Yes, ThinkWave can print a standards based report card. The report card can be customized in a variety of formats to properly display standards assessments. Many of our schools use ThinkWave to automatically generate Pre-K, Kindergarten, and other standards based reports.
Admins begin by setting up standards and attaching standards to courses. Then the teachers get those standards in their gradebook automatically. Standards can be created in Setup | Standards & Skills (this is where you would go to add "Letter Recognition", etc.). Then, select a course in the Classes tab, and attach the standards and skills to the class. To attach a standard to a course, go to the Classes tab and click the edit icon next to "Standards & Skills". Teachers can then assess standards separately (in their Final Grades by Class subtab). Standard assessments will then automatically show on the report card.