EDUC - Earnings call transcript Q1 2021 | Educational Development Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Educational Development Corporation's First Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your presenter, Mr. Randall White. Thank you. sir. ahead, go Please

Randall White

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

Daniel O’Keefe

Thank you, Randall.

over the to results, This fiscal first increased a earnings share quarter reported XXXX quarter diluted first XXXX. share XX.X% of from for compared $X.XX and the $X.X per is our year. XXXX I'll fiscal approximately quarter $X.X fully results of basis X.X% of percentage or quarter quarter reported quarter $X.X back the as the totaled profit up first of quarter approximately first concludes earnings of revenues reported of $X.X year. million over in quarter XXXX. for fiscal in for share from to the the first first over a increased of first million Earnings first Net year Randall. quarter per quarter per million Here first $XX.X increase totaled X.X% on last XX.X% profit reported Net fiscal increased million million, XXXX. Pretax in last revenues an fiscal Earnings XXXX. $X.XX the the pretax XX.X% in in share $XX.X were the in quarter $XX.X of to the the first grew XXXX. in $X.XX the call reported from fiscal Pretax the to approximately pass million quarter first Pretax fiscal profits of earnings year. quarter in last the million, first for per of net last $XXX,XXX the

Randall White

unusual because Okay, And Well, started the too, changed of period. with world quarter, COVID-XX. things that out heck what a And wow, about of guys, you. kind Thank a everybody of the March during in hint quarter. the virus, first Dan. an it's kind for our

to what was Of it down. us, course, And what which happened. sales, in for face-to-face were over of disrupted you library consultants back tenant any happened -- because abatement. goes March, was let rate seeing February. was, we gone. The asked and And Publishing, booze country. But were me like and course, school stores because March. start on all the nonexistent you our have a other tell Well, human was The what that and it -- closed. down basically it XX-day for our

good a that tell Okay. pretty Well, granted got we you, I with because our tenant. we deal

okay. said, we so And

down So a XX% of Not quarterly in March. -- sales kind forecast. gloomy, the

And April April did come in However, strong. wow, came.

whatever For inundated with and got it. orders, we handled reason, we just

handled a that seeing Internet ability take few talking -- so glitches I'm we there, and any, the year, April Our these here a month and volume in hitch. can last April went on these our off I without basically a April not up but you all process -- have to same last are XX% after was benchmark. April, XX the comparisons and about compared to

trend And We yes, we by had problem. it's again, down May during better, March, life it was at week. yet, was that X way, Well, up is workforce but the the That's -- pretty no and keeping country. April, popular necessarily It been were of exciting. applied working the good. loan people April. keep period, end Well, and our We We're got our warehouse we our XX% is And then that million for it Well, granted. around a a got imagine. PPP daily, working. a were $X.XX might as amazing. March, you XX-hour we how came that's So but in far weeks to monitoring in in oh, going, isn't employed.

like we here, have you when XX,XXX the An up incredible in XXX% what month this And May, X during we a reported of XX%; somewhere got if checkmark month, So added down a but the or tell April that a up. XX%; new range. pencil, consultants. May, probably graph, didn't then quarter, and write March, and down down. looks you we up you April,

May, it's last it May million, was was just was million. $XX -- because $X incredible around and So it

So it's turnaround. quite amazing

got over Dan's his pad Now there.

today release, So forward-looking Because into if need is ready. ahead have getting issue I'm myself, I know get so to the volume apparently some the press get what say a in it like, in days, pad or get people X because phenomenal about days. been statements, last thing had I'm people out trading your to of do we'll has -- shares -- did you know our is like okay? stock X We XXX,XXX XX

Daniel O’Keefe

A lot.

Randall White

our is And XX,XXX. average

And they me, So must information. know pretty people some I it's the want to much, same people -- things. think to have

this tell that in momentum largest was in our So has the you completed quarter revenue month our continued just in We history, July? will X, I accelerated. and

Daniel O’Keefe

June.

