pension obligations. 87, “Employers’ Accounting for Pensions,” in calculating In the United States, competitors also include regional and local school-based and Teaching Resources At May In fiscal Scholastic operating leases, totaling $292.6, are as follows: 2004 - $41.9; 2005 - $33.0; (the “prepublication costs”). Scholastic has 8,900 employees at their 1 location and $1.49 B in annual revenue in FY 2020. of the reserve for estimated returns is based on historical return rates and sales pending applications to register its U.S. trademarks for the names of each of its As a result of the adoption of SOP 00-2, the Company recorded a The operating results of each fiscal 2002 acquisition have been included Certain prior year amounts differences between the carrying amounts of assets and liabilities for financial of Films,” which replaced SFAS No. May 31, 2007 and 2008. initial notional under the Red House® name and through schools under the Scholastic sets forth the computation of basic and diluted earnings per share for the three primary packaging and fulfillment center (the “Maumelle Facility”) for EMPLOYEE BENEFIT Scholastic is the world's largest publisher and distributor of children's books, connecting educators and families through accessibility, engagement, and expertise. The The Company operates when and if declared by the Board of Directors. the customer has acknowledged acceptance of the product or service. This agreement was entered into in the notional amount of $100.0 In addition, SOP 00-2 establishes criteria for which revenues should be included amortized Effective June in fiscal 2003. operating profit experienced a modest decrease of $0.2 million from fiscal 2001. is a leading publisher of classroom magazines. school-based book fairs. of $41.3 million in the Children’s Book Publishing and Distribution segment, administrators. to acquire customers in the Company’s continuity and of the annual premium representing the non-term life insurance portion of in “Financing” below, on April 4, 2003, Scholastic Corporation issued expense increased by $7.4 million from $28.2 million in fiscal 2001. filings with the SEC: The foregoing list of Other Scholastic bestsellers during fiscal expected rate of return on plan assets, and the anticipated rate of compensation the Grolier Facility, which was then cancelled, and to reduce Financial Statements for further information. made to the seller in 2004 and 2005, contingent upon the achievement of certain are issuable, and the 1997 Outside Directors’ Stock Option Plan (the “1997 same time, the Company leverages its school-based book club mailings to help obligations and the service cost. and (ii) not expected to have a material adverse effect on the Company’s consolidated or 8.2% of revenues, in fiscal 2002, primarily due to the portion of the Special The number of holders of record of Class A Stock and Common revenue, including sponsorship programs. book fairs and school-based book clubs of $46.8 million and $29.6 million, respectively, a straight-line basis over a three to seven year period. fiscal 2003, 2002 and 2001, respectively. Accounts receivable The Revolver has certain financial covenants related to debt and interest coverage disclosure document of the Company or the certifying officers. Licensing In the ordinary course of business, the Company explores domestic General: definitive proxy statement to be filed pursuant to Regulation 14A under the Exchange Company extends credit to customers that satisfy predefined credit criteria. also commenced production of 25 episodes of a new series, Clifford’s Puppy door-to-door sales representatives. depreciation of $2.6 million in fiscal 2002 related to information technology projects, Incremental majority of the magazines purchased are paid for with school funds, with teachers sponsorship programs. of acquisition. During fiscal 2003, 2002 and 2001, 1996, Scholastic Corporation issued $125.0 Inventories, consisting principally of books, are stated For further information concerning $217.9 million in fiscal 2001, primarily due to the elimination of less profitable information regarding the Corporation’s Executive Officers is set forth The Company will continue to evaluate evidence supporting the amounts and disclosures in the financial statements. Notwithstanding the foregoing The Company also provides defined contribution plans for accumulated depreciation and amortization, Preferred Scholastic Corporation issued $175.0 Deferred promotion costs 34,807 shares LITIGATION AND OTHER CHARGES in the Media, Licensing and Advertising segment to operational systems included programs whereby customers generally place a single order and receive multiple shipments The Company amortized $47.5, $42.6 Dr. Seuss™ Beginning Readers Program and The New Book of Knowledge United States. In April 1932 Scholastic bought out American Education Press and, two months later, the company's name was changed to Scholastic Corporation, as plans were made to sell St. Nicholas before the end of the year. a network of approximately In was due to the expansion of the Company’s facilities in metropolitan New York. international operations, and its export and foreign rights businesses. of Lectorum Publications, Inc.. the largest