Sales fell 6.7 percent at Wiley in their fourth quarter, at $403 million and earnings per share decline 14.3 percent, with “continued softness in professional/trade and a decline in higher education.” The company says results rose on a currency-neutral basis. For the coming year, the company says “we anticipate revenue growth on a currency neutral basis” but “top-line results will be highly dependent on economic conditions around the world.”
For the full fiscal year, revenue fell 3.7 percent to $1.6 billion reflecting a $120 million negative effect from foreign exchange (principally the declining British pound), and earnings per share declined 13.7 percent.
The professional/trade segment had sales of $97 million for the fourth quarter, down 15 percent as contribution to profit fell 47 percent to $17 million. They cite “lower revenue, higher
inventory, and royalty advance provisions and the timing of adjustments
to incentive compensation accruals.” For the full year, this division recorded sales of $413 million, down 13 percent, and contribution to profit was $95 million, compared to $137 million a year ago.