Business
EACO Corporation Reports Record 1st Quarter Net Sales
EACO Corporation Reports Record 1st Quarter Net Sales.
About this update from Eaco Corp.
[{"type":"text","content":"\nEACO Corporation (OTCQB:EACO) today reported the results for its quarter ended November 30, 2019.\n\n\nNet sales, net income and earnings per share were as follows for the three months ended November 30, 2019 (dollars in thousands, except per share information):\n\n\n\n\n \n\n\n \n\nThree Months Ended \n\n\nNovember 30,\n\n\n \n\n%\n\n\n\n\n\n \n\n\n \n\n2019\n\n\n \n\n2018\n\n\n \n\nChange\n\n\n\n\n\n \n\n\n \n\n(unaudited)\n\n\n \n\n(unaudited)\n\n\n \n\n \n\n\n\n\n\n \n\n\n \n\n \n\n\n \n \n\n\n\nNet sales\n\n\n \n\n$\n\n\n\n56,040\n\n\n \n\n$\n\n\n\n50,786\n\n\n \n\n10.3\n\n\n\n%\n\n\n\n\n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n\n\n\nNet income\n\n\n \n\n$\n\n\n\n1,917\n\n\n \n\n$\n\n\n\n1,925\n\n\n \n\n(0.4\n\n\n\n)%\n\n\n\n\n\n \n\n\n \n\n \n\n\n \n\n \n\n\n \n\n \n\n\n\n\n\nBasic and diluted earnings per common share\n\n\n \n\n$\n\n\n\n0.39\n\n\n \n\n$\n\n\n\n0.39\n\n\n \n\n0.0\n\n\n\n%\n\n\n\n\n\nThe Company had 349 sales employees at November 30, 2019, an increase of 13 or 4%, from the prior year quarter. The Company’s sales force is divided into sales focus teams (SFT’s). The Company had 98 SFT’s as of November 30, 2019, an increase of 2 from the prior year quarter. Management anticipates continued growth in both our headcount and SFT’s in fiscal year 2020. The Company believes it continues to gain market share through its local presence business model, increasing quarterly net sales by 10% and bookings by 7% when comparing to the prior year quarter.\n\n\nSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995: \n\n\nAny statements set forth in this news release that are not entirely historical and factual in nature, including without limitation, statements related to our headcount expansion and future growth are forward-looking statements. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, our ability to hire and reta...