Educational Development Corporation

Ladies and gentlemen, thank you for standing by and welcome to the Educational Development Corporation Fiscal 2020 Investor Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 in your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Mr. Randall White. Thank you. Please go ahead, sir.

Well, thank you very much. Welcome, everyone, to the quarterly investor call. Here in the room with us on the call today are Heather Cobb, our Chief Sales and Marketing Officer. We also have Craig White, our Chief Operating Officer, and Daniel O'Keefe, our Chief Financial Officer. Got a bunch of chiefs here, and we're going to turn it over to one of them right now. Dan, give us some stuff on the earnings results.

All right. I'll give a quick update on the fourth quarter and then the year and then turn it right back over. So net revenues for the fourth quarter of fiscal 2020 were approximately $20.2 million, down $3.4 million or 14.7% from approximately $23 million reported in the fourth quarter of fiscal 2019. Pre-tax profit, however, was consistent between the fourth quarters of last year and this year at 3.5%. Net earnings in the fourth quarter of fiscal 20 remained consistent when net earnings reported last year as well at just right around a half a million. Earnings per share on a fully diluted basis decreased at $0.01 per share from $0.07 reported in the fourth quarter last year to $0.06 reported in the fourth quarter of fiscal 2020. Now on to our full fiscal 2020 results. Net revenues for the fiscal 2020 were approximately $113 million, down 5.8 million, or 4.9%, from approximately $118.8 million reported in fiscal 2019. Pre-tax profits as a percentage of net revenues decreased from 7.7% in fiscal 2019 to 6.9% in fiscal 2020, primarily associated with the reduced net revenues. Net earnings in fiscal 2020 were $5.6 million, down $1.1 million or 15.5% from net earnings reported in fiscal 2019 of approximately $6.7 million. and earnings per share on a fully diluted basis decreased 13 cents from 81 cents a share reported in fiscal 2019 to 68 cents a share reported in fiscal 2020. So, Randall, this concludes the fourth quarter and fiscal 2020 results, and I'll turn the call back over to you.