Educational Development Corporation

Ladies and gentlemen, thank you for standing by and welcome to the Educational Development Corporation's first quarter physical 2021 earnings conference call. At this time, all participants are in the listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your presenter, Mr. Randall White. Thank you. Please go ahead, sir.

Okay, Erica. Thank you. Welcome, everyone, to the quarterly investor's call. I will tell you here in the room with me, we have Heather Cobb, our Chief Sales and Marketing Officer, Craig White, our Chief Operating Officer, and Dan O'Keefe, our Chief Financial Officer. What I'm going to do first is hand it off to Dan to give you a review of the quarterly results.

Thank you, Randall. Here is our first quarter results for fiscal 2021. Net revenues for the first quarter were approximately $38.3 million, up $10.7 million or 38.8% from approximately $27.6 million reported in the first quarter of fiscal 2020. Pre-tax profits for the first quarter totaled $2.6 million, an increase of $800,000 over the pre-tax profit of 1.8 million reported in the first quarter last year. Pre-tax profit as a percentage of net revenues increased from 6.7% in the first quarter of last year to 6.9% in the first quarter of fiscal 2021. Net earnings in the first quarter of fiscal 2021 totaled 1.9 million compared to approximately 1.4 million reported in the first quarter of fiscal 2020. Pre-tax earnings grew 41.6% over the first quarter last year. Earnings per share on a fully diluted basis increased $0.06 per share from $0.17 reported in the first quarter of fiscal 2020 to $0.23 per share reported in the first quarter of fiscal 2021. Earnings per share for the quarter increased 35.3% over last year. This concludes the earnings results, and I'll pass the call back to Randall.