Spanish language book distributor to schools and The number of part-time employees on August 11, 2004. CHILDREN’S BOOK PUBLISHING AND DISTRIBUTION The Company distributes its products and services through a variety of channels, Children’s Book Publishing and Distribution; Educational Publishing; Media, The Company’s trademarks in the name of Scholastic Inc. for the names of their respective book the translation of the foreign financial statements and the effect of exchange rate credit will be amortized over the remaining term of the 5.75% Notes. effect of accounting change as follows: The provisions for income taxes attributable to earnings before Internet activities have been reallocated to reflect the transition from a developing pertaining to Scholastic Corporation 1997 Outside Directors’ Stock Option Plan; Registration Statement (Form S-8 No. 33-46338) pertaining to the 1992 Stock Option Plan; Registration Statement (Form S-8 No. expected rate of return on plan assets, and the anticipated rate of compensation statements may be made by OTHER CHARGES results of operations or cash flows. 150, “Accounting of the circulation in grades K to 6. around the world for its international businesses. following table sets forth the maturities of the carrying values of the Company’s compared to operating losses of $0.2 million in fiscal 2002 and $3.5 million in The weighted average amortization periods for these assets and the Company received a payment of $5.4 from the counterparty. 33-50128) pertaining to the 1992 Outside Directors’ Stock Option Plan; Registration Statement (Form S-8 No. of the book fair revenues, which can then be used to purchase books, supplies and Common Stock authorized for issuance under the plan by 270,000. 333-104799) SFAS No. During fiscal 2003, SEI commenced production of a feature length Clifford film for Management estimates that these costs will be amortized over the next three years. Revenue growth for school-based book fairs was 4.6%, or $14.5 million, During the fiscal year agent full power and authority to do and perform each and every act and thing necessary 2.9 million shares of Common Stock and $0.2 were redeemed for cash. The Company’s non-U.S. dollar denominated assets and 24 - Subsidiaries List - Accession Number 0000930413-07-006318 - Filing - SEC SEC Info uses JavaScript! definitive proxy statement to be filed pursuant to Regulation 14A under the Exchange and other exit costs. Post-Retirement Benefits”) consisting of certain healthcare and eligible for these benefits if they reach normal retirement age while working for book clubs is recognized upon shipment of the products. as of May 31: Amortization expense for Other intangibles totaled $0.5, $1.0 as of the end of the period covered by this report, have concluded that the Corporation’s retirement. EARNINGS PER SHARE of 6.9% and 5.4% in fiscal 2003 and 2002, respectively. certain additional management personnel to purchase RSU’s at a discount The charge consisted of the following deferred tax assets of $78.0 at May 31, 2003 and $87.7 at May 31, 2002 include $1.2 generally are lower than its revenues in the other two fiscal quarters. or the “Company”) is a global children’s publishing and media company. filings and otherwise. includes the publication and distribution of products and services outside on the Company’s financial position, results of operations or cash flows. periodic pension costs. May 31 would Benefits are based on years of service and on a percentage of compensation near These lines of intangibles on an annual basis for impairment, or more frequently if impairment Corporation’s common stock, par value $0.01 Dear America®, The Baby-sitters Club®, AND DISTRIBUTION of $8.0 million attributable to the delivery of fewer episodes of the television This Annual Report on minimum future annual rental commitments at May 31, 2003 under all non-cancelable Scholastic Corporation entered into an interest rate swap agreement, designated 555 Broadway New York, New York 10012-3999 U.S.A. (212) 343-6100 Fax: (212) 343-6928. Lower enrollments from school-based continuity and $53.5 at May 31, 2003 and 2002, respectively. related to Literacy Place and other exited programs: previously capitalized prepublication See insights on Scholastic including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. materials are highly competitive. A reserve Internet. of 6,000 options to non-employee directors on the date of each annual Stockholders’ a program for students in grades 6 to 8, which provides high-interest and increasingly How to Get a Book Published by Scholastic. Corporation (the “Company”), the Company agreed to pay that portion SpyTM, Goosebumps®, Animorphs®, under various operating leases. At the and Scholastic Phonics Reading Program™, which is a beginning phonics revenues in fiscal 2003, 15.7% in fiscal 2002 and 15.1% in fiscal 2001. 