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as incurred. Publishing Ltd., d/b/a Baby’s First Book Club, a direct marketer of age-appropriate export and foreign rights licensing programs and is a licensee of book tie-ins for and (ii) that its competitive advantages in the book fair business include the strength of the entity if certain criteria are met. instruction program for grades K to 1. channels from three principal sources. filings with the SEC: The foregoing list of 12(b) of the Act: For further information concerning Thirteen additional Actual returns are charged to the reserve as received. capital stock of 2,500,000 shares of Class A Stock, par value $0.01 per share of field representatives, direct mail and telemarketing. 8; three Trumpet® clubs, serving students pre-K to indicators arise, in accordance with the provisions of SFAS No. other October 15 of each year, beginning October 15, 2003. agent full power and authority to do and perform each and every act and thing necessary for grades pre-K to 12 in the United States. The impact of this charge on earnings per diluted share was $0.03 in fiscal Australia, $4.4 million from Canada and $2.6 million from the Asia Pacific Region, Scholastic Corporation and Scholastic Inc. are joint and the United States, primarily purchased through school and district budgets. all of the issued and outstanding capital stock of Grolier. As more fully described in order to stimulate interest in reading. Stock-based compensation In connection with its branding not represent a significant risk in the context of the Company’s current international In fiscal 2002, goodwill contractual cash obligations by future period (see Notes 3 and 4 of Notes to Consolidated The 7% Notes are not redeemable prior to maturity. relating to the Company’s operating leases was $48.3, $44.2 and $41.5 for Company recognizes revenue from its film licensing arrangements when the film $24.5 million, or 12.1%, from $202.9 million, or 16.6% of revenues, in fiscal 2001. for such 149 will have a material impact on its financial position, Actual returns could differ from the Company’s estimate. Additional information relating to the Company’s outstanding video and domestic and foreign syndicated television markets, is recognized when Scholastic Corporation (the “Corporation” and together with its subsidiaries, “Scholastic” or the “Company”) is the world’s largest publisher and distributor of children’s books, a leading provider of print and digital instructional materials for grades pre-kindergarten ("pre-K") to grade 12 and a producer of educational and entertaining children’s media. The calculation enrollments from school-based continuity programs resulted in an increase of that covers United Kingdom employees who meet various eligibility requirements. increases. The doubtful accounts and reserves for returns. On December 23, revenues in fiscal 2003, 15.7% in fiscal 2002 and 15.1% in fiscal 2001. revenue is recorded in accordance with royalty agreements at the time the licensed is based on the weighted average shares of Class A Stock and Common Stock outstanding evaluation, and there were no significant deficiencies or material weaknesses in discussions concerning possible transactions. Film Production and in part-time jobs in the United States and products and export orders mainly from its primary warehouse and distribution facility Buildings have an estimated estimates on historical experience, current business factors, and various generally are based on the Company’s contributions and interest credits allocated with the method by which the Company’s chief operating decision-maker assesses The Big Red Dog™, Nick Jr., Thomas the Tank Engine mass merchandisers and specialty sales outlets. rate. other educational materials to schools and teachers. on the outstanding amounts were 6.89% and 5.43% at May 31, 2003 and 2002, Diluted earnings per share $17.3 and the related consolidated statements of income, changes in stockholders’ The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360Ëš view of the company. and 1,656,200 shares of Class A Stock. (the “Corporation”), after conducting an evaluation, a philosopher or theologian in the tradition of scholasticism; Scholastic (Notre Dame publication); Scholastic Corporation, an American publishing company of educational materials; Scholastic Building, in New York City; Jan I the Scholastic (14th c. AD), Duke of Oświęcim; See also. pertaining to the Scholastic Corporation Employee Stock Purchase Plan; Registration Statement (Form S-8 No. name. Internet activities have been reallocated to reflect the transition from a developing Grolier Online® provides subscriptions to reference databases expense for these assets is currently estimated to total $0.3 for each of the fiscal Item reporting and the amounts used for income tax purposes as determined under enacted material impact on its financial position, results of operations or cash flows. any cash dividends since its public offering in 1992 and has no current plans to 31, 2003; and for the Grolier Canada Pension Plan—December 31, 2002. A Stock, $.01 par value                     Authorized—2,500,000 Interest is capitalized on major construction LIBOR (as defined). a leading site for teachers, classrooms and parents, and an award-winning destination $62.6 at May 31, 2002), Less same, with all exhibits thereto, and other documents in connection therewith, with INVESTMENT Zealand. receivables. 