Educational Development Corporation

Good day. Thank you for standing by. Welcome to the Educational Development Corporation's second quarter fiscal year 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on 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, Craig White, Chief Executive Officer and President. Please go ahead, sir.

Thank you, Norma. As Norma said, my name is Craig White. I'm President and CEO, and with me on the call today are Randall White, our Executive Chairman of the Board, Heather Cobb, our Chief Sales and Marketing Officer, and Dan O'Keefe, our Chief Financial Officer. At this time, I'd like to pass it over to Dan to announce our earnings results.

Thank you, Craig. Now we're going to announce our second quarter results. Net revenues for the second quarter of fiscal 2022 were approximately $33 million, a decrease of $26.3 million, or 44.4%, from $59.3 million reported in the second quarter of fiscal 2021. Pre-tax profits in the second quarter totaled 2.7 million, a decrease of 3.1 million from 5.8 million, representing a decrease of approximately 53.4%. Net earnings in the second quarter of fiscal 2022 totaled 1.9 million, compared to 4.3 million, representing a decrease of 2.4 million, or 55.8%. Earnings per share on a fully diluted basis for the quarter totaled 23 cents per share, compared to 51 cents per share reported in the second quarter last year, a decrease of 54.9%. This concludes the earnings results for the second quarter, and I will pass the call back over to Craig.