Boosted by its acquisition of Blackwell, John Wiley & Sons, Inc. reported strong earnings growth in the first quarter.
Here's an excerpt from the press release:
John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb) announced today that revenue for the first quarter of fiscal year 2008 of $389 million increased 48% from $263 million in the previous year, including $116 million of revenue from Blackwell Publishing Ltd. (Blackwell), which Wiley acquired on February 2, 2007. Revenue excluding Blackwell increased 3% over last year's strong first quarter to $273 million, or 2% excluding favorable foreign exchange. . . .
U.S. STM revenue of $56 million was flat with the previous year's first quarter mainly due to the timing of journal, book and backfile releases. In addition to healthy journal license renewals, several new Enhanced Access Licenses were signed by academic and corporate customers around the world. Direct contribution to profit as a percent of revenue declined in the first quarter mainly due to the flat top-line results. Excluding Blackwell, global STM revenue was up 4%, including the favorable effect of foreign exchange. . . .
During the first quarter, U.S. STM signed several new, renewed, and extended contracts with societies to publish their journals, including a multi-year agreement with the American Association of Anatomists, with whom Wiley already partners, to publish Anatomical Sciences Education; the International Society for Autism Research to publish Autism Research; and the International Union of Biochemistry and Molecular Biology (IUBMB) to publish IUBMB Life. . . .
According to the Thomson ISI® 2006 ISI Journal Citation Reports, Wiley and Blackwell combined now publish more journals in the Social Science Citation Index than any other publisher. A third of these titles experienced significant increases in impact factors, more than any other publisher.
