Educational Development Corporation

Good afternoon, ladies and gentlemen, and welcome to the Educational Development Corporation's Fiscal Year 2024 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, May 21, 2024. I would now like to turn the conference over to John Beisler. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Thank you for joining us today for Educational Development Corporation's fourth quarter and fiscal year earnings call. On the call with me today are Craig White, President and Chief Executive Officer, Heather Cobb, Chief Sales and Marketing Officer, and Dan O'Keefe, Chief Financial Officer. After the market closed this afternoon, the company issued a press release announcing its results for the fiscal third quarter. The release is available on the company's website at www. Before turning to prepare remarks, I 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 conditions. With that, I would like to turn the call over to Craig White, company's president and chief executive officer.

Craig? Thank you, John, and welcome everyone to the call. I really appreciate your continued interest. I will start today's call with some general comments regarding the quarter, then I will pass the call over to Dan and Heather to run through the financials and provide an update on our sales and marketing efforts. Finally, I will wrap up the call with an update on our progress of sell-leaseback of our headquarters and the Healthy Complex, and provide some comments on strategy and fiscal 2025 outlook. Our fourth quarter, as well as the previous quarters of fiscal 2024, were driven by the tactical decisions to prioritize cash flow over profitability. During the year, we ran several promotions to energize our current sales force and customers by offering discounts on our products, as well as the freight we charge in shipments. These decisions were necessary in these difficult economic times when high inflation is eating at the discretionary spending of our customers, coupled with our higher than normal inventory levels. We have continued our strategic focus on differentiated ways to reduce expenses, evidenced by the reduced loss numbers reported on lower revenue levels. Although I'm not pleased to report a loss, these loss reductions show the continued improvements we are making in the long-term strength of our unique business model. With that, I'll now turn the call over to Dan O'Keefe to provide a brief overview of the financials.