• Skip to main content
  • Skip to primary sidebar
  • Login
  • Register

Publishers Lunch

The Publishing Industry's Daily Essential Read

  • Publishers Marketplace
  • Site Guide
  • Help

Earnings Suffer At Wiley, On “Slowdown In Education”

December 8, 2011
By Michael Cader

Wiley’s net income of $50.7 million was down over 5 percent in their fiscal second quarter, falling more than sales, which declined less than 1 percent, at $447 million. The company lowered their sales guidance for the year, from mid-single-digit growth to low-single-digit-growth, while keeping their earnings forecast the same. It’s “the slowdown in education [that] continued to weigh on overall results,” ceo Stephen Smith said in the release. On the reduced earnings, the company cited “technology spending to support investments in digital products and infrastructure and facility costs related to consolidation of operations.”

The professional/trade division “continues to perform as expected in this cautionary retail environment.” Smith added, “We are pleased to see an end to the Borders liquidation sale, which adversely impacted sales at other retailers through much of the first half of the fiscal year. The transition to e-books is accelerating, and gross margins showed improvement this quarter.”

At $112 million, professional/trade sales declined 1 percent, “due primarily to softness in the consumer line, particularly cooking and travel.” At $9 million, ebook sales were up $5 million from last year, comprising 8 percent of sales overall. The p/t unit’s direct contribution to profit grew 6 percent, to $31 million, “reflecting top line results, higher gross margins from digital products, and cost control.”

 

Filed Under: Earnings Reports, Finance, Free, Publishers

sidebar

Primary Free Sidebar

Login


Forgot password
Quick Pass users click here to log in
Get Full Access
The publishing industry's essential daily read

Each Publishers Lunch Deluxe subscription includes full access to our searchable multi-year archive of industry news, a nightly email reporting 10 to 50 deal transactions, and our database of industry contacts, scripts, and posting privileges.

Learn More

RSS Automat

  • So Far, Books by Trump Aides Are Mostly...Losers June 23, 2022 Politico
  • Macmillan Nigeria Publisher Charged With Book Fraud June 21, 2022 The Herald
  • All The Exiting Agents Seem to Think ICM's Sale to CAA Will Get Approved Shortly by DOJ June 17, 2022 Deadline
  • Spotify Closes Findaway Acquisition: "Their technology will help propel Spotify into the rapidly growing audiobooks industry" June 17, 2022 Press Release
  • Australian Author John Hughes "Unintentionally" Plagiarized The Great Gatsby And Other Famous Works In His New Novel June 15, 2022 The Guardian
  • Hatewatch Reveals Identities of Anonymous White Nationalist Book Publishers June 14, 2022 Southern Poverty Law Center
  • UK's Emerald Group Sold to Cambridge Information Group June 10, 2022 Press Release
  • Neil Gorsuch Is Writing A Book for HarperCollins, Declares First Advance of $250,000; Coney Barrett Got $425,000 First Advance After Commission June 9, 2022 Disclosure Form
  • New York State Passes Freelance Isn't Free Act June 3, 2022 Authors Guild
  • Michael Avenatti Sentenced to 4 Years for Stealing Book Proceeds from Stormy Daniels June 2, 2022 AP
© 2022 Publishers Lunch. All Rights Reserved.