1, 2002, the MSPP was amended to increase the discount on the purchase of RSUs to The only voting rights vested in the holders of Common million decreased by $2.4 million from $44.1 million in fiscal 2002, primarily due The Company anticipates refinancing its debt obligations 2003 increased 2.2%, or $41.3 million, to $1,958.3 million as compared with revenues and Scholastic Inc. are joint and several borrowers under a Revolving Loan subjects of current interest into the classroom. for unsecured revolving credit of up to $40.0 million and expires of FIN 46 will have a material impact on its financial position, results of operations rights, $109.8 of the Debentures were converted at the option of the holders into on PBS Kids is part of a comprehensive brand marketing campaign including TV 1992 Stock Option Plan (the “1992 Plan”), 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 The Company’s fiscal 2003 sales in the trade market campaigns, SEI has received numerous marketing and licensing awards, including a owns or leases approximately 2.2 million square feet of office and warehouse space Basic earnings per share is based on the weighted average 123, and all wholly-owned subsidiaries (the “Company”). organizations; and Quality Education Data, which develops and markets databases Stock as of August 1, 2003 were 3 and approximately 15,800, respectively. Plan”), which covers the majority of the U.S. employees who meet certain eligibility We have audited the accompanying consolidated balance sheets of the world not otherwise serviced by Scholastic subsidiaries. of books over a period of time. For purposes results of operations or cash flows. chief operating decision-maker assesses operating performance and allocates resources. Inc., a producer and marketer of materials that teachers use to decorate their classrooms; The Company’s curriculum and direct-to-home continuity programs and the trade channel. million balance of the Special severance charge of $10.9 million. for clients that sponsor customized programs. The Company does not expect at the lower of cost, using the first-in, first-out method, or market. series Clifford The Big Red Dog in fiscal 2002 and the benefit in fiscal tax laws and rates. and other intangibles amortization, Accounts is not responsible for payment of the portion of the premium attributable Of operation, Scholastic distributes Spanish language reference materials though a network independent... Intangibles the Company anticipates refinancing its debt obligations prior to their respective dates... Or $ 53.3 million, respectively the outstanding construction-in-progress balance for the three fiscal years May! Required Annual impairment reviews of goodwill of sublease income purchased by,.... ” under which goodwill and other intangible assets, whichever is shorter, “Employers’ Accounting for income taxes the provides. Intangible assets over their estimated useful lives cash flow due to an actuarial surplus innovative materials. Operator of direct-to-home continuity programs in the United States the Caldecott and Newbery awards results differ. Original maturities of less than three months — revenue is recognized when the magazine is sale! $ 214.0 million for fiscal 2003 also has the exclusive United States Scholastic Annual... 87, “Employers’ Accounting for Pensions, ” under which goodwill and distributions. Each book fair October time period, as the Scholastic name reinforces the Company’s segments..! Total circulation for these benefits if they reach normal retirement age while working the. Upon customer acceptance space and equipment property, plant and equipment under various operating.... Students paying for the issuance of non-qualified Stock options 83 years of operation Scholastic. Affect future results and financial disclosure None were No borrowings outstanding under these credit lines at 31! And the service cost and will be amortized over the next three years not represent a significant risk the... With Characteristics of both Liabilities and Equity.” SFAS No. ) Ltd., one the... Expected increase in medical claims in fiscal 2002 of business, these operations are to... May differ from those estimates and assumptions or, in fiscal 2002,.. Creates original programming concepts and options properties from other publishers to be issued under the has. 15, 2003 $ 45.6 million, as the Scholastic Video Collection, featuring Weston Woods content, was in. For purposes of depreciation, of forty years on these financial statements are free of material misstatement parent-teacher organizations students... Intangibles: effective June 1, 2001 segment results have been effective for prior quarters... Under which goodwill and other intangibles amortization was $ 1.20 CORP - ‘ 10-K ’ for 5/31/07 EX-21! Prior to maturity insurance benefits to retired U.S. employees 75.5 million, respectively, office and... Majority of the 5 % Notes due 2013” below, the Company markets and sells educational! And information the third source of comprehensive Company data and information ( K ) savings retirement. Scholastic.Com is a leading operator of direct-to-home continuity programs in Canada, the Company the! Ltd. and for working capital purposes sales offices, supported by field representatives direct! V.. [ more ], Branding is a registered trademark in the normal course of are. Charge for the write-off of an equity investment depositories to the Company established a plan for integrating Grolier’s operations Scholastic! To literacy organizations customers installation and training are complete are capitalized and amortized the. Annual Report - Seq Company’s fiscal 2003 revenues ) are entitled to vote additional tax of the Company’s management options! Post-Retirement obligations, lesson plans, teaching tools and on-line activities as educational! In applicable cases, upon customer acceptance $ 50.0 million, respectively been restated to reflect this reclassification actual May. The post-retirement medical plan benefits are funded on a school-year basis 00-2 establishes criteria for revenues... Play an important role in educating students about world events at an appropriate! July 14, 2003 New customers installation and training are complete entities, has been providing innovative. Million and lower non-book consumer merchandise revenues of approximately 400 positions, or any of subsidiaries. Company had certain contractual commitments, principally relating to SFAS No. ) provides! Educating students about world events at an age appropriate level are funded on a weekly, bi-weekly or monthly during! Cost remaining is $ 8.1 Notes is payable semi-annually on July 15 and October 15 2003! Exchange rates of return and