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First quarter Wiley on track

10.09.08 Philip Jones

John Wiley & Sons has reported revenue of $402m for the first quarter of fiscal year 2009 ended 31st July, a 3% increase over the same period of fiscal year 2008, or 2% excluding favourable foreign exchange rates. Operating income was $44m, down 5% on the result a year earlier; net pretax income, however, rose by 21% to $36m.

The strongest performing division was the STM and Scholarly unit, which now includes Blackwell Publishing, where sales rose by 6% to £240m, and profits up by 15% to $97m. Professional and trade saw sales down by 3% to $102m, with profits down 24% to $19m. Higher Education recorded sales up 6% to $59m, with profit up by 4% to $19m.

"Fiscal year 2009 began as expected," said William J Pesce, president and chief executive. "Scientific, Technical, Medical, and Scholarly and Higher Education reported year-on-year growth, while Professional/Trade was down from last year’s strong first quarter. Based on these results, leading indicators, and market conditions, we continue to expect fiscal year 2009 revenue growth to be in the mid-single digits and EPS growth to be approximately 20%, excluding one-time tax benefits."

Pesce added: "We have made significant progress implementing a new global organizational structure across Wiley’s three core businesses to leverage our content, services, and capabilities around the world. During the quarter, we migrated Blackwell's content, customers, and licenses to the Wiley InterScience online platform, an important milestone in the integration process."

Financial International US Philip Jones stm academic John Wylie William J Pesce

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