micro finance projects to create jobs and economic opportunities.
Fundraising Goal - $308,085
Your donation will help us continue these good works. Please donate any amount.
Progress towards our goal!
Scholarship ProgramWe are trying to increase the number of children in our scholarship program to 175 this year.
Your donation can keep a child in school.
Our goal - $45,9000
Donate Medical Supplies
We are in need of the following: new and gently used ace wraps, band-aids, tape, gauze, bandage scissors, gloves: sterile and non-sterile all sizes, triple antibiotic cream, Steristrips and splints.


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Affordable Care Act (ACA or ObamaCare) Center - Encinitas, CA
WebMD Physician Directory
Encinitas, California
Affordable Care Act (ACA or ObamaCare)
What is the Affordable Care Act (ACA or ObamaCare)?
The entire health-care industry is poised for the most profound changes in several generations. These changes can be categorized into Market Changes and the Affordable Care Act (ACA)...
Other Related Affordable Care Act (ACA or ObamaCare) Articles
Emergency Contact for Encinitas
Nearby Encinitas Hospitals *
Scripps Memorial Hospital
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Kaiser Permanente Medical Ctr
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VA San Diego Healthcare
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Kindred Hospital
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*Provider Directory Terms of Use:
The WebMD 'Provider Directory' is provided by WebMD for use by the general public as a quick reference of information about Providers. The Provider Directory is not intended as a tool for verifying the credentials, qualifications, or abilities of any Provider contained therein. Inclusion in the Provider Directory does not imply recommendation or endorsement nor does omission in the Provider Directory imply WebMD disapproval.


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By Journal Staff
May 8, 2013
To assist those who wish to participate in the 2013 Miss Aquafest Pageant and Scholarship Program, Aquafest is holding three paperwork workshops on May 16 and 22 from 6 p.m. to 8 p.m. at the Community Center on Main Street next to Lake Stevens City Hall.
All forms can be downloaded at Aquafest.org. The Miss Aquafest Pageant is a natural, healthy event that showcases the many abilities of Snohomish County girls from 5-18.
The pageant promotes academic and community service, personal interview skills, stage presence and public speaking.
Coaches are available to all candidates during paperwork and practice workshops.
The 2013 Miss Aquafest Pageant will be held on June 1 and 2 in Lake Stevens.
Please visit Aquafest.org for additional information.
Lake Stevens Journal | P.O. Box 896, Lake Stevens, WA 98258
Ph: (425) 334-9252 | firstname.lastname@example.com | www.lakestevensjournal.com Content and information copyright 2014 Lake Stevens Journal, Inc.
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My Profile
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Reviewed Creme Brulee
Sep 4, 2012 in Food Network Community Toolbox on FoodNetwork.com
"This recipe is awesome. Its easy to make and turns out fantastic, my husband & kids love it. I always end up with more than enough to fill my ramekins, so I just pour the extra in a small pyrex dish & bake it along side the others. The vanilla beans add so much compared to extract & the vanilla sugar is great in cakes, muffins & my morning coff""


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Gear Review
Mega Sweet
Jason Jarboe
Member since
This Yakima rack fit right on my 99 jeep grand cherokee out of the box perfectly. Doesn't get in the way of the sun roof and all the accessories that I already had for my car work with it. I put my bike mounts on and another perfect fit. Doesn't get in the way of the back hatch. This rack is sweet!
Member since
I have a 2004 Grand and was worried it would either interfere with my sun roof or hang over too far and hit the hatch when it opened. Thanks for the info. I was also concerned about the width. Does it hang over the side much?
View More Details on Yakima MegaWarrior Basket


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I have to admit, I was a bit wary trying out a new internet dealer. I'd been using Penguin mainly for the last while, and while they had some great...Read More ->
Come sempre tutto ok e veloce , ottimo personale.
Italian Translation
As always all ok and fast, excellent staff. Read More ->


