Profile: Siboney Corp (SBON.PK)
29 Apr 2013
Siboney Corporation, incorporated in 1955, is engaged in the publishing of educational software products in academic areas, primarily for schools. The Company’s principal subsidiary, Siboney Learning Group, Inc., publishes standards-based educational software products for reading, language, mathematics, science, writing and English as a Second Language, primarily for K-12 students and adult learners. It publishes four software product lines: Orchard Software for Your State (Orchard), GAMCO Educational Software (GAMCO), Educational Activities Software (EAS) and PracticePlanet.
Orchard integrates the results of subject specific assessment tests, which are based upon state standards, with individualized instruction from over 160 Skill Trees (such as individual software programs) in kindergarten through 12th grade (K-12) reading, language, mathematics and science. Orchard’s assessment identifies areas of academic weakness for each student within his/her state’s grade-specific standards of learning. Orchard then prescribes an individualized learning path for each student as students interact with a variety of motivating instructional approaches that appeal to different learning styles. Orchard’s management system tracks student progress for teachers and administrators who are facing pressure for data-driven decision making as mandated by No Child Left Behind Act (NCLB). Orchard is sold through a network of independent dealer representatives, direct field and inside sales representatives who actively call on schools to sell curriculum- and technology-based learning solutions. During the year ended December 31, 2008, Orchard contributed 80% of the Company’s revenue. A version of Orchard (Orchard Home) appropriate for home users is sold through a direct-to-home marketer of educational products.
GAMCO provides schools with single titles and curriculum solutions. GAMCO products are sold through the national and regional school software catalog dealers, its inside sales force, direct catalogs and direct promotions. All GAMCO titles include management features that track student progress and allow teachers to modify the instruction to meet individual learning needs. The titles include Touchdown Math, Math Concepts, Language Concepts and Phonics. During 2007, GAMCO product line contributed 5% of its revenues. The Company’s EAS line is a publisher of software for the middle school to adult learner market. EAS has traditionally sold its products to schools, community colleges, adult learning centers and correctional facilities through a network of independent representatives. EAS is the Company’s primary product offering for the adult learning market. During 2007, EAS represented 7% of its revenues.
On February 2, 2007, Siboney Learning Group and Edumatics Corporation (Edumatics) entered into a strategic alliance and joint development agreement that calls for Siboney and Edumatics to jointly develop PracticePlanet, an online product to assist elementary and middle school students in preparing for their annual state tests, using intellectual property provided by Siboney. In August 2007, the Company began offering PracticePlanet. PracticePlanet is marketed, sold and supported using Siboney’s employees and independent sales channels. PracticePlanet is an online test practice program designed to enhance student skills and improve scores on state assessments. PracticePlanet uses test items which are correlated to state testing standards, prompt feedback and interactive games designed to keep students engaged. The online delivery system allows students and teachers to have access to PracticePlanet wherever an Internet connection is available.
The Company competes with Pearson Digital Learning, Plato Learning, Compass Learning and Houghton Mifflin/Riverdeep.
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