We have thousands of new sales consultants who have limited knowledge of our history, so I thought I would try to clear up some questions that have recently arisen.
Educational Development Corporation entered into a contract with Usborne Publishing (UK) in 1978 to co-publish their titles in the United States. At that time there were approximately 60 titles in print and we acquired the rights to the retail market, book stores, toy stores, etc. In 1988 we established the home business division, Usborne Books at Home, and later changed the name to Usborne Books & More to recognize the acquisition of Kane Miller titles. Through the years we have maintained a retail presence with the requirement that the books not be discounted, which would undermine our Home Business division. In 2012 we made a bold move to discontinue selling our titles to Amazon as they were definitely undermining the Home Business division as well as our retail trade. Since that time our Company has experienced significant growth and most recently, spectacular growth with this arrangement.
Our contract with Usborne Publishing stipulates that we sell the products through retail outlets or the rights to that market would revert to Usborne Publishing. If that would occur, they would aggressively pursue sales to every outlet possible including Amazon, Sam's and Costco, which in my opinion would severely damage Usborne Books & More, our growth engine. I can assure you that as long as I am alive, that will not happen. I truly believe UBAM can achieve $100,000,000 in sales in the next two years and I will fight to the death to protect this division. The Amazon decision is just one of the many ways we support and protect UBAM for you and your families.
We also offer new titles on an exclusive basis before they are offered to retail stores, and we discontinue sales to any customer who significantly discounts our products in the market place.
The most recent example of our support is a promotion with Barnes & Noble during November with That's Not My Snowman... Barnes & Noble bought a significant amount of the title that constituted its own print run. It is featured in the window of their stores and will sell during November for $4.99 retail. And to support UBAM, we added to the print run to get the same price and make it available as a UBAM special for $4.99.
This arrangement requires significant monitoring to make it work, but we feel it can and actually it does. Our Company, particularly UBAM, is experiencing explosive growth and we expect that growth to continue. I hope you bought stock - it is still not too late. We are in the final stages of acquiring a beautiful new facility that will allow unlimited future growth; installation of new, state of the art software is coming; and we added two additional staff members in customer service this week. And, I am delighted to announce Matt Cobb (yes Heather's husband) has this week joined our warehouse management team. This is all in response to the explosive growth you are creating in Usborne Books & More; actually when the night crew reported for work on Sunday night, they were met with 9,600 orders to fill!
It is an incredible time to be a part of Usborne Books & More, and it is just going to get better.