TULSA, Okla., Sept. 30, 2010 (GLOBE NEWSWIRE) -- Educational Development Corporation (Nasdaq:EDUC) ( http://www.edcpub.com ) was chosen to be the recipient of the Horatio Alger Award handed out by one of America's leading small cap stock advisories. The Bowser Report awards this distinction to a company that has been able "to overcome obstacles on the path to success." R. Max Bowser, editor and publisher of the newsletter, said EDC was chosen for this award because it has "risen from a history of losses and 10¢ a share to one of consistent quarterly profits and a one-time high of $26.25 a share" before a 2 for 1 split.
As reported in The Bowser Report announcing the award, Mr. Bowser is intrigued by the company's use of multiple channel marketing. Both traditional retail sales and direct marketing have worked for Educational Development. "On the back of each book is the price," explains CEO Randall White. "That price is not inflated when it is sold via direct marketing. Thus the customer is getting a value product."
Even during a recession, says Mr. White, people buy for their children. Parents see "the importance of giving their children an edge — reading, especially our books, does that."In late 2008, Educational Development added a new source of books when it acquired Kane-Miller, a San Diego firm that publishes multicultural storybooks. They are written in 28 different countries. The company paid cash for the acquisition and also discovered a good deal of duplication in Kane-Miller's warehousing, shipping and sales. By bringing the operations to Tulsa, it saved $600,000 a year. As Mr. Bowser noted earlier, the stock's all-time high was $13.12 after a split adjustment. But over the last five years, its high point has been $10.98 and its low price was $3.10. It has currently traded in the range of $6.00.