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Through Buildingvalue Children's 2002/2003 Scholastic Credo and Editorial Platform Scholastic produces educational materials to assist and inspire students: • To cultivate their minds to utmost capacity • To become familiar with our cultural heritage • To strive for excellence in creative expression in all fields of learning, literature, and art ANNUAL REPORT • To seek effective ways to live a satisfying life • To enlarge students’ concern for and understanding of today’s world • To help to build a society free of prejudice and hate, and dedicated to the highest quality of life in community and nation Building Value We strive to present the clearest explanation of current affairs and contemporary thought, Scholastic Corporation Annual Report 2002/2003 and to encourage literary appreciation and expression consistent with the understanding and interests of young people at all levels of learning. We believe in: • The worth and dignity of each individual Respect for the diverse groups in our multicultural society Through • • The right of each individual to live in a wholesome environment and, equally, the personal responsibility of each individual to help gain and preserve a decent and healthful environment, beginning with informed care for one’s own body and mind • High moral and spiritual values • The democratic way of life, with basic liberties — and responsibilities — for everyone • Constitutional, representative government and evenhanded justice that maintains Leadership in equality of rights for all people • Responsible competitive enterprise and responsible labor, with opportunities for all • Cooperation and understanding among all people for the peace of the world We pledge ourselves to uphold the basic freedoms of all individuals; we are unalterably opposed to any system of government or society that denies these freedoms. We oppose discrimination of any kind on the basis of race, creed, color, sex, age, or national origin. Children’s Good citizens may honestly differ on important public questions. We believe that all sides of the issues of our times should be fairly discussed — with deep respect for facts and logical thinking — in classroom magazines, books, and other educational materials used in schools and homes. Founded 1920 Brands and www.scholastic.com Scholastic Corporation Corporate and Editorial Offices, 557 Broadway, New York, New York 10012 212-343-6100 Distribution Scholastic Corporation Offices U.S. Offices Scholastic Corporation, Scholastic Inc., Scholastic Corporation Accounting Scholastic Book Fairs, Inc. Corporate and Editorial Offices Services and Information Systems Center 1080 Greenwood Boulevard 557 Broadway 100 Plaza Drive, 4th floor Lake Mary, FL 32746 New York, NY 10012 Secaucus, NJ 07094 407-829-7300 212-343-6100 201-633-2400 Customer Service Web site: www.scholastic.com National Service Organization and 1-800-SCHOLASTIC Scholastic Library Publishing, Inc. Scholastic Book Clubs, Inc. (1-800-724-6527) Scholastic At Home Inc. 2391 East McCarty Street www.scholastic.com/custsupport/ Fellow Scholastic Shareholders: 90 Sherman Turnpike Jefferson City, MO 65101 index.htm Danbury, CT 06816 203-797-3500 573-636-5271 fter a five-year •••Revenue growth in School Book Fairs International Offices Aperiod in slowed to 5%, and revenues in School Argentina India New Zealand which we achieved Book Clubs declined modestly. This was Scholastic Argentina S.A. Scholastic India Private Ltd. Scholastic New Zealand Ltd. 54-11-4836-1450 91-124-243-9250 64-9-274-8112 significant increases partly caused by the weak economy, Australia Grolier International Philippines in both revenues as well as some mistakes in execution. Scholastic Australia Pty. Ltd. Private Limited (India) Grolier International, Inc. 61-2-4328-3555 91-11-2628-1356 63-2-752-1981 and profits, we Although we successfully reduced costs Grolier Australia Pty. Ltd. Indonesia Singapore missed our goals in ••• (Scholastic At Home) Grolier International, Inc. Grolier International, Inc. in our procurement, supply chain and 61-2-4329-9338 62-21-310-6886 65-6746-6695 Fiscal 2003 and operations by $35 million last year, Canada Ireland Taiwan Scholastic Canada Ltd. Scholastic Ireland Grolier International, Inc. Richard Robinson reported lower we experienced offsetting cost increases 905-887-7323 353-183-02020 Chairman, 886-2-2752-8901 profits than in Grolier Limited (Canada) President and CEO elsewhere in the business, especially Malaysia Thailand 2002 — though 450-667-1510 Grolier (Malaysia) SND. BHD. in healthcare, postage, facilities and Grolier International, Inc. we still made $59 Hong Kong 60-3-2070-4911 66-2-233-0582 depreciation. Scholastic Hong Kong Ltd. Mexico United Kingdom million after tax (compared with $93 million 852-2722-6161 Scholastic Mexico, S.A. de