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ANAHEIM, Calif.--(BUSINESS WIRE)--EACO Corporation (OTCQB:EACO) today reported the results for three months ended November 30, 2020. Net sales, net income and earnings per share were as follows for the three months ended November 30, 2020 (dollars in thousands, except per share information): Three Months Ended November 30, % 2020 2019 Change (unaudited) (unaudited) Net sales $53,403 $56,040 (4.7)% Net income $851 $1,917 (55.6)% Basic and diluted earnings per common share $0.17 $0.39 (56.4)% The Company had 373 sales employees at November 30, 2020, an increase of 24 or 6.4% from the prior year quarter. The Companys sales force is divided into Sales focus teams (SFTs). The Company had 101 SFTs as of November 30, 2020, an increase of 2 from the prior year quarter. Management anticipates continued growth in both our headcount and SFTs in fiscal year 2021. The Company believes it continues to gain market share through its local presence business model. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Any 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 offices, and to gain market acceptance for our products, the pricing and availability of our products, the success of our sales and marketing programs, the impact of products offered by our competitors from time to time, and the impact of the Covid-19 pandemic. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in EACOs most recent Form 10-K and all subsequent Form 10-Q reports filed by us with the SEC. The forward-looking statements included in this release speak only as of the date hereof, and EACO does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. EACO Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share information) (unaudited) November 30, August 31, 2020 2020* ASSETS Current Assets: Cash and cash equivalents $ 6,665 $ 6,079 Restricted cash 3,202 2,916 Trade accounts receivable, net 28,033 29,667 Inventory, net 39,616 39,545 Marketable securities, trading 791 1,368 Prepaid expenses and other current assets 4,388 5,094 Total current assets 82,695 84,669 Non-current Assets: Property, equipment and leasehold improvements, net 8,650 8,848 Other assets: Operating lease right-of-use assets 12,393 12,810 Other assets, net 1,414 1,424 Total assets $ 105,152 $ 107,751 LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities: Trade accounts payable $ 16,334 $ 16,535 Accrued expenses and other current liabilities 5,909 6,632 Liability for short sales of trading securities 3,202 2,916 Current portion of operating lease liabilities 2,585 2,653 Current portion of long-term debt 2,939 5,100 Total current liabilities 30,969 33,836 Non-current Liabilities: Long-term debt 4,781 4,807 Operating lease liabilities 9,833 10,289 Total liabilities 45,583 48,932 Commitments and Contingencies Shareholders Equity: Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900) 1 1 Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding 49 49 Additional paid-in capital 12,378 12,378 Accumulated other comprehensive income 706 788 Retained earnings 46,435 45,603 Total shareholders equity 59,569 58,819 Total liabilities and shareholders equity $ 105,152 $ 107,751 * Derived from the Companys audited financial statements included in its Form 10-K for the year ended August 31, 2020 filed with the U.S. Securities and Exchange Commission on November 30, 2020. Condensed Consolidated Statements of Income (in thousands, except for share and per share information) (unaudited) Three Months Ended November 30, 2020 2019 Net sales $ 53,403 $ 56,040 Cost of sales 38,951 40,144 Gross margin 14,452 15,896 Operating expenses: Selling, general and administrative expenses 12,681 12,602 Income from operations 1,771 3,294 Other (expense): Net loss on trading securities (553) (80) Loss on sale of real property (102) Interest and other expense, net (69) (119) Other (expense), net (622) (301) Income before income taxes 1,149 2,993 Provision for income taxes 298 1,076 Net income 851 1,917 Cumulative preferred stock dividend (19) (19) Net income attributable to common shareholders $ 832 $ 1,898 Basic and diluted earnings per common share: $ 0.17 $ 0.39 Basic and diluted weighted average common shares outstanding 4,861,590 4,861,590 EACO Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended November 30, 2020 2019 Operating activities: Net income $ 851 $ 1,917 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 377 259 Bad debt expense 3 Loss on sale of property 102 Net loss on trading securities 553 80 (Increase) decrease in: Trade accounts receivable 1,634 2,175 Inventory (71) (2,472) Prepaid expenses and other assets 716 (729) Operating lease right-of-use assets 417 Increase (decrease) in: Trade accounts payable 666 (2,266) Accrued expenses and other current liabilities (723) (737) Operating lease liabilities (524) Net cash provided by (used in) operating activities 3,896 (1,668) Investing activities: Additions to property, equipment, and leasehold improvements (179) (2,393) Proceeds from sale of property 7,075 Sale of marketable securities, trading 24 1,388 Net change in liabilities for short sales of trading securities 286 2,167 Net cash provided by investing activities 131 8,237 Financing activities: (Payments) borrowings on revolving credit facility, net (2,187) 513 Borrowings on Construction Loan 1,701 Repayments on long-term debt (5,125) Preferred stock dividend (19) (19) Bank overdraft (867) 104 Net cash used in financing activities (3,073) (2,826) Effect of foreign currency exchange rate changes on cash and cash equivalents (82) (212) Net increase in cash, cash equivalents, and restricted cash 872 3,531 Cash, cash equivalents, and restricted cash - beginning of period 8,995 5,347 Cash, cash equivalents, and restricted cash - end of period $ 9,867 $ 8,878 Supplemental disclosures of cash flow information: Cash paid for interest $ 48 $ 122 Cash paid for income taxes $ $

Answer: EACO Corporation Reports 1st Quarter Net Sales and Net Income