Educational Development Corporation (NASDAQ:EDUC) Q1 2020 Earnings Conference Call - Final Transcript
Jul 16, 2019 • 04:00 pm ET
Randall W. White
The Convention in Tulsa this year, which we have it every year, we had attendance, was up about 40%, had 1,700 people here. That's pretty significant and effective, of course, they pay their way to come here, that's all expense to the consultant to attend. So that's 1,700 people who want to do better barely. So that's very encouraging, that's up 40% over last year. And again, they were good especially. We left them with encouraging reports from the Company, and they've gone back and halfway through the month of July, I've had a very, very successful recruiting effort.
We're also really excited about the technology improvements that we're rolling out this summer and how that will affect our existing consultants and improve the experiences of our new recruits. We hear a lot about the industry, probably not surprising by only call, the new young people are very impatient with any type of technology. It's not just the most latest up to date. So we have rolled out our back office platform on a test basis already, which offers that phone mobility, -- that mobility for the handset. They've been asking for this platform to be mobile friendly. And we're -- we are delivering it. It's in the test phase right now, and it should be rolled out very soon. We're pretty excited about that, I hope they're as excited as we are. But today, literally, they want to punch a button, and a drone deliver on the porch in about 30 minutes. We're not quite there yet, of course. But certainly making your business mobile friendly where they can all, where they can transact their entire business on their phone away from home.
Here's some of the other changes we had in quarter one. Our Publishing Division continued to grow a little bit. And we expect that to grow in the near future. We're picking up new accounts, I guess it was back in that, in the sales department yesterday, looking at some new accounts that we're adding and we think we can return that back to levels that we previously had.
The pretax profit of 6.7%, reflects the strength for our business model even when revenues declined. I think for the whole year last year, full year, we did 7.7% and still -- and while 8.7% for the quarter a year ago, but the fact that we had that much of decline, shows that we do keep control of our cost and our model is good.
Our sales were down, but we're still earning profitably -- we are still profitable. We also used $300,000 in the quarter to repurchase shares. We have a buyback program and we're continuing to repurchase our shares in the quarter two, when it seems advantageous to us. We've also declared our dividend for quarter one and quarter two, that if you annualize it, it's returning over 3% today on stock prices, the current price is around $6.50 to $7 in that range. Certainly