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Albuquerque News
Local news for Albuquerque, NM continually updated from thousands of sources on the web.
State and city officials say homeowners need to watch out for scamming
14 hrs ago | KOB-TV | Comment?
Study: songbirds knew a tornado was coming
18 hrs ago | Fox News | Comment?
Albuquerque waiter won't be tried in drugging case
22 hrs ago | KCBD-TV Lubbock | Comment?
Families salvage what they can after apartment fire
Yesterday | KOAT-TV | Comment?
2 people killed in US 550 crash identified; had been pursued by police
UTEP cheerleading coach arrested in ABQ for DWI
Yesterday | KRQE Albuquerque | Comment?
DA: No decision made for officer involved in James Boyd shooting
Albuquerque motel destroyed by fire
Friday | Route 66 News | Comment?
2 men, teenager arrested in deadly party shooting
Friday | KOB-TV | 2
New Mexicoa s a oeSinging Roada to air on Nat-Geo
Friday | KRQE Albuquerque | Comment?
Lottery: NM needs to go high-tech to boost sales
Friday | Alamogordo Daily News | Comment?
Teen dead in fire had stayed home from school
Thursday | KOAT-TV | Comment?
Albuquerque woman says ex-husband continually violating restraining order
Thursday | KOB-TV New Mexico | Comment?
Caught on Camera: Accidental Shooting
Thursday | WWLP | Comment?
Albuquerque family scammed out of life savings via Green Dot Money Card scam
Thursday | KOB-TV | Comment?
Albuquerque's ClosedWon launches massive IT portal
Thursday Dec 18 | Business Journal | Comment?
Updated: Sun Dec 21, 2014 05:42 am
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text: Strict Standards: Redefining already defined constructor for class XML_Parser in /home/sites/www.americanpoems.com/web/store/aom/includes/os.php on line 1188 Strict Standards: Declaration of XML_Parser::raiseError() should be compatible with PEAR::raiseError($message = NULL, $code = NULL, $mode = NULL, $options = NULL, $userinfo = NULL, $error_class = NULL, $skipmsg = false) in /home/sites/www.americanpoems.com/web/store/aom/includes/os.php on line 1604 Strict Standards: Declaration of XML_Unserializer::startHandler() should be compatible with XML_Parser::startHandler($xp, $elem, &$attribs) in /home/sites/www.americanpoems.com/web/store/aom/includes/os.php on line 3503 Strict Standards: Declaration of Cache_Lite_File::get() should be compatible with Cache_Lite::get($id, $group = 'default', $doNotTestCacheValidity = false) in /home/sites/www.americanpoems.com/web/store/aom/includes/cache.php on line 1020 American Poems: Books: Paradise Lost Home Apparel Appliances Books DVD Electronics Home & Garden Kindle eBooks Magazines Music Outdoor Living Software Tools & Hardware PC & Video Games Search All Products Apparel Appliances Arts & Crafts Automotive Baby Beauty Books Computers DVD Electronics Gourmet Food Grocery Health Home & Garden Industrial & Science Jewelry Kindle eBooks Kitchen Magazines Miscellaneous Mobile Apps MP3 Downloads Music Musical Instruments Office Products Outdoor Living Pet Supplies Photo & Camera Shoes Software Sporting Goods Tools & Hardware Toys VHS Video On Demand PC & Video Games Watches Wireless Wireless Accessories Advanced Search Sitemap View Cart Checkout Location: Home » Books » Paradise Lost Paradise Lost enlarge Other Views: Author:John Milton Publisher:CreateSpace Independent Publishing Platform Category:Book List Price: $7.99 Buy New: $5.59 as of 12/17/2014 19:31 EST details You Save: $2.40 (30%) In Stock New (7) Used (5) Collectible (1) from $5.59 Seller:Bookworm Service Sales Rank:55,859 Languages:English (Unknown), English (Original Language), English (Published) Media:Paperback Number Of Items:1 Pages:150 Shipping Weight (lbs):0.8 Dimensions (in):8 x 0.3 x 10 Publication Date:August 20, 2013 ISBN:1482540282 EAN:9781482540284 ASIN:1482540282 Availability:Usually ships in 1-2 business days Also Available In: Kindle Edition - Paradise Lost Kindle Edition - Paradise Lost: With bonus material from The Demonologist by Andrew Pyper Similar Items: The Divine Comedy The Divine Comedy (The Inferno, The Purgatorio, and The Paradiso) The Inferno The Canterbury Tales (Oxford World's Classics) Paradise Regained Editorial Reviews: SynopsisParadise Lost, an epic poem in blank verse, written by the 17th-century poet John Milton as he became blind at the end of his life, is a retelling of the Biblical story of the Fall of Man. While based on the Christian tale, the poem incorporates many topics, and spends most of its verses detailing the journey of Satan and his war on the angels. The depiction of Adam and Eve draws an elaborate panorama of their trials. This classic of Western literature is wide-reaching and enormously influential, and should not be absent from the modern reader's bookshelf. CERTAIN CONTENT THAT APPEARS ON THIS SITE COMES FROM AMAZON SERVICES LLC. THIS CONTENT IS PROVIDED 'AS IS' AND IS SUBJECT TO CHANGE OR REMOVAL AT ANY TIME. Brought to you by American Poems Categories •Apparel •Appliances •Arts & Crafts •Automotive •Baby •Beauty •Books •Computers •DVD •Electronics •Gourmet Food •Grocery •Health •Home & Garden •Industrial & Science •Jewelry •Kindle eBooks •Kitchen •Magazines •Miscellaneous •Mobile Apps •MP3 Downloads •Music •Musical Instruments •Office Products •Outdoor Living •Pet Supplies •Photo & Camera •Shoes •Software •Sporting Goods •Tools & Hardware •Toys •VHS •Video On Demand •PC & Video Games •Watches •Wireless •Wireless Accessories Subcategories Literature •American Literature •Creative Writing & Composition •English Literature •Literary Theory •World Literature Related Categories •Classics Literature & Fiction Subjects Books •Literature Humanities New, Used & Rental Textbooks Specialty Boutique Books


