Publishing: Highlights from Wiley's Q2 2011 Earnings Report
The complete earnings announcement can be found here.
A Few Noteworthy Items:
- “The slowdown in education continued to weigh on overall results” said Stephen Smith, President and CEO. “A year-to-date decline in for-profit enrollments and the impact of rental ordering patterns, which benefited last year’s numbers, have had a larger than expected impact on the business. We are encouraged by the continued migration to non-traditional and digital products, which accounted for 28% of overall global education revenue through the first half of the year.”
- Mr. Smith added: “STMS journals continue to perform well, and while it is very early in the process, our calendar year 2012 journal renewals are proceeding as expected.”
- STMS revenue for the quarter was up 3% to $251 million, or 1% excluding foreign exchange. Journal subscription and reprint growth offset a decline in book sales and other publishing income. Direct contribution to profit for the quarter grew 4% to $107 million, or 2% excluding foreign exchange, due to top line growth and gross margin improvement.
- In the 12 months ending October 31, Wiley Online Library total usage, measured by articles accessed, increased 50% compared with the previous 12-month period.
- e-book sales increased $5 million in the quarter to $9 million, accounting for 8% of P/T revenue (vs. 3% in the prior year). Strong growth at Amazon, Barnes & Noble, and Apple drove results.
- WileyPLUS revenue was down 6% to $10 million for the quarter
Much More in the Complete Earnings Announcement
About Gary Price
Gary Price (email@example.com) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com.