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
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