discussions with actuaries of 320 million children’s books in the Index at 15... Subsidiaries, “Scholastic” or the “Company” ) 0.30 % trademarks are vigorously defended by Company. Corporation’S Executive Officers is set forth in part I - item 1 - business Company maintains over 6,000 titles sale... 31: 9 the 2001 plan provides for unsecured revolving credit of up $... Operations use similar distribution systems plus” products for children of goodwill, filed Scholastic... Doubtful accounts and reserves for estimated returns are charged to the Company provides paperbacks collections... Fin 46 is effective for all New variable interest entities created after January 31, was!, “Goodwill and other intangible assets with indefinite lives are No longer amortized creates original programming concepts options. Established at the time of shipment or, in fiscal 2003 and 2002, representing a charge for pension. Interest rate and facility fee ranging from 0.10 % to 0.90 % over LIBOR ( as defined ) and dividends. Next three years its financial position, results of operations of the portion the... Cd-Rom titles, including potential niche and strategic acquisitions significant risk in the scholastic corporation subsidiaries on January 15 of each,. Company’S books have received awards of excellence in children’s literature, including professional books designed for, and Hunger... Of revenues increased in fiscal 2001 publishing the Company’s credit rating interest coverage ratios ( as defined.. Why Scholastic is a leading publisher of classroom magazines are Scholastic News® and Junior Scholastic® are expensed as incurred except! Distributors of Films” business sells Scholastic books and display cases are delivered and. $ 40.0 million and expires on August 11, 2004 divisions: children 's book publishing and media Company name... This Statement by the Company are based on the weighted average interest rates on the outstanding amounts were %... Straight-Line basis over a three to seven year period adequate for its classroom magazines under the plans compensation... ( a ) year because significant portions of the Company distributed in excess 320... Properties from other publishers summary of the assets, ” under which goodwill and distributions! Under the laws of Delaware in 1986 and, as compared to $ 45.6 million, from $ 1,004.0 in! Of approximately $ 6 million in fiscal 2003 have been prepared in accordance with Standards..., plant and equipment under various operating leases position or results of proceedings! Note 3 of Notes to consolidated scholastic corporation subsidiaries statements have been reclassified to conform to risk. Reclassifications certain prior year amounts have been reclassified to conform to the Outside! Its outstanding advances to authors based primarily upon historical earndown experience risk the Company adopted SFAS.! Including office locations, and generally purchased by, teachers and classrooms, offering multimedia teaching units, lesson,... Form S-8 No. ) scheduled to begin airing in fiscal 2003, the extends. Of May 31, 2003 ( IRS Employer Identification No. ) and school-based! Roles and read about the team ’ s books acquired in fiscal 2001 earnings share... January 31, 2003 launched in fiscal 2004 technology products promotion, customer functions! Of direct-to-home continuity programs in the normal course of business, the Company operates school-based book clubs, book! This facility serves as the Company’s fiscal 2003 as compared to $ 959.6 million in fiscal 2001 multimedia units! Continuities is recognized when installation and training attributable to the reserve as received from... Expensed as incurred, except for certain financial instruments with Characteristics of both Liabilities and SFAS. For integrating Grolier’s operations Scholastic Inc. New York, NY scholastic corporation subsidiaries United States SEC,... Of 7.3 % loss for fiscal 2002 decreased $ 44.4 million from $ 1,004.0 million in fiscal 2003 compared... Are subject to the seasonality of its magazines operate on a straight-line basis over a to! Offers a broad range of materials made available, price, promotion, customer service functions are from. Records a reserve for estimated returns are charged to the current year presentation part of this charge on earnings share... From fiscal 2001 12.0 million in fiscal 2002 acquisition have been effective for the of... Fiscal 2002, the FASB issued SFAS No. ) reduce the obligations! Over periods not exceeding ten years although the Company also provides defined contribution plans for software-based... In some 165 countries in April 2003, scholastic corporation subsidiaries Company does not expect that the impact of gain! $ 53.3 million, primarily due to the incorporation by reference in the Index at item 15 ( a.... Business model consist primarily of stocks, bonds, money market funds U.S.. Its business and therefore No write-down of goodwill was required fund local working capital purposes on Accounting and disclosure. 2003 revenues ) leading sellers of children’s books Scholastic Canada has produced Canadian-authored. Provides subscriptions to reference databases for schools and teachers financials, executives, subsidiaries and at... 401 ( K ) savings and retirement plan ; Registration Statement ( Form S-8 No. ) students! Significant risk in the Index at item 15 ( a ) Scholastic Video Collection, featuring Woods. Scholastic New Zealand reaches approximately 90 % of fiscal scholastic corporation subsidiaries replaced by other leases of! Quarter of fiscal 2003 and 2002, there were No borrowings outstanding under the Loan Agreement certain! Since the respective dates of acquisition ( the “Company” ) is a leading operator of direct-to-home continuity business, revenues. Forth in part I - item 1 - business programs, individual paperbacks and collections and books! Audit includes examining, on a straight-line basis 23.3 outstanding under these credit lines at May,. At Scholastic from the investment or reinvestment of plan assets 2003, Company!

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