Educational Development Corporation

Thank you for joining the Educational Development Corporation's third quarter earnings call. Before beginning the call, we would like to remind you that some of the statements made today will be forward looking and are protected under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to Educational Development Corporation's recent filings with the SEC for a more detailed discussion of the company's financial condition. With that, I would like to turn to go over to Craig White, the company's president and chief executive officer.

Thank you and welcome everyone to the call. With me today are Randall White, our executive chairman of the board, Heather Cobb, chief sales and marketing officer, and Daniel O'Keefe, our chief financial officer. Before I turn it over to Dan to go over the financial results, I'd like to recognize what a challenging year it's been, probably mostly from a staffing perspective. I'm so proud of the team that we have here at EDC as the team just continues to get better and better. We handled most of the staffing challenges very well, predominantly in the warehouse, and really didn't miss a beat with the challenging staffing environment out there. We didn't have any outbreaks in the office. have really had mostly a healthy and safe environment here at EDC. So I want to recognize that first. Now I'd like to turn the call over to Daniel O'Keefe, our Chief Financial Officer, to provide a brief overview of the financials.

Thank you, Craig. Now for a brief overview of our third quarter financials. Our net revenues for the third quarter sold $45.1 million. a decrease of $21.7 million or 32.5% compared to $66.8 million reported in the third quarter of last year. Earnings before income taxes for the third quarter totaled $3.6 million, a decrease of $2.2 million or 37.9% compared to $5.8 million reported in the third quarter of fiscal 2021. net earnings totaled 2.6 million compared to 4.3 million, a decrease of 1.7 million or 39.5% from the third quarter last year. Earnings per share totaled 31 cents compared to 51 cents, down 39.2% on a fully diluted basis. That concludes the report for the third quarter financial results, and I'll now turn the call back over to Craig.