Educational Development Corporation

Good afternoon, ladies and gentlemen, and welcome to the Educational Development Corporation's first quarter fiscal year 2025 earnings call. At this time, all lines are in 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 Thursday, July 11th of 2024. 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. I would now like to turn the conference over to John Beisler, Investor Relations. Please go ahead.

Thank you, Operator. With the safe harbor statement read, I'll turn the call over to Craig White.

Okay, thank you. I want to introduce a couple of the people joining me on the call. We have myself, 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 third quarter, which will be on our company's website at edcpub.com. Welcome, everyone, to the call. We 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 financials and provide an update on our sales and marketing. Finally, I will wrap up the call with an update on our progress of the sell-leaseback of our headquarters, the Healthy Complex, and provide some comments on strategy and fiscal 2025 outlook. Our first quarter, as well as previous quarters of fiscal 2024, were driven by strategic decisions to prioritize cash flow over profitability. During the quarter, 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 on 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 are continuing to evaluate and implement cost-cutting measures as well as leverage IT provide new tools to energize the field sales force, as well as contribute to the bottom line. While I'm not pleased to report a loss, we are actively working on the long-term strength of our business model. With that, I would like to turn the call over to Dan O'Keefe to provide a brief overview of the financials.