Wiley Has Weak Second Quarter; Restructuring Planned

Thursday 23rd May

Wiley Has Weak Second Quarter; Restructuring Planned

Posted at 5:29PM Monday 10 Dec 2012

Soft higher education markets, tight library budgets, and sluggish global retail channels, resulted in a disappointing second quarter at John Wiley. For the period ended October 31, revenue fell 3%, to $431.8 million, and operating income declined 13%, to $62.9 million. CEO Steven Smith said in prepared remarks that, due to what Wiley sees as permanent changes in some consumer behavior, it is preparing a restructuring program that will "better align" its costs "with current and expected market conditions as they impact our traditional print business."

businessweek.com

John Wiley Press Release

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