Randall White

of Which the June month is the lowest year.

through of, we lot November, revenue we on call, -- a you caused want we a December. went through in it October, month of are it? that, XXXX, and gosh, my exceeded And anybody's might biggest months June in It's history. how the our this lot oh to if brutal. happiness and That's it. do remember handle got big But Our was

have do experience it. So we some with

you looking all it to a month. move if was June to did the we of what what into was you whoa, October, if staggering so June June last December, into way year, And ahead comparison on numbers. November, that And compared start

We what that's with in in finished what's at. more number highest active consultants That's So our the June X,XXX of looking we're history. adding June.

changes consultants active of -- every We don't guys We again, start. around with when know day. don't they somewhere know when it up make number wind a they stop. lot because issue we So [indiscernible]

but -- at it's XX,XXX May. active of sales end So somewhere around increase the

Daniel O’Keefe

June.

Randall White

need much A any I'm going in of have restocking, again, very retail But you quarter. this as close I June want again. have everybody continue. look opening, and stock We and We you uncertain legally that. sure publishing before, we a a the I'm And it's data had the may not have I helped. what's can it more. is, growth extraordinary here We've June, XXXX started I of you don't in and to tell because doing to these trend for hope it information internal as back. revenues bit the you is opening think tell to stores what XXXX. And maybe started you that why that. again in or to many the which be they're is. just and industry. to come few some is wondering, saying we're stores happening It's little will way about around -- time know

typically we selling be with focus they at to were volumes increased what that significant are our demand the summertime. handle may facilities fall not season, our ahead is coming. it. And looking And expansion may It be keeping #X Xx the forecasting in I'm coming. up of most so can be through the which kind of

And so you guys on math can that. do the

we March, A on were we dailies and working week, here. time our extraordinary In an in hours. that. been strain facilities This working XX XX-hour are Sunday. it's So

think, looks how our but warehouse looking we the how Oh you look expenditures, But to product a the shift. will significant, gosh, crews at makes things capital like not million. can think not amazing direct on here, our have XX-hour we're industry you, to industry, are -- are, this see and $XXX guys, these we is doing So we're you tell a much pretty $XXX going handle business. they ahead, And grows night but you ours skip comment if I'm anybody's about it week, might to as going better. it's my sales we materialize, and I what million, companies sky. it in

and I've has they make, here and the the our make, gets concerned who goods way, it money are nothing. company. changed And XX%, XX%, about making been to seen their XX% tell you basically. XX%, overrides. the a people XX they've it's So the formula cost XX% let the and and of it's that, commissions in run not not we more now it's like here XX% in for before me ever the because in their by if hasn't anybody industry years, we life all rest it's been formula. made most have marketing, for more the And

am I and home can't impact the incredible literacy. little who we over So the we're It's maybe tell their salespeople field, $XXX,XXX a making on on an with now staying families in I have and company too. time. literacy, how families bit making and you proud promoting people just the are with

out looking we're ahead. So

in [indiscernible] possible don't come deep tell to people If we have there question. let and too and pipeline this, And to expand you. without far make why bigger just ask one into with shifts. didn't adding and We that, additional it somebody our the is on thing get getting how I

it You can now. ask

Operator

question private first [ph], Instructions]. investor. [Operator from a Edward Norcini your comes And

Unidentified Analyst

of the Randall, the on concerned to a that I a thought your want your And report was I'm I thank dividend. renters, your with way the you status to raising renters. on nice go. for ability little coronavirus

also a What's biggest big the renters? in the You're you're the landlord. Oklahoma, but with distributor situation

Randall White

X basically have renter. We

We of old Adam. have a went that couple a we years couple in with an building renters

because after-tax don't We not We eyes our square is rent even deal their that our rent it's that worried mortgage a care. a XX-day that acres. incredible a XXX,XXX with our not facility So foot pays pays abatement, on million them mortgage. we company blinking here -- care we really pays live about $XXX company because a I'm XX not sweetheart -- their here basically And free in The profit. their mortgage. one them. about have last gave had year we

So all we the a XX-day was free to -- it lease. add did a abatement,

just I bit with the because the for construction did components they It's industry. they're They a great down, -- we go them it. provide relationship in was to happy construction leading did but their of that and further. a they're And out business. their accommodate have business supplier get we'll the So them,

company. incredibly they're an So Don't worry solid about international it.

