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TWST: Would you give us an overview of The Princeton Review and tell us
how you see the company at this point?
Mr. Bonanni: The Princeton Review provides integrated, classroom-based
instruction and online services that address the many needs of students,
parents, educators, and educational institutions. We were founded in
1981 by John Katzman, our Chairman and CEO, as an SAT preparation course
business. In 1998 we started our K-12 Services Division which provides a
broad range of services designed to help primary and secondary school
districts significantly improve their academic performance. Our
Admission Services Division, founded in 1986, provides marketing
services and Web-based admissions products to higher education
institutions. TWST: What is the size of this market?
Mr. Bonanni: I believe that the market size for our services is
significant. For instance, within K-12 , intervention by itself is
approximately a $2.0 billion market. I am defining this market as money
allocated for children to help them meet academic standards in reading
and mathematics; largely funded through Title I federal dollars. I suspect
that the entire Test Prep market is somewhere between $3.5 billion to $4 billion
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