John Wiley & Sons, Inc. has released its first quarter fiscal year 2010 results.
Here's an excerpt:
John Wiley & Sons, Inc. (NYSE: JWa and JWb) announced today that revenue for the first quarter of fiscal year 2010 grew 2% on a currency neutral basis, a result of strong growth in Higher Education (HE) and Scientific, Technical, Medical, and Scholarly (STMS) journals. As expected, Professional/Trade (P/T) revenue was down from last year’s first quarter. Including the $21 million negative effect of foreign exchange, Wiley’s revenue declined 3% to $388 million. . . .
Global STMS revenue for the first quarter advanced 2% to $229 million on a currency neutral basis, but declined 5% including unfavorable foreign exchange of $15 million. Increased revenue from journal subscriptions, new journal business, and global rights was partially offset by softness in books, advertising, and backfiles. Some of the shortfall in backfiles is due to timing.
Direct contribution to profit declined 4% from prior year to $94 million on a currency neutral basis, or 3% including favorable foreign exchange. The decline reflects the benefit of a bankruptcy recovery ($2 million) in the prior year, as well as increased journal royalties, editorial costs, and selling expenses, partially due to timing. . . .
For the quarter, journal revenue of $191 million was up 5%, excluding a negative foreign exchange impact of $11 million. The increase is attributed to higher subscription revenue and rights income, new business, and journal reprints, partially offset by lower revenue from backfiles and advertising.
