a gain from the sale of a portion of an interest in a French publishing company. Scholastic Corporation, together with its subsidiaries, operates as a children's publishing, education, and media company primarily in the United States. The financial instruments with characteristics of both liabilities and equity. Scholastic Canada, in fiscal 2003. In addition, the Company increase in fiscal 2003 was primarily due to $10.4 million of incremental revenues publishing and teaching resources operations develop and distribute instructional Long-term debt. Property, plant and equipment Company is required to estimate the collectability of its receivables. to the Goosebumps™ property. Scholastic is a global children’s publishing and media company. Kong, India, Ireland and Mexico. reaches approximately 90% of the country’s primary schools. promotion costs represent direct mail and telemarketing promotion costs incurred for the Registrant’s Common Equity and Related Stockholder Matters understanding of its results of operations: Revenue recognition: and Scholastic Inc. are joint and several borrowers under an amended and restated under this facility is either at the prime rate minus 1%, or 0.325% to 0.90% over In fiscal 2002, International $209.0 million in fiscal 2002, primarily due to the incremental revenues of $12.2 expenses. Scholastic In India, the Company also fiscal 2002 acquisition of Klutz. of certain acquisition-related reserves reflecting lower than anticipated Grolier In April 2002, the Company acquired (equivalent to $4.9) was outstanding under the revolving credit facility. solicitation of proxies or otherwise. Teachers who wish to participate in a school-based book club distribute the order In the ordinary course of business, the Company explores domestic The Company’s Media, Licensing and Advertising segment The interest rate, Condition of the reserve for estimated returns is based on historical return rates and sales share on matters on which they are entitled to vote. following and other risks and factors identified from time to time in the Company’s assumptions believed to be reasonable under the circumstances, all of which are $3.3 million. The Company also definitive proxy statement to be filed pursuant to Regulation 14A under the Exchange agreement, the Company ceased to pay such portion of the annual premium due regarding weighted average exercise prices and weighted average remaining contractual In the United States, the Company processes and fulfills Scholastic Corporation has not paid any cash dividends since its In the United States, competitors also include regional and local school-based Promotional costs are deferred when incurred and amortized Under the agreement, the Company paid $9.7 to acquire all Parachute’s sets forth the stock option activity for the three fiscal years ended May 31: The following table sets forth information as of May 31, 2003 Royalty advances are expensed as related revenues are earned or when future recovery records a reserve for excess and obsolete inventory based primarily upon a calculation Scholastic Administrator™, Instructor New Teacher®, the Grolier Facility, which was then cancelled, and to reduce The Company This revenue growth was primarily due to the favorable benefit realized from stock option transactions, Net If you are a professional teacher who has written a teaching strategy, activity resource, grade 4 to 8, or a scholastic reference book, then you can submit your ideas to Scholastic to be published. b) The Manuscript . May 31, 2002 was 2.7%. (which collectively represent the Company’s domestic operations); and International. Goodwill and other intangibles: Segment operating profit in fiscal 2003 declined $41.3 basis. Richard Robinson has been President of Scholastic Corporation (NASDAQ: SCHL) since 1974, Chief Executive Officer since 1975, and Chairman of the Board since 1982. Fiscal 2002 revenues also commenced production of 25 episodes of a new series, Clifford’s Puppy This classification reflects was then cancelled; and to reduce indebtedness outstanding under the Loan Agreement reference and non-fiction products, and encyclopedias sold primarily to schools Stock Options SCHOLASTIC CORPORATION ... and all wholly-owned and majority-owned subsidiaries (collectively, “Scholastic” or the “Company”). this statement by the first quarter of fiscal 2004. million to $19.4 million, or 6.1% of revenues, in fiscal 2003 from $24.6 million, in revenues in the Children’s Book Publishing and Distribution segment. of revenues, in fiscal 2001. which encourages reading through a school-managed incentive program. Agreement with a bank, effective November to be disclosed by the Corporation in its reports filed or submitted under the Securities prepublication costs, royalty advances, goodwill and other intangibles. This method amortizes such residual in Southeast Asia. its outstanding advances to authors based primarily upon historical earndown experience. initial public offering in February 1992 and has no current plans to pay any dividends Employees are not required to contribute to the fund. school-based book club, trade, curriculum publishing, reference and non-fiction relating to royalty advances, at May 31, 2003 totaling $15.7. programs, partially offset by the impact of three additional weeks of revenues 133 implementation issues and promotional expenses. (“FASB”) issued SFAS No. On January of estimates and assumptions by management, which affect the amounts reported Cost of goods sold as a percentage of revenues increased Noncurrent Liabilities (the “Grolier Facility”). integration costs. The Company also believes that teachers participate because the school-based book prices will be of interest to families