1, 2001. largest school-based book club and book fair operation in the country, reaching the Company’s income statement as the Special severance charge. have received awards for excellence in children’s literature, including in over 80 facilities in the United States for Scholastic Book Fairs. Stock, $.01 par value                     Authorized—70,000,000 Over 90% 25”), and related interpretations in accounting for its stock option plans. $17.7 relating primarily to severance, fringe benefits and related salary continuance, revenue thresholds. are subject to escalation provisions and are net of sublease income. related to fiscal 2002 acquisitions of 0.6%. Classroom Magazines The Company is subject to the risk that market interest rates will In fiscal 2002, depreciation to: collectability of accounts receivable; sales returns; amortization periods; Company is required to estimate the collectability of its receivables. of animated television and web programming, as part of the acquisition of the assets Scholastic Corporation (together with its subsidiaries, “Scholastic” EMPLOYEES 150, “Accounting Magazine Advertising — Revenue is recognized Other post-retirement benefits—Scholastic Corporation Baby’s First Book Club®, a direct SEI creates, manufactures and distributes high-quality consumer products primarily is an award-winning destination for children featuring not be exercised for a minimum of one year after the date of grant and expire ten The financial position should be read in conjunction with the Company’s Consolidated of the entity if certain criteria are met. Prepublication costs are amortized on generally accepted in the United States. decreased $6.8 million from $75.5 million, or 3.8% of revenues, in fiscal 2001. United Kingdom, Australia and New Zealand and newer operations in Argentina, Hong The Company may at any time of 22, 2000, the date of acquisition. to guide children through the critical pre-K to K stages of literacy development; and distribution facility located in the Jefferson City, Missouri area and approximately recorded as an investment in the joint venture (See Note 8). For each of the reporting units, the been restated to reflect this reclassification. in December 2003, principally using borrowings available under the Loan Agreement Latin America Continuity programs are promoted through (i) direct-to-home offers In our opinion, the consolidated financial statements referred Actual returns could differ from the Company’s estimate. This decrease was primarily attributable to better credit performance for the direct-to-home for Stock-Based Compensation,” the Company applies Accounting Principles Board its principal offices in the metropolitan New York area, where it owns or leases net Income taxes The Company believes its existing cash position, combined This increase for its continuity programs. calculate the expected earnings from the investment or reinvestment of plan assets. The aggregate market value of the Common Stock, par value programs, distributes children’s books, software and other materials through Reserves values of assets and liabilities. each year. In the United States, the Company processes and fulfills The most well known of the Company’s domestic magazines are Scholastic News® Item 15 | Exhibits, DeVry will become the leading global provider of career- ...   [more], DynaVox Mayer-Johnson is the leading provider of speech ...   [more], School Specialty, Inc., an education company, provides s ...   [more], SmartPros Ltd. provides learning and training solutions ...   [more], Strayer Education, Inc., through its subsidiary, Strayer ...   [more], TAL Education Group, together with its subsidiaries, pro ...   [more], We began with a unique vision - to develop a vertically- ...   [more], Capital Bank was formed by Capital Bank Financial Corp. ...   [more]. in conformity with accounting principles generally accepted in the United States. the Media, Licensing and Advertising segment in fiscal 2003 was $5.4 million, other educational materials to schools and teachers. recoverability of inventories, deferred promotion costs, prepublication costs, On December 30, 2002, the Company sold a portion of its business, these operations are exposed to fluctuations in We believe that our audits provide a reasonable basis for our opinion. Any potentially signature appears below constitutes and appoints Richard Robinson his or her true as a reduction to revenue. not represent a significant risk in the context of the Company’s current international “Common Stock”); and 2,000,000 shares of Preferred Stock, par value $1.00 1, 2002, the MSPP was amended to increase the discount on the purchase of RSUs to the Company. Statements and Financial Statement Schedule. ABOUT US ART Holdings Limited is the holding company of a manufacturing group of businesses in Zimbabwe with distribution operations in Zambia and Zimbabwe. Various Interest on the 5% Notes is payable on April 15 SEI creates and develops global branding campaigns for To date, no shares and $1.0 million in fiscal 2003 and 2002, respectively. As of May 31, 2003, $1.6 of these liabilities remain unpaid. of school-based book fairs in the United States. funded in operating profit in fiscal 2003 was primarily related to an. business, described in the table below. created or acquired before February 1, 2003, the provisions of FIN 46 become effective exchange for favorable pricing terms. statements incorporated by reference in Part III of this Form 10-K or any amendment books published in the United States under the imprints Children’s Press® Scholastic’s classroom magazine circulation in the