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Crossword Puzzle Fill in Demo
10,000 - 50,000 downloadsAdd this app to your lists
+ By Jonathan Jonsson
You will be given a list of words that all will fit in the non black squares.
Touch a red or yellow square to place a word, and it will be strikeout and not possible to choose again.
The crossword is completed when all the words are placed on the board.
The board is 8 squares wide and 16 squares high, 12x12, 15x15 or 20x20
There will be new crosswords added later on.
Just fill in all the none black squares
Compare your number of solved crosswords with others online through Swarm.
This is a demo version with 16 crosswords the full Version contains tousends (4500+ and rising) of crosswords
tags: word fill in, crossword, puzzle, crusadex, cruzadex
Tags: unolingo online, crossword puzzle about the stars, puzzle maker fill ins, crossword maker4, crossword demo script, crossword puzzles for 20 words.
Minor bug fixes.
Fixed bug, now it should work, sorry
Added demo of one new board size 20x20, and added possibility to change color of the squares.
Added demos of two new board sizes 12x12 and 15x15
(43 stars)
Crossword puzzle
(43 stars)
(43 stars)
This game is great!!! I've downloaded this game on every phone I've had and never had a problem with it...
(43 stars)
All buttons sent me back to home screen
(43 stars)
I payed for a full version of this app, changed phones still android only jelly bean instead of ICS won't let me play screen just keeps reverting to solve crossword. Please solve I did pay for this. Thanks
(43 stars)
Lg Marquee
(43 stars)
Closes every time I click start crossword


