Randall White - Chairman, President, Treasurer & CEO
Daniel O’Keefe - Corporate Secretary & CFO
Conference Call Participants
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. Please go ahead, sir.
Okay. Erika, Thank you. Welcome, everyone, to the quarterly investors call. I will tell you here in the room with me, we have Heather Cobb, our Chief Sales and Marketing Officer; Craig White, our Chief Operating Officer; and Dan O'Keefe, our Chief Financial Officer. What I'm going to do first is hand it off to Dan to give you a review of the quarterly results.
Thank you, Randall. Here is our first quarter results for fiscal 2021. Net revenues for the first quarter were approximately $38.3 million, up $10.7 million or 38.8% from approximately $27.6 million reported in the first quarter of fiscal 2020. Pretax profits for the first quarter totaled $2.6 million, an increase of $800,000 over the pretax profit of $1.8 million reported in the first quarter last year. Pretax profit as a percentage of net revenues increased from 6.7% in the first quarter of last year to 6.9% in the first quarter of fiscal 2021. Net earnings in the first quarter of fiscal 2021 totaled $1.9 million compared to approximately $1.4 million reported in the first quarter of fiscal 2020. Pretax earnings grew 41.6% over the first quarter last year. Earnings per share on a fully diluted basis increased $0.06 per share from $0.17 reported in the first quarter of fiscal 2020 to $0.23 per share reported in the first quarter of fiscal 2021. Earnings per share for the quarter increased 35.3% over last year. This concludes the earnings results, and I'll pass the call back to Randall.
Okay, Dan. Thank you. Well, guys, what a heck of a quarter. And it's kind of an unusual quarter, too, because March started out with our first kind of hint about the virus, the COVID-19. And wow, things changed for everybody in the world during that period. Of course, it goes back to February. But for us, we start seeing it in March. And what happened was, on March, it was down. Well, let me tell you what happened. Publishing, of course, was down because stores closed. The -- our school and library sales, which -- and any other face-to-face like booze and what have you were basically nonexistent because that was gone. The human consultants were disrupted all over the country. And our tenant asked for a 90-day rate abatement. Okay. Well, I tell you, we granted that because we got a pretty good deal with our tenant. And so we said, okay. So quarterly sales down 25% in March. Not a -- kind of gloomy, the forecast. However, April came. And wow, did April come in strong. For whatever reason, we just got inundated with orders, and we handled it. Our ability to take these on the Internet and process these went off basically without a hitch. I'm not seeing any, a few glitches here and there, but we handled that volume 60% up in April after 20 -- and I was talking about April -- April compared to last April, all our comparisons are the same month last year, so you can have a benchmark.
So that's been up 60% in April. We're going, oh, yes, life is good. Well, during that period, at the end of March, we applied for a PPP loan that was pretty popular around the country. We had no problem. It was granted. We got $1.44 million to keep our workforce employed. And by the way, in March, our warehouse is working a 32-hour week. That's how far down we were in keeping our people working. Well, April, exciting. And -- but then again, 2 weeks isn't necessarily a trend yet, but we were monitoring it daily, as you might imagine. Well, May came and it got better, and it's amazing. So what you have here, when we reported a quarter, we didn't probably tell you the month, but if you got a pencil, write this down. March, down 25%; April, up 60%; May, up 116% or somewhere in that range. An incredible graph, looks like a checkmark down and then 2 up. And during the month of April and May, we added 10,700 new consultants. So it's just -- it was incredible because May was $16 million, and last May, it was around $7 million. So it's quite amazing turnaround.