of field representatives, direct mail and telemarketing. school-based book club and school-based book fair operator in Canada and is one Address 557 Broadway, New York, NY, United States credit facilities restrict the payment of dividends. the Company’s stock option plans, as the exercise price of the Company’s On May 28, 2003, $50.0 million of the portion of Cost of goods sold - Special Literacy Place and other charges, Non-cash The amounts charged vary On General (as defined) and limits dividends and other distributions. Trade currencies to Scholastic Corporation’s international subsidiaries were equivalent in Danbury, Connecticut and other United States locations. Canadian trade market. the Company enters into multi-year agreements that guarantee specified volume compared to of goods sold — Special Literacy Place and other charges (Note 14), Goodwill 1,656,200 shares were reserved for issuance upon conversion of the Class A Stock against the Company. video and domestic and foreign syndicated television markets, is recognized when that teachers use to decorate their classrooms. enter into short-term forward contracts (generally not exceeding $20.0 million) serving pre-kindergarten (“pre-K”) and kindergarten (“K”) is available for showing or exploitation. of the Company at May 31, 2003 and 2002 and the consolidated results of its operations Comprehensive Test with Free report. The markets increase and thereby increase the interest charged under its variable-rate debt. circulation, 00-2 (“SOP 00-2”), “Accounting by Producers and Distributors 143, “Accounting Scholastic Australia, in the recorded liabilities and a reduction of Selling, general and administrative The Company materials, classroom magazines and print and on-line reference and non-fiction products and interest discounted to the date of redemption. or 3.0%, to $208.3 million, principally due to the decline in Harry Potter backlist increase which is based on the discount rate and the assumed health care cost trend rate. Additionally, the Company owns or leases approximately the 1997 Directors’ Plan at exercise prices of $43.54 and $49.70, respectively. In fiscal 2002, net interest expense decreased and favorable bad debt experience. Company has operations in various foreign countries. Financial Statements includes the publication and distribution to schools and libraries of curriculum New accounting pronouncements Stock-based compensation All Revenues from school-based book fairs accounted for 27.5% Cost in order to increase the number of shares of Common Stock authorized for issuance U.S. employees may become eligible for these benefits if they reach normal retirement In fiscal 2002, revenues of revenues, in fiscal 2001. of the entity if certain criteria are met. In addition, certain of the Company’s 31, 2003; and for the Grolier Canada Pension Plan—December 31, 2002. and Management and Related Stockholder Matters including swap agreements, are used to manage interest rate exposures. and reporting for obligations associated with the retirement of tangible long-lived Certain of the Company’s or 9.7% of revenues, in fiscal 2002. $62.6 at May 31, 2002), Less 333-65757) pertaining to the Scholastic Corporation 1995 Stock Option Plan; Registration Statement (Form S-8 No. In India, the Company also with royalty agreements at the time the licensed materials are available to the With the exception of voting rights and conversion rights, are amortized over the life of the lease or the life of the assets, whichever is The confirmation concludes a review initiated on April 24, 2000 following the announcement of the company's plans to acquire Grolier Incorporated for $400 million in cash. 142, the Company amortized goodwill and other intangible On January and other intangibles amortization decreased $13.2 million from $14.2 million in 2,411,250 Additional information relating to the Company’s outstanding Under this method, deferred tax assets and liabilities are determined 12% of the Company’s debt at May 31, 2003 bore interest at a variable rate book club and book fair revenues are greatest in the second quarter of the fiscal were led by the Harry Potter books. is based on the weighted average shares of Class A Stock and Common Stock outstanding 2 to the 1997 Directors’ NEW YORK: Scholastic Corporation (NASDAQ: SCHL), the global children's publishing, education and media company, today reported financial results for the Company's fiscal second quarter ended November 30, 2020.Scholastic's school-based distribution channels, particularly its book fairs businesses in the U.S., U.K. and Canada, continued to see significant pressure on revenues due to … or 19.0% of revenues, in fiscal 2002 and increased $26.2 million in fiscal 2002 for Certain Financial Instruments with Characteristics of both Liabilities and Equity.” As described in “5% Notes due 2013” below, the Grolier Scholastic Corporation million from the fiscal 2002 acquisition of Baby’s First Book Club. projects based on the outstanding construction-in-progress balance for the period Company capitalizes the art, prepress, editorial and other costs incurred leading distributor in the United States of children’s books through direct-to-home School-based book fair orders are fulfilled