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Any big (or little) plans for the weekend?!
My husband and I are going to see the new Rock and Mark Wahlberg movie. He's the one that really wants to see it, but I won't complain ;-) We're going to the nice 'dine in' theatre too (it's ruined all other theatres for me now!)
We were originally going to get the boat out of storage and get it cleaned and ready to put in the water (would like to have it in before the baby comes) but the ground is still too wet. We have had a ton of rain and it's too soggy to try and tow
March - May 2014 - Natural cycles - no luck
June 2014 - Clomid 50mg - BFN
July 2014 - Clomid 50mg - BFN
August 2014 - Clomid 50mg - BFN
September 2014 - Clomid 50mg - Fingers crossed...
On Saturday, grocery shopping and some goofy benefit dinner my boss invited me and my husband to. On Sunday baking and making deviled eggs for my department's spring barbecue. I'm more excited about that than the dinner!
I should probably pack my
Any big (or little) plans for the weekend?!
My husband and I are going to see the new Rock and Mark Wahl
Love dine-in theaters! You're right, it does ruin the "regular" theater experience once you've been to one. ;-)
Tomorrow my kids have baseball and soccer games. Then DH and I are going to put some finishing touches on the nursery and maybe


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Furthering UWM's Vision"We will be a top-tier research university that is the best place to learn and work for students, faculty and staff, and that is a leading driver for sustainable economic prosperity. We will accomplish this through a commitment to excellence, powerful ideas, community and global engagement, and collaborative partnerships."
Capital Projects
Project Name
Total Cost Project Status
1. Kenwood IRC
$80,000,000 Construction Underway (90%)
2. Active Learning Classrooms
$2,200,000 Complete
3. Student Union
$TBD Hired Consultant
4. SWQ Redevelopment Plan
$TBD Hired Consultant
5. Innovation Campus IRC
$75,000,000 Hired Consultant
6. Classroom Projects 13-15
Hired Consultant
1. Kenwood Interdisciplinary Research Complex - Phase I
N Maryland Ave & E Kenwood Blvd - CONSTRUCTION UNDERWAY
This project is the initial phase of a major redevelopment of the southwest precinct of campus. It will address urgent Science, Technology, Engineering, and Mathematics (STEM) needs on campus through the creation of research labs/core facilities, instructional/collaboration space, and office/support space. Links:Live KIRC Construction Webcam
|Project Information:
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|Work Planned This Month:
This project aims to address the classroom shortage and instructional technology gap by creating 9,400 ASF of new classroom learning space. These spaces will provide an active learning environment in five classrooms, including two computer classrooms, and Panther Academic Support Services (PASS).
|Project Information:
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The state of Wisconsin and the University of Wisconsin Milwaukee have now hired a consultant to fulfill pre-design for the new Student Union Project. (Updated: 5/1/2014).
Student Union Pre-Design Study to the PEC >>
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|Work Planned This Month:
4. Southwest Quadrant Redevelopment Plan
SWQ, E Kenwood Blvd between Cramer St & N Maryland Ave
The state of Wisconsin and UW Milwaukee have hired a consultant to facilitate planning for the Southwest Quadrant Redevelopment Plan. This project will aim to add to, and improve the research growth and education programs for Science, Technology, Engineering, and Mathematics (STEM) located at the Southwest Quadrant of campus.
SWQ 1 Planning: Meeting Notes & Planning Study >>
SWQ Redevelopment Plan Presentation to PEC >>
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5. Innovation Campus Integrated Research Center
Innovation Park, N Swan Blvd and W Watertown Plank Rd, Wauwatosa
This project will create a 150,000 GSF multi-disciplinary academic research facility focusing on medical research, with a concentration in bio-medical engineering. The land for the IRC project is owned by the UWM Real Estate Foundation, and will be donated to UWM. The facility will take advantage of its proximity to the Milwaukee Regional Medical Center and its members to foster collaboration between UWM and private sector businesses/institutions, leading to academic and transitional opportunities.
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6. Classroom Projects 13-15
Kenwood Campus - Bolton Hall, Cunningham Hall, Lapham Hall, Mitchell Hall
