3. Publishing: Wiley Reports First Quarter Fiscal 2015 Results
“Our journal revenues continued to grow at low-single-digit rates, supported by growth in subscriptions and author funded access,” said Steve Smith, President and CEO.
At the end of July, calendar year 2014 journal subscriptions were up 1.5% on a constant currency basis, with 98% of targeted business closed for the 2014 calendar year.
Two new society journals were signed in the quarter with combined annual revenue of $0.3 million; seven were renewed with approximately $11.4 million in combined annual revenue; and four were not renewed, worth $2.3 million annually.
The NOOK segment (including digital content, devices and accessories) had revenues of $70 million for the quarter, decreasing 54.3% from a year ago. Device and accessories sales were $18 million for the quarter, a decrease of 78.6% from a year ago, due to lower unit selling volume. Digital content sales were $52 million for the quarter, a decline of 24.2% compared to a year ago, due primarily to lower device unit sales.
NOOK EBITDA losses decreased $50 million, as compared to a year ago, to $5 million, primarily as a result of the cost rationalization efforts that were initiated last fiscal year. Expenses declined $27 million from a year ago, while gross profit included $13 million of favorable adjustments.