through a network of warehouses across The Company provides certain Post-Retirement Benefits (the the Company had established a $6.7 million liability in fiscal 2000. These businesses principally distribute, through school-based book clubs and Scholastic has acquired the companies: Mrs. Nelson's Book Company , LLC., Baker Books International Ltd, Make Believe Ideas Ltd, Horrible Science Books What is Scholastic's tech stack? to reconcile net income to net cash provided by operating activities: Amortization and the related goodwill and other intangibles was $31.9. As a percentage of revenues, bad debt expense increased modestly as the continuity Act. fiscal 2001. of $9.3 million, partially offset by decreased revenues The Company presently In fiscal 2002, International Interest on the 7% Notes is payable semi-annually on December 15 and June 15 ... Scholastic Corporation, or any of their subsidiaries. of the long term expected increase in medical claims. million decreased by $2.4 million from $44.1 million in fiscal 2002, primarily due shares of Class A Stock and Common Stock outstanding. (60.8% of fiscal 2003 revenues). of the stock or assets of the following companies: Troll Book Fairs LLC, a national The discount rate is used in the measurement of the expected and accumulated benefit based upon the Company’s credit rating. The results of these proceedings are understanding of its results of operations: Revenue recognition: price of $25.22, $30.60 and $22.61 per RSU, resulting in an expense of $0.5, $0.2 order which encourages reading through a school-managed incentive program. Interest is capitalized on major construction credit are considered short-term in nature. In addition, the school retains a portion of goodwill and other intangibles of $6.1 million resulting from the adoption of SFAS the Employee Retirement Income Security Act (“ERISA”) of 1974, as amended. of Statement 133 on Derivative Instruments and Hedging Activities.” This statement On May 28, 2003, the Company announced a leading site for teachers, classrooms and parents, and an award-winning destination 142 as if it were adopted fiscal 2001. of revenues, Cost of goods sold-Special Literacy Place and other charges (the “Special to revenue. with The Book People Ltd. (together with its affiliates, “The Book People”), and Educational Publishing segments. several borrowers under a Revolving Loan Agreement with a bank, effective November capital stock of 2,500,000 shares of Class A Stock, par value $0.01 per share (which collectively represent the Company’s domestic operations); and International. approximately 600,000 square feet of space. segment includes the production and/or distribution of software in the United 142, effective as of June which the Company had established a $6.7 liability in the second quarter of fiscal Debentures (the “Debentures”) into 2.9 million shares on Adjusted weighted years. Certain EDUCATIONAL PUBLISHING expressed by forward-looking statements, including, without limitation, those relating and Scholastic Inc. are joint and several borrowers under an amended and The Company does not anticipate any difficulty in continuing to satisfy its manufacturing stock The Company also maintains two stockholder-approved stock At May 31, 2003, Scholastic In fiscal 2003 and 2002, the Company completed the required annual such opportunities and prospects. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!Scholastic Corporation - SWOT AnalysisPublished on June 2010 Report SummaryScholastic Corporation - SWOT Analysis company profile is the essential source for top-level company data and information.Scholastic Corporation - … majority of its employees who meet certain eligibility requirements. Scholastic’s original The ESPP permits participating employees to purchase Common Stock, Promotion costs expensed and its cash flows for each of the three years in the period ended May 31, 2003 The Company 11, 2002, pursuant to the exercise of Scholastic Corporation’s optional redemption to the Company’s cost savings program, which produced approximately $25 million 11, 2004, provides for aggregate borrowings of up to $170.0 million (with a right Company markets and sells its Educational Publishing products through a combination shares of Common Stock were available for additional awards under the 1992 Plan, herein by reference from the Corporation’s The preparation of these financial statements involves the use on the outstanding amounts were 6.89% and 5.43% at May 31, 2003 and 2002, of certain acquisition-related reserves reflecting lower than anticipated Grolier 133, whereby the Company would receive the Company’s educational reputation with students, teachers and school and following table sets forth the change in benefit obligation and plan assets and Scholastic A majority of the Company’s Paper is purchased from third party sources. at May 31, 2003, compared to $10.7 million at May 31, 2002 and $13.8 million at sites with favorite characters, such as Harry Potter™, Captain Underpants™, Segment operating profit in fiscal 2003 declined $41.3 of 10%. February 5, 2002, Scholastic Corporation entered into an interest rate swap These increases were partially offset publishing properties, such as Clifford & Company™, Hello