Bolton Hall - Project intent is to reconfigure 4 existing general assignment, non-mediated classrooms and pair them to provide 2 centrally located active learning rooms.
Cunningham Hall - This project will reconfigure an existing general assignment, mediated classroom and upgrade it to provide an active learning classroom.
Lapham Hall - Project provides technology/furnishing upgrades to a room constructed in 1989. It will bring the facilities from Level 3 to 3+ and provide a more conducive learning environment.
Mitchell Hall - This project provides technology/furnishing upgrades to a room last renovated in 1976, bringing facilities from Level 3 to 3+, while also replacing nearly 40 year old seating, providing a more conducive learning environment.
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Capital Planning
All Agency & Performance Contracts (Select Projects)
Electrical, HVAC, IT, Mechanical & Plumbing Projects
Heat Plant Oil Tank Leak Containment Replacement: #12B1G
Heating Plant, 3359 N Downer Ave
Ayres Associates
This project will replace the leak monitoring system and components of leak containment devices for the four underground oil storage tanks at the Central Heat Plant. Project is currently in design with construction set to begin Summer '14. Contact Andy Nelson (229-4013; email@example.com) for more information.
HVAC Improvements to Downer Buildings: #10A3I
Greene, Holton, Johnston, and Merrill Hall(s), N Downer Ave at E Hartford Ave
$8,898,500 ($ 8,611,000 GFSB, $ 287,500 PR Cash)
Henneman Engineering, Inc.
This project replaces the majority of the air handling and air distribution systems including renewal of affected building finishes to improve functionality, operations, and ventilation within the four Downer buildings (Greene, Holton, Johnston, Merrill). Project work includes replacing the air handling units, most of the air distribution system, and portions of the temperature control system within the buildings. This project also replaces lighting and suspended acoustical ceilings in areas where new air distribution will be provided. This project was approved by the State Building Commission in February 2010 and design is under way. A budget increase of $287,500 was approved by the Board of Regents and State Building Commission in November 2010 to add floor replacement and painting scope to the project. Construction is currently underway. Contact Andy Nelson (229-4013; firstname.lastname@example.com) for more information.
Building Projects
Aquaculture Development
Great Lakes Research Facility, 600 E Greenfield Ave
$ 703,000
Avantti Design Group
Exterior Envelope Assessment
Sandburg Hall, North/South/West Towers, 3400 N Maryland Ave
James G Otto Architect, LLC
Roofing Projects
South Tower Roof Replacement
Sandburg Hall, 3400 N Maryland Ave
Architect/Contractor TBD
This project replaces roof coverings and completes all other associated ancillary work to maintain the building envelope integrity and prevent damage to the building and its contents. Work will include replacing 6,000 square feet of roof covering with a new roofing membrane, which will utilize existing insulation as well as new insulation. The current roof sections are more than 33 years old and require replacement to address current leaking, weathered, worn, and/or damaged sections in order to extend the life of the roof. Contact Dave Fisher (229-6129; email@example.com) for more information.


text: Avoid downtown parking. Take the Twins Express! Travel from the suburbs to Target Field in under 25 minutes Leave your car behind – park for free at the I-394 & County Road 73 Park & Ride ramp in Minnetonka. From there it's a straight shot on Route 679 – the Twins Express – to Ramp A/7th Street Transit Center, just steps from Target Field. A roundtrip ride is $5.25 per person on weekdays, $4.50 on weekends. Pay in cash at the Park & Ride lot or use your Go-To Card, Metropass, U-Pass, College Pass or Student Pass. NEW! Buy a Twins Family Pass Save big on an easy and fun way to take the whole gang to a game! For just $8.50 ($7 on weekends), you get roundtrip bus rides for two adults and up to three kids (ages 6-17) or seniors (65+). Ages 5 and under ride free. > Buy your Twins Family Pass online now! Buses leave the Park & Ride ramp every 15 minutes for two hours before every game. The last bus to Target Field leaves 15 minutes before game start time. Hop on, ride downtown and cheer the Twins on to outdoor victory! After the game, head back to Ramp A for your return trip. Buses begin leaving Target Field two hours after the start of the game (example: if first pitch is at 7:10 p.m., buses begin leaving the game at 9:10 p.m.) and operate about every half hour until an hour after the game ends.