“Safe Harbor” Statement Under The Private Securities Litigation Reform Act of 1995
This presentation includes certain forward-looking statements about the Company’s business, new products, sales, expenses, cash flows, spending, and operating and capital requirements. Such forward-looking statements include, but are not limited to: Educational Publishing’s level of success in 2004 adoptions and open territories, particularly in light of a softer adoption schedule in the elementary-high school market next year; the level of educational funding; the strength of higher education, professional and international publishing markets; the level of interest rates and the strength of profit levels and the capital markets in the U.S. and abroad with respect to Standard & Poor’s Credit Market Services; the strength of the domestic and international advertising markets; Broadcasting’s level of advertising; and the level of future cash flow, debt levels, product related manufacturing increases, pension income, capital, technology and other expenditures and prepublication cost investment.
Actual results may differ materially from those in any forward-looking statements because any such statements involve risks and uncertainties and are subject to change based upon various important factors, including, but not limited to, worldwide economic, financial and political conditions, currency and foreign exchange volatility, the health of capital and equity markets, including future interest rate changes, the level of funding in the education market (both domestically and internationally), the pace of recovery of the economy and in advertising, the successful marketing of new products, and the effect of competitive products and pricing.