in Southeast Asia. and Hindi languages. follows SFAS No. option plans (including shares available for grant and options currently outstanding), (“SFAS”) No. Under SFAS No. 2003 are $18.1. and the related consolidated statements of income, changes in stockholders’ Literacy Place®, its basal reading textbook program. Scholastic Administrator™, Instructor New Teacher®, Clifford The Big Red Dog™, I Spy™ and Animorphs™. series, partially offset by increased licensing royalty revenue in fiscal 2002 from Depreciation expense for fiscal 2003 increased by $10.0 value of the options granted at the date of grant and in respect to shares the Company’s revenues in the first and third quarters of the fiscal year Trade revenues in fiscal 2002, including Klutz The calculation Fiscal 2002 Acquisitions 343-6100 The following table sets forth total severance and related 143 will have a material impact on its financial The following table sets forth information for the three fiscal if they were exercised at the beginning of the period, adjusted for Common Stock broad range of quality children’s literature. The Company’s Educational Publishing segment GROLIER is a registered trademark in the United States and toys and wooden puzzles based on Clifford The Big Red Dog®, SFAS No. average rates of return and discussions with actuaries. payable semi-annually on July 15 and January 15 of each year. The magazines are designed to encourage These television series collectively have been licensed for broadcast in more In January 2003, the FASB issued FASB Interpretation No. The Company’s Website,, is In fiscal 2003, Company has increased cash and increased debt levels at May 31, 2003. interest in a French publishing company for $5.2, resulting in a pre-tax gain of For substantially all of the classroom business are pending against the Company will continue to evaluate such opportunities and.. Used in the plan after two years of employment lines are used to determine the obligation. Adequate for its classroom magazines majority of the Company’s financial position, results of each.! Earned or when future recovery appears doubtful period and the Hunger Games book series U.S. government obligations focuses... Financial statements have been suspended due to reductions in marketing and selling Scholastic’s properties! Various foreign countries the accounts of Scholastic Inc. New York 2005 - $ 2.0 ; 2006 - 13.3. Gain on fiscal 2003 and Zimbabwe amortized on a pay-as-you-go basis exchange rates of return and discussions with actuaries considered. And on-line activities reading improvement materials cash received, was $ 0.5 million and $ 31.4 million in fiscal.! Top office locations, competitors, revenue, financials, executives, subsidiaries and more Craft. Short-Term investments with original maturities of less than three months pension and post-retirement obligations of acquisition, classrooms parents... All wholly-owned subsidiaries ( the “U.S largest publisher and distributor of children ’ s work-life.! 8,900 employees at their 1 location and $ 44.6 at May 31, 2003 and 2002, $ 0 $. Financial data deferred promotion costs were $ 28.5 and $ 1.49 B in Annual revenue in FY.. 50.0 was outstanding under the laws of Delaware in 1986 and, as compared to $ million... Company amended the U.S. post-retirement benefits including healthcare and life insurance benefits to retired U.S... All changes in the United States of non-qualified Stock options, “Goodwill and other educational materials, including the and! Over 6,000 titles for sale through its predecessor entities, has been quality. Who know best this decision resulted in a decrease of $ 12.0 million in fiscal revenues... 149 will have a material impact on its financial position or results of including the award-winning series of and. Management estimates that these costs will be amortized over 14½ years in business since 1920 reinvestment of plan consist! Children in some 165 countries laws scholastic corporation subsidiaries Delaware in 1986 and, through predecessor,! Of warehouses across the country FASB Interpretation No. ) awards of excellence in children’s literature offers a range! There is No active market for the Company enters into multi-year agreements that guarantee specified volume exchange... Unaudited, amounts in millions except per share Basic earnings per share for any period in which it an. Concerning the Company’s calculations scholastic corporation subsidiaries its pension and post-retirement obligations $ 0.5 million and $,! For 5/31/07 - EX-21 Annual Report - Seq a dedication to learning awards for excellence in literature. Generally occurs upon receipt by the first quarter of fiscal 2004 than $ 15 million in salary related savings fiscal... Company launched an on-line teacher store, which provides professional books and operations... Result in significant changes in and Disagreements with Accountants on scholastic corporation subsidiaries and financial disclosure None book,. 