C.V. Scholastic Group Ltd. in 2002) in a difficult year for consumer We took a $10.9 million pre-tax Grolier International, Inc. 52-55-5559-8000 44-1926-887799 ••• 852-2527-6312 bookselling. In recent talks with Scholastic charge for severance pay (and related Grolier Limited (U.K.) 44-1603-740400 employees, I have found that, like me, they costs) due to the reduction of about are disappointed about missing the 2003 400 people from our worldwide staff. Stockholder Information targets, but aware that tough years teach 10-K To obtain information about the CUSIP Numbers valuable lessons. Copies of Scholastic’s Form 10-K are Company, please contact: Common Stock: 807066105 Revenue by Segment (FY03) available without charge upon written Raymond Marchuk 7% Senior Notes: 807066AB1 request to: Senior Vice President, Finance 5.75% Notes: 807066AE5 In reviewing last year’s results, there are four Scholastic Corporation and Investor Relations 5% Notes: 807066AF2 key factors that explain why profitability $ in Millions Investor Relations 212-343-6741 Auditors 557 Broadway Email:[email protected] Ernst & Young LLP declined, with revenues modestly increasing: Media, Licensing & Advertising New York, N.Y. 10012 Media Relations $124 New York, New York They are also available at 212-343-6833 International General Counsel Revenues and profits were down in Trade www.scholastic.com/aboutscholastic/ •• 6% $319 Registrar and Transfer Agent Coudert Brothers investor/ Publishing. This was partly the result of Questions or changes relating to New York, New York 16% 2003 Annual Stockholders Meeting shareholder accounts should be directed Forward-Looking Statements a weak economy, in which U.S. children’s The 2003 Annual Meeting of to the Company’s transfer agent: This Annual Report contains Stockholders will be held on Tuesday, Mellon Investor Services, LLC book sales were down 6% across the 61% certain forward-looking statements. September 23, 2003, at 9:00 AM, Overpeck Centre 17% Such forward-looking statements are industry. Also, we experienced an adverse at Scholastic’s Corporate Headquarters 85 Challenger Road subject to various risks and uncertainties 557 Broadway, New York, N.Y. 10012 change in our revenue mix: higher-margin Ridgefield, NJ 07660-2108 including the conditions of the Educational Investor Relations 1-800-851-9677 Children’s Publishing children’s book and instructional Harry Potter®revenues declined, offset The Company posts on its Web site at Book Publishing $326 Scholastic Common Stock materials markets and acceptance of by increases in lower-margin revenues & Distribution www.scholastic.com/aboutscholastic/ Scholastic’s Common Stock is traded the Company’s products within those from the prior year’s acquisitions. $1,190 investor/ the date of its upcoming on the NASDAQ Stock Market markets and other risks and factors financial press releases and telephonic Ticker Symbol: SCHL identified from time to time in the analyst call at least five days prior to Company’s filings with the Securities Photo by © Scott Olson/Getty Images Photo by dissemination. The Company’s investor and Exchange Commission. Actual calls are open to the public and are results could differ materially from available on the Company’s Web site those currently anticipated. after the call. Scholastic began Fiscal 2004 with the record-breaking release of Harry Potter and the Order of the Phoenix, the fifth title in the phenomenal epic, which sold five million copies in its first day alone. While the economy and the bookselling deliver strong profits in Canada and Southeast environment in the U.S. were tough last year, Asia, all of which will benefit us in 2004. our proprietary children’s book distribution Scholastic Entertainment’s channels — school-based Clubs and Fairs, and Clifford The Big Red Dog® Continuity Programs — still showed fundamen- was a top-rated TV series tal strength. We held a record number of Book for children ages 2–5 last Fairs, showed improvement in our Book Clubs in year, and in 2004 our media the spring after a weak winter, and developed presence will expand with successful new Continuity Programs. exciting new series for Clifford®and other In light of last year’s results, we are tackling Scholastic franchises. the issues in our Club and Fair businesses. Our goal for 2004 is to improve the profitability While improving our core businesses is our of these businesses and return them to mid- top priority, we also aim to further reduce to-high single-digit revenue costs while boosting margins and cash flow. growth. Trade publishing Our 2004 plan includes cost reductions will also return to signifi- of $40 million, benefiting from our May 2003 cant growth in revenues staff reduction program and greater efficien- and profits, as we benefit cies. After making
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