Wiley announced first quarter sales of $408 million, up 5 percent, including “strong growth” in the professional/trade and higher ed divisions, as operating income rose 13 percent to $63 million.
Professional/trade sales of $100 million were up 11 percent overall (and 10 percent in the US), with contribution to profit of $22 million, due to “top line growth, product mix, and higher-margin eBook sales, partially offset by increased employment costs.” As a category, however, “consumer” books were the weakest part of the portfolio, falling 7 percent.
Wiley says trade/professional ebooks doubled in the quarter to “nearly $4 million.” They now have 2,000 titles in the iBookstore (compared to 9,000 titles in the Kindle store) and acknowledge signing an agreement for Google Editions in June.
In the release, ceo William Pesce notes: “During the past decade, technology investments have transformed our business by opening new distribution channels and revenue streams, which are enabled by innovative business models. Wiley is providing more access to more content by more people around the world than ever before in its 203-year history.”