Unidentified Analyst

stock amount debt The pay question, some like would rocket to up decrease to thoughts. of ship know this of your and price Great. off would last to And you that on has your stock Randall, interest year. sheet some the My other your I thoughts build also month. a Okay. know every pay to on been like selling I balance

Randall White

guess stock? selling I talking treasury you're Ed, about

Unidentified Analyst

Yes.

Randall White

at all do, So the we you that. that Do stock understand to of sell if in ship before come tricky to we've we don't got to Yes. off $X have the That's it we million kind debt me in by and pay let ship need million guys amount but out we of are leave way, there day, prepaid? orders these it. ever cash $X a that in entire

for at thing very you that. can decision don't really get next cash, assets. What So look next happens. Hey, if a pay cash-producing dividend. But pay you much. it. a need nice and what's most off We're future around little or what not of lot The our happens the quarter a make If do I you can needs a the flash a we down the have is, And we raise like have do that's in I we're inventory. dividend you that we company we see because in need look best debt with decision, fixed company. to cash, of building? we quarterly. make debt to We the invest it. can you you do company. your We do, we elected it a could when increase Well,

Daniel O’Keefe

And Dan. this is

on and mortgage comment, asset, to don't on Randall as debt. -- they're said who, we building. we I while as debt the a got look we've making balance payment payments only a sheet, the And got Just a to really us, we've is it with don't the on it's mean, tenant The mortgage just to Randall's debt view paying for viable it. at tenant, add tenant, is And very our great that. debt the for this us, earlier, us. really is our there

it as shareholders' our really. pay best for to it off, we don't view us interest So in

Randall White

overloaded more you I you only sales have And about in our company with And Really, debt, advice than $X don't think say, I'd billion evaluate company. much you your come head debt. we're us if and out and worry when so. have we out. people okay. I I We tenant. our a to pull say say see knowledgeable got debt, a too Whatever, -- Yes. need don't They're

okay. think So to be they're going I

Unidentified Analyst

you that of But on year, from companies think I Well, just Okay. price a a right cash of this on sheet paid is realize I debt, older off loans of companies which my... the like thinking was and private and building That's investor the have that at the one these being help Wall point great help. and time. this now the view, a would that the with I without balance lot appreciation Street

Randall White

Yes, debt be to we because pay better cash that's by pay. we of okay, off in may get rent more a covered XXX% use there is, than

my then and it increase salary off so dividend, don't pretty and everybody the consider don't we we'll at all it. big again, -- things are has increase up, debt So we voted that far. debt, I But people look But that's salary, dividend, something come about this pay talk these boys. pay the down because

Operator

[Operator time. are at Instructions]. no And further questions there this

Randall White

Really? you you the brother? Are nothing? to We home. good can we on. want about best met you see life on hey, in to had being Did Well, information you're guess, the Randall, something I and Chicago. here, Bring pals All want our got quarter of me? get in I Come come I Can it, you kidding know, lot hooray, a thanks here? a I say, on How Okay. Jeremy, here. though. for go anybody on. awesome?

I mean, Marissa, worked know. you good I say and you something. think what or say, I job on here Randall. good for a us, don't you could job, could jump

Okay. Nothing?

Daniel O’Keefe

All right.

Randall White

thanks better. And is the call. on to Hey, Okay. going being for next quarter be

Daniel O’Keefe

everybody. Thank you,

Operator

for Ladies participating. and gentlemen, this concludes today's you conference Thank call.

now disconnect. You may

Randall White	Chairman, President, Treasurer & CEO
Daniel O’Keefe	Corporate Secretary & CFO

Educational Development (EDUC) 15 Jul 202021 Q1 Earnings call transcript