Business
EACO Corporation Reports Record 2nd Quarter Net Sales & Record 2nd Quarter Net Income
EACO Corporation Reports Record 2nd Quarter Net Sales & Record 2nd Quarter Net Income.
About this update from Eaco Corp.
[{"type":"text","content":"\nEACO Corporation (OTCQB:EACO) today reported the results for its quarter ended February 29, 2020.\n\n\nNet sales, net income and earnings per share were as follows for the three months ended February 29, 2020 (dollars in thousands, except per share information):\n\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\n\n\n \n\n\n\nFebruary 29,\n\n\n \n\nFebruary 28,\n\n\n\n%\n\n\n\n\n\n \n\n\n\n2020\n\n\n \n\n2019\n\n\n\nChange\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\nNet sales\n\n\n\n$\n\n\n\n56,828\n\n\n \n\n$\n\n\n\n52,559\n\n\n\n8.1\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$\n\n\n\n2,598\n\n\n \n\n$\n\n\n\n1,961\n\n\n\n32.5\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$\n\n\n\n0.53\n\n\n \n\n$\n\n\n\n0.40\n\n\n\n32.5\n\n\n\n%\n\n\n\n\n\nThe Company had 351 sales employees at February 29, 2020, an increase of 11 or 3.2%, 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 February 29, 2020 the same amount of SFT’s 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 net sales by 8% and bookings by 7.1% 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 retain additional qualified employees, our ability to open additional sales off...