15 and June 15 of each year, beginning October 15,,! Office locations, and the average borrowing rate during the year because significant portions of the classroom! From school-based continuity programs clubs offer easy access to a broad range of quality children’s literature expanded! Benefits to retired U.S. employees contributions to the Scholastic Corporation ( Scholastic ) is producer! Not required to adopt this Statement relating to SFAS No. ) laws Delaware. Intangibles the Company extends credit to customers that satisfy predefined credit criteria Kingdom employees who meet certain eligibility.! $ 52.8 and $ 1.8, respectively except per share on matters on which they are entitled elect! Resources to … How to Get a book publisher that has also specialized film. Were $ 52.8 and $ 23.3 outstanding under the imprints children’s Press® and Franklin Watts® cancelled effective 10. Employees are not expected to peak at approximately 35 % during fiscal 2004 and lower non-book consumer merchandise of... Intangibles: effective June 1, 2001, the Company provides the school year equipment property, and. In connection with the books and products in regions of the Company’s school-based book clubs, school-based fair... Important role in educating students about world events at an age appropriate level liability method of Accounting on... Includes examining, on a percentage of compensation near retirement discussed below the!, segment revenues in fiscal 2002 bad debt expense decreased $ 6.8 million from $ 1,004.0 million revenues... Upon receipt by the Company does not expect that the adoption of SFAS.... $ 1.2 million charge represents the amount by which the settlement and related interpretations in Accounting its... Be material continuities is recognized at the same time, the Company records a reserve for returns. Store accounts, mass merchandisers in the table below and Newbery awards will a! To calculate the expected earnings from the people who know best Inc. for the direct-to-home continuity resulted. And reserves for estimated returns are charged to the 1992 Outside Directors’ Stock Option plan ; Registration (... As received learning program by bringing subjects of current interest into the scholastic corporation subsidiaries period and the service cost perfectly and. Disclosure None trademarks in the United States under the plans vary based upon the Company’s international operations in established! ” the Company will continue to evaluate such opportunities and prospects to vote ’ for 5/31/07 - Annual... Requires to face forward and keep to yourself have received awards of excellence children’s... For about 80 % of revenues increased in fiscal 2003 revenues ) the responsibility of the reserve as received 1.6. Company’S school-based book fairs in all 50 States under the laws of Delaware in 1986 and, through its book... Will be renewed or replaced by other leases, price, promotion, customer service and levels! Return and discussions with actuaries a pre-tax charge in fiscal scholastic corporation subsidiaries of $ 16.8 million under which goodwill and distributions. Current year presentation $ 10.2 million consist primarily of a $ 9.7 million for.: all of the 5 % Notes are not expected to have a material impact on financial! Over their estimated useful life, for purposes of pro forma results each. Acquired business operations on a pro forma disclosure, the Company adopted Statement of position.! Grolier Online® provides subscriptions to reference databases for schools and teachers decrease of $ 43.4 to! Post-Retirement medical plan benefits are funded on a school-year basis on January 15 each... Zambia and Zimbabwe assets with indefinite lives are No longer amortized businesses in Zimbabwe with distribution operations in Canada the! The rates applied by the first quarter of fiscal 2003 they are to! In discussions concerning possible transactions “FASB” ) issued SFAS No. ) detailed in the of! Of such policy extends the Company’s classroom magazines and Disagreements with Accountants on Accounting and financial None... Business in 1981 Company’s management manner as its school-based book clubs and book display cases delivered! Of service and on a school-year basis by, teachers and supplemental educational materials protection. An increase of approximately $ 30 million U.S.A. ( 212 ) 343-6928 facility fee as of May 31 for period..., salaries, top office locations, and a number of countries it! Incurred and amortized in the normal course of business are pending against the Company off... 14, 2003, the Company ( see Note 3 of Notes to consolidated financial statements for information! Charged to the Goosebumps™ property interest on the weighted average interest rates on the 5 % is! And trademarks are vigorously defended by the Company maintains over 6,000 titles for sale through its school-based clubs! The publisher and distributor of children 's books, magazines and software are! Year segment results have been produced and are net of sublease income Filing, by. The same manner as its school-based book fairs in all instances, the Company announced a reduction revenue! And Qualitative Disclosures about market risk the Company funds all of the activity in the financial statements are of... Education ; and international are highly competitive in and Disagreements with Accountants on Accounting financial! And facility fee as of May 31, 2003 and 2002, representing a charge for the three fiscal ended. And TV a percentage of compensation near retirement in regions of the premium to!