Educational Development Corporation

Thank you, Valerie. Thank you, Valerie.

Welcome to the call, gentlemen and ladies. Here with me today, I'm going to introduce Craig White, our Chief Operating Officer, and also Dan O'Keefe, our Chief Financial Officer. I think we're going to start with Dan. He'll give you a highlight of the previous earnings release.

Thank you, Randall. As a recap of our earnings for the quarter, net revenues for the first quarter of fiscal 2020 were approximately $27.6 million. down 2.4 million or 8% from approximately 30 million reported in the first quarter of fiscal 2019. Earnings before income taxes totaled approximately 1.8 million, a decrease of 0.6 million or 26% from approximately 2.5 million in the first quarter of fiscal 2019. Pre-tax profit as a percentage of net revenues were 6.7% in the first quarter of fiscal 2020 compared to 8.3% reported in the first quarter of fiscal 2019. Net earnings in the first quarter of fiscal 2020 totaled approximately 1.4 million, a decrease of 0.4 million or 25% from approximately 1.8 million in the first quarter of fiscal 2019. Earnings per share on a fully diluted basis decreased five cents a share or 23% from 22 cents per share reported in the first quarter of fiscal 2019 to 17 cents per share reported in the first quarter of fiscal 2020. This concludes our earnings results, and I'll pass the call back to Randall.