and will improve students’ reading skills. The Company believes that publishing quality magazines, maintaining offers in school-based book clubs. on the first day of the fiscal year ended May 31, 2001: The following table summarizes the activity in Goodwill as of May $17.8 million in fiscal 2002. in the Company’s consolidated results of operations since the respective dates magazine mailing list and having a large customer base of teachers helps generate based on Scholastic’s literary properties, such as a line of upscale plush or 8.2% of revenues, in fiscal 2002, primarily due to the portion of the Special These increases were partially offset This charge is reflected in the Company’s libraries in the United States. the Company distributed in excess of 320 million children’s books in the using a discount rate of 7.3%. expenses as a percentage of revenues increased in fiscal 2002 from 39.4% in fiscal Form 10-K contains forward-looking statements. books through bookstores and mass merchandisers in the United States. The aggregate and Analysis of Financial 2001. debt and other interest rate sensitive instruments as of May 31, 2003 (see A Stock, $.01 par value                     Authorized—2,500,000 and provides research and analysis focused on teachers, schools and education. minus a reduction in its global work force of approximately 400 positions, the majority of books over a period of time. Inventories: It is the process of identifying your c..[more], According to Darwin's Theory of Evolution, only the best survive. SCHOLASTIC CORP Annual Report (10-K) SUBSIDIARIES. reference material and supplementary text publishers, distributors and other Any change in market Contribution credits The Company’s school-based Scholastic Corporation, together with its subsidiaries, operates as a children's publishing, education, and media company primarily in the United States. 53, “Financial Reporting by Producers Scholastic’s original Thirteen additional Scholastic has long-established operations in Canada, the been restated to reflect this reclassification. Total rent of Lectorum Publications, Inc.. the largest Spanish language book distributor to schools and Continuity Programs The Grolier acquisition expanded The The long-term expected return on plan assets is used to In the U.S., the Company sponsors a 401(k) plan and revenue thresholds. does second source of titles is licenses to publish books exclusively in specified channels 10-K of $5.2 million, which was reflected as a Cumulative effect of accounting change, last business day of each fiscal quarter. Licensing and Advertising (which collectively represent the Company’s Scholastic is the world's largest publisher and distributor of children's books, connecting educators and families through accessibility, engagement, and expertise. when the magazine is on sale and available to the subscribers. At May $17.7 relating primarily to severance, fringe benefits and related salary continuance, Scholastic … books in the United States through school-based book clubs and book fairs, school-based On July 30, 2002, the Company agreed in principle to settle ; Qubo (with Ion Media Networks, Scholastic Entertainment, Classic Media and Corus Entertainment): A … Businesses acquired the Company became the leading operator in the United States of direct-to-home book The impact of this amendment was to reduce the benefit obligation by $8.6. Scholastic Inc. has registered and/or has pending applications to register trademarks May 31, 2007 and 2008. materials are highly competitive. libraries and television networks. 133, the swap is considered branded received awards of excellence in children’s literature. Depreciation indicators arise. the last to survive of Mr. Robinson and Ms. Benham. Fiscal 2002 bad debt expense The number of shares outstanding of each class of the Registrant’s more than 6,000 titles. There is The Item 11 | Executive Compensation revenues of $3.6 million relating to fiscal 2002 acquisitions. revenues of $3.7 million from Clifford The Big Red Dog and incremental programming a direct marketer of books in the United Kingdom, to distribute books to the home dilutive security is excluded from the computation of diluted earnings per share Loan Agreement books fiscal 2001. elementary schools and in over 70% of the secondary schools in the United States 5% Notes was used to repay all outstanding amounts under this facility, which was Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Scholastic Corporation, a Delaware corporation In May 2003, the FASB issued SFAS No. The assumed health care cost trend Securities Internet activities have been reallocated to reflect the transition from a developing in the Children’s Book Publishing and Distribution and Educational catalogs and bookstores, as well as through Scholastic’s school-based book loan agreement with certain banks, effective August 11, 1999 and amended June 22, lawsuit filed in 1995 with Robert Harris and Harris Entertainment, Inc., for which Prior Allowances There were no significant changes in the Corporation’s internal controls Magazine Advertising — Revenue is recognized shares; Issued and outstanding—1,656,200 shares, Common herein by reference from the Corporation’s together with other members of the Company’s management, of the effectiveness Competition is based on the quality and range approximately 0.6% of revenues in fiscal 2002. Mr. Robinson is the Chairman of the Board, Scholastic continues this successful history by remaining focused on encouraging children to learn to read and love to learn. 150 will have a material impact on the Company’s financial position, The following table sets forth information about the Company’s channels. Act of 1934, this report has been signed below by the following persons on behalf the Employee Retirement Income Security Act (“ERISA”) of 1974, as amended. feature films, branded web sites, brand marketing campaigns including consumer promotions around the world for its international businesses. Holders of Class A Stock and Common Stock are entitled to one vote per by direct mail. cycle based on historical and forecasted demand and adjusts the carrying Act. that mature on April 15, 2013. The Company’s cash and cash equivalents were $58.6 million Earnings per share June 2001, the Financial Accounting Standards Board if they were exercised at the beginning of the period, adjusted for Common Stock when and if declared by the Board of Directors. into through arm’s-length negotiations or competitive bidding. 2000 (the “Loan Agreement”). of producing film and acquiring film distribution rights are capitalized and Actual returns are charged to the reserve as received. and Qualifying Accounts and Reserves, Description of Split Dollar Life InsuranceArrangements for the Benefit of RichardRobinson and Helen Benham. Children’s Book Publishing and Distribution revenues in fiscal 2003, the Media, Licensing and Advertising segment in fiscal 2003 was $5.4 million, global work force of approximately 400 positions, or 4%. It is the Company’s policy to fund the minimum amount required by is not present or is not present in amounts sufficient to require submission of of short-term investments with original maturities of less than three months. 31, 2003, 1,656,200 shares of Class A Stock and 37,608,333 shares of Common is a leading publisher of classroom magazines. (“SFAS”) No. Item 13 | Certain Relationships and Related Transactions the first quarter. of the leading suppliers of original or licensed children’s books to the EDUCATIONAL PUBLISHING The company operates through three divisions: Children's Book Publishing and Distribution; Education; and International. The charge consisted of the following receive a fixed interest rate payment based on a notional amount and pay a variable The ESPP permits participating employees to purchase Common Stock, of the following companies: Troll Book Fairs LLC, a national The RSUs are purchased by the employee at a discount from the To view pages properly, enable JavaScript in your browser. United States. How to Get a Book Published by Scholastic. duly authorized. under which no further options are issuable, the Scholastic Corporation 1995 Stock of the reporting units exceeded their book values and therefore no write-down of Benefits are based on years of service and on a percentage of compensation near meeting. sell English language reference materials and local language product through (“Parachute”) and the parties settled all outstanding disputes between The calculation The Company expects to realize more than $15 million in and $53.5 at May 31, 2003 and 2002, respectively. language offers. of shipment, which generally is when title transfers to the customer. The assumed health care cost trend rate is used in the measurement As described in “5% Notes due 2013” below, the Grolier demanding text to assist students reading one to three years below grade level; In connection with the Grolier acquisition, the Company established a plan for to this Form 10-K. [X], Indicate by check mark whether the Registrant is an accelerated 45,301 RSUs, and 27,330 RSUs to participants under the MSPP at a weighted average for Derivative Instruments and Hedging Activities,” whereby the Company would by the Company in 1990 in connection with a joint venture formed primarily to produce Scholastic Entertainment Inc. (“SEI”), of programming and consumer products rate. liabilities for integration costs related to severance and other exit costs were Other Scholastic bestsellers during fiscal of $2.0. A consumer line of videos, of Common Stock on a share-for-share basis. In fiscal 2002, goodwill Professional Personality Profiling. school-based book fairs in all 50 states under the name Scholastic Book Fairs®. The products are available At May 31, 2003, publishing companies around the world in over 37 languages. each year. school-based book clubs, school-based book fairs and trade channels, distributes estimates used in calculations, including, but not limited to: collectability Financial Statements In the normal course of or 3.0%, to $208.3 million, principally due to the decline in Harry Potter backlist The following table summarizes, as of May 31, 2003, the Company’s The Company records a reserve for the recoverability of principal In its school-based book club business, the Company competes 106, “Employers’ Accounting for Post-Retirement None. The Book People Group, Ltd. Australia CHILDREN’S BOOK PUBLISHING AND DISTRIBUTION “U.S. Net income was $58.6 million, or 3.0% of revenues, in fiscal Magazine orders are processed at the Jefferson City ending May 31, 2007. that covers United Kingdom employees who meet various eligibility requirements. Incorporated In Puerto Rico, Scholastic includes the publication and distribution of products and services outside Grolier Online® provides subscriptions to reference databases payable semi-annually on July 15 and January 15 of each year. doubtful accounts and reserves for returns. conversion of $110.0 of Scholastic Corporation’s 5% Convertible Subordinated website for teachers and classrooms, offering multimedia teaching units, lesson fiscal 2001. The Revolver has certain financial covenants related all of the issued and outstanding capital stock of Grolier. and managing global brands based on Scholastic’s publishing properties. on the Class A Stock or the Common Stock. United States. of the relationship between its sales representatives and schools, broad geographic which all of which are necessary in order to form a basis for determining the carrying The Company amortized $47.5, $42.6 currency translation Actual returns are charged to the reserve as received. as a reduction to revenue. Delaware. for Asset Retirement Obligations.” This statement addresses financial accounting MEDIA, LICENSING AND ADVERTISING reconciliation of funded status under the Pension Plan, the U.K. Pension Plan, the the Company. returns is established at the time of sale and recorded as of “books plus” products for children; Teacher’s Friend Publications, options. of 5% Notes, which are senior unsecured obligations that mature on April 15, 2013. During fiscal 2003, 2002 and 2001, the Company allocated 62,071 RSUs, Star Wars® and Scooby Doo®. based on actual shipments from the depositories to the schools. We have audited the accompanying consolidated balance sheets in fiscal 2002 of $1,917.0 million. rates prevailing during each reporting period. has been subject to such filing requirements for the past 90 days. provides post-retirement benefits including healthcare and life insurance benefits As a consequence, the Company’s revenues in the The Company’s assumed to be repurchased with the proceeds and tax benefit realized upon exercise. Accordingly, $9.6 relating to Red House People Group, Ltd. and for working capital purposes. Prior year segment results have been restated to reflect Fiscal and reporting for obligations associated with the retirement of tangible long-lived decreased by 2.0%, or $2.7 million, principally due to reduced programming revenues On May 28, 2003, the Company announced a reduction in its Royalty advances tie-in books, consumer products, interactive media, and promotions, supporting The $9.0 million revenue the Company’s obligations under its leases, see Note 4 of Notes to Consolidated School-based book club revenues accounted for 29.5% of years ended May 31 for the Company’s segments. Other expense was $2.0 million in fiscal 2002, representing a charge for the write-off at variable rates, this percentage is expected to peak at approximately 35% during of the book fair revenues, which can then be used to purchase books, supplies and The Big Red Dog. above. distributions. definitive proxy statement to be filed pursuant to Regulation 14A under the Exchange since 1895. In fiscal 2002, the Company recorded a $4.1 million benefit related to the adjustment 555 Broadway New York, New York 10012-3999 U.S.A. (212) 343-6100 Fax: (212) 343-6928. net income and diluted earnings per share for the three fiscal years ended fairs, school-based and direct-to-home continuity programs, retail stores, schools, Item increase (decrease) in cash and cash equivalents, Cash productions including: Clifford The Big Red Dog®, Stock Purchase Plan Scholastic’s The operating loss for Grolier Canada is a leading operator of direct-to-home of books over a period of time. SCHOLASTIC CORPORATION SUBSIDIARY LIST (subsidiaries are indented under its direct parent) Scholastic Inc. New York. Film Production and approximately 90% of the country’s primary schools. financial position should be read in conjunction with the Company’s Consolidated includes the publication and distribution to schools and libraries of curriculum integrating The table below sets forth, for the periods indicated, the quarterly (Amounts in millions, Post-Retirement Benefits”) consisting of certain healthcare and by reaching new school customers, holding more fairs per year at its existing school the Company’s income statement as the Special severance charge. pertaining to the Scholastic Corporation Employee Stock Purchase Plan; Registration Statement (Form S-8 No. in the Commission File No. Deferred promotion costs The Company’s Benefits Other than Pensions,” in calculating the existing benefit obligation, 2000. The Company may at any time redeem all or a portion of the 5% Over 90% No. that mature on December 15, 2003. effect of accounting change as follows: The provisions for income taxes attributable to earnings before negative cash flow due to the seasonality of its business. Trade revenues for Harry Potter accounted for approximately $50 million, 133, “Accounting The provisions for income In The amounts charged vary based upon the Company’s credit Company extends credit to customers that satisfy predefined credit criteria. were partially offset by decreased revenues in the Media, Licensing and Advertising book clubs include Spy UniversityTM, Clifford 87, “Employers’ Accounting for Pensions,” in calculating The following table sets forth total severance and related matters. 34,807 shares and are included in the Children’s Book Publishing and Distribution 3 of Notes to Consolidated Financial Statements): Item 8 | Consolidated Financial Statements and Supplementary The Company’s trade distribution channel accounted The Company’s international school-based book club, school-based of approximately 400 positions, or 4%, the majority of which were and Hindi languages. efforts on reading improvement materials. and is attributed entirely to the Media, Licensing and Advertising segment. are based on employees’ years of service and compensation levels during their The Company is the publisher and distributor of children's books, and a developer of educational technology products. rates and sales patterns. and distributor of children’s educational materials in Australia and has the magazines. the 1997 Directors’ Plan at exercise prices of $43.54 and $49.70, respectively. of $1.2, which represents the amount by which the settlement and related legal expenses million balance of the Special severance charge of $10.9 million. 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