Educational Development Corp (NASDAQ: EDUC) is a children's educational publishing and products company that distributes books, educational manipulatives, and STEAM toys through two divisions: PaperPie, a multi-level marketing network of independent Brand Partners, and Publishing, a trade division serving retail outlets. Revenue comes from product sales across both channels, with PaperPie generating 84% of total net revenues and Publishing generating 16% in FY2026 (fiscal year ended February 28, 2026). The company owns and publishes Kane Miller children's books, Learning Wrap-Ups educational manipulatives, and SmartLab Toys STEAM products, and holds the exclusive U.S. MLM distribution rights for Usborne Publishing Limited children's books. Headquarters and distribution operations are based in Tulsa, Oklahoma, where the company fulfills substantially all customer orders from an 85,000 square foot warehouse. The company sold its owned Hilti Complex facility on October 27, 2025, for $32,200,000, generating a gain on sale of $12,243,700, and used proceeds to pay down outstanding term and revolving loan balances.

Revenue model

Transactional product sales through two divisions. PaperPie sells through independent Brand Partners who earn weekly commissions, monthly sales bonuses, and override payments on downline sales. Publishing sells through commissioned trade representatives and in-house telephone and email sales to approximately 4,000 retail outlets.

Products and services

Kane Miller children's books (owned and published); Learning Wrap-Ups educational manipulatives (owned); SmartLab Toys STEAM-based toys and games (owned); Usborne Publishing Limited children's books (exclusive U.S. MLM distribution rights).

Customers and end markets

PaperPie division: end consumers reached through independent Brand Partner home shows, internet party events, and book fairs. Publishing division: approximately 4,000 retail book, toy, and specialty stores, with presence in showrooms at AmericasMart Atlanta, Dallas Market Center, and Minneapolis Mart. End market is children's educational books and learning products.

Value-chain role

Publisher and distributor. EDUC owns and publishes Kane Miller, Learning Wrap-Ups, and SmartLab Toys. For Usborne products, EDUC acts as exclusive U.S. MLM distributor under a distribution agreement that includes annual minimum purchase volumes. Significant portions of product offering and inventory are concentrated with Usborne, creating supplier concentration risk.

Geographic exposure

United States. Headquarters and primary distribution warehouse in Tulsa, Oklahoma.

Source: SEC 10-K, filed 2026-05-19

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