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Home > Press > John Wiley & Sons, Inc. Reports Revenue and Earnings Growth for the First Quarter

John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb) announced today that revenue for the first quarter of fiscal year 2008 of $389 million increased 48% from $263 million in the previous year, including $116 million of revenue from Blackwell Publishing Ltd. (Blackwell), which Wiley acquired on February 2, 2007. Revenue excluding Blackwell increased 3% over last year's strong first quarter to $273 million, or 2% excluding favorable foreign exchange.

John Wiley & Sons, Inc. Reports Revenue and Earnings Growth for the First Quarter

HOBOKEN, NJ | Posted on September 12th, 2007

Earnings per diluted share for the first quarter was $0.68 compared to $0.38 in the same period of fiscal year 2007. The first quarter reported results for Blackwell, excluding a one-time tax benefit, were accretive to earnings per diluted share by approximately $0.05. New tax legislation reduced the U.K. corporate income tax rate from 30% to 28%, resulting in a $0.26 per share tax benefit mainly attributable to the intellectual publishing assets acquired with Blackwell. Earnings per diluted share excluding Blackwell and the aforementioned tax benefit was $0.37, flat with last year's strong first quarter, after adjusting for unfavorable foreign exchange.

"The Blackwell acquisition exceeded our expectations in the first quarter. The integration process is proceeding smoothly and the business is performing well. Our global Professional /Trade business reported solid results. Revenue for global Scientific, Technical and Medical, excluding Blackwell, was up 4% from the prior year, including the favorable effect of foreign exchange. After a strong performance in fiscal year 2007, Higher Education reported soft sales in the first quarter, partially due to some conservative fall semester ordering by college bookstores," said William J. Pesce, Wiley's President and Chief Executive Officer. "Based on first quarter results and market conditions, we continue to anticipate revenue growth in the mid-to-high single digits and EPS growth in the low-double digits, excluding the Blackwell acquisition and the aforementioned tax benefit."

Mr. Pesce continued, "I am pleased to report that leading indicators related to the Blackwell acquisition are positive. In the relatively short time since the acquisition, we have acquired important contracts for journals previously published by competitors or self-published by societies. In addition, we have retained and extended existing relationships with some of our society partners. The value of our content to the scientific community is evident in the recently announced Thomson ISI® 2006 ISI Journal Citation Reports, an independent ranking of impact factors. Together, Wiley and Blackwell have over 300 journals in the top 25% of their subject areas, as measured by their impact factors. Many of our journals reported year-on-year increases in their already strong impact factors."

Segment Highlights

Blackwell is reported below as a separate segment. As a result of the integration of Wiley and Blackwell, management and reporting of certain Professional/Trade and Scientific, Technical and Medical product lines were realigned as of May 1, 2007. Prior year numbers have been restated for comparative purposes.

Professional/Trade (P/T)

Wiley's U.S. P/T revenue for the first quarter advanced 7% to $90 million. The solid first quarter performance was led by sales in technology, finance and architecture. Brand licensing and publishing rights continue to contribute to P/T's growth. Whatsonwhen Ltd., which was acquired in fiscal year 2007, contributed approximately $1 million to the top-line growth. Direct contribution to profit as a percent of revenue improved mainly due to lower provisions for royalty advances as a result of improved sell through. Globally, P/T revenue increased 6% over the previous year.

First quarter highlights include the publication of Things I've Said by film actor Bruce Dern and Never Give Up by Tedy Bruschi. Technology titles published during the quarter include Creating Web Pages All-in-One Desk Reference For Dummies, 3rd edition by Richard Wagner; Networking For Dummies, 8th edition by Doug Lowe; SAS For Dummies by Stephen McDaniel and the SAS Institute; and Hacking Windows Vista by Steve Sinchak. Pauline Frommer's Walt Disney World; Pauline Frommer's Washington D.C.; and three MTV Guide first editions (England, France, and Roadtrips U.S.A.) were released during the quarter. Several Betty Crocker and Pillsbury cookbooks published, including Just the Two of Us; Kids Cook, 2nd edition; Pillsbury Complete Cookbook Bonus Edition; C'Mon Over; and Bake-off Winners 2006.

The fourth edition of The Leadership Challenge by James M. Kouzes and Barry Z. Posner published in the first quarter. This flagship book has sold more than 1.5 million copies over its 20-year history. Several P/T titles received considerable media and customer attention, including: How by Dov Seidman, which was featured in Thomas Friedman's column in The New York Times, as well as on Good Morning America and The Charlie Rose Show; A Year Without "Made in China" by Sara Bongiorni, which received extensive print, radio, and television coverage; Foreclosure Investing For Dummies by Ralph Robert; Cool Careers For Dummies, 3rd edition by Marty Nemko; and Sesame Street's C is for Cooking by Susan McQuillan.

Eric Tyson's Home Buying For Dummies, Patrick Lencioni's Five Dysfunctions of a Team, Kenneth L. Fisher's The Only Three Questions that Count and John C. Bogle's The Little Book of Common Sense continued to enjoy bestseller status.

Frommer's 50th Anniversary received significant media attention during the first quarter, including an Associated Press story, which appeared in the Dallas Morning News and the Chicago Sun-Times, a USA Today article, and an interview with Arthur Frommer on National Public Radio's Day to Day. In recognition of this milestone, introduced anniversary content and a blog by Arthur Frommer, featuring travel resources, tips, travel bargains, message boards, and current events.

Several P/T titles were honored with awards. Momentum: Igniting Social Change in the Connected Age by Allison H. Fine received the 2007 Terry McAdam Book Award for Outstanding Contribution to the Advancement of Nonprofit Management. Soul of a New Cuisine by Marcus Samuelsson won the 2007 James Beard Award for Best Cookbook of the Year in the International category. Wiley author James Villas won a 2007 James Beard Foundation Journalism Award for Magazine Feature Writing. Francis D.K. Ching, author of 11 Wiley architecture titles including Form, Space, & Order, 3rd edition, received one of the National Design Awards. Chocolates on the Pillow Aren't Enough by Jonathan Tisch was named a finalist for the Quill Award for Best Business Book of the Year.

Scientific, Technical, and Medical (STM)

U.S. STM revenue of $56 million was flat with the previous year's first quarter mainly due to the timing of journal, book and backfile releases. In addition to healthy journal license renewals, several new Enhanced Access Licenses were signed by academic and corporate customers around the world. Direct contribution to profit as a percent of revenue declined in the first quarter mainly due to the flat top-line results. Excluding Blackwell, global STM revenue was up 4%, including the favorable effect of foreign exchange.

Customers continue to take advantage of Wiley InterScience's wide range of access options. During the first quarter, the number of visits to Wiley InterScience increased by approximately 50% over prior year.

During the first quarter, U.S. STM signed several new, renewed, and extended contracts with societies to publish their journals, including a multi-year agreement with the American Association of Anatomists, with whom Wiley already partners, to publish Anatomical Sciences Education; the International Society for Autism Research to publish Autism Research; and the International Union of Biochemistry and Molecular Biology (IUBMB) to publish IUBMB Life, which resulted from the Union's positive experience publishing Biochemistry and Molecular Biology Education with Wiley.

Wiley is one of five STM publishers involved in a pilot project known as CrossCheck, which is designed to detect plagiarism in submitted journal articles. The pilot is administered by CrossRef, a reference-linking service, in conjunction with iParadigms, a plagiarism detection company.

Wiley reached an agreement with the Howard Hughes Medical Institute (HHMI), a major private contributor of biomedical research, to deposit peer reviewed articles based on HHMI-funded research to PubMedCentral, the National Institutes of Health (NIH) digital archive of biomedical and life sciences journal articles. Wiley will be paid by HHMI.

Language to modify the NIH Public Access policy was included by the U.S. Congress in appropriations legislation that mandates deposit of articles based on NIH-funded research after a 12-month embargo period. Due to the efforts of publishers, including Wiley, the bill requires that the NIH implement its policy in accordance with copyright law. In the German legislature, the Bundesrat announced that "given the predominantly effective competition in the market for scientific information, public intervention is not advisable."

Higher Education

U.S. Higher Education revenue of $44 million declined $4 million from last year's strong first quarter. In addition to the comparison to a strong prior year period, college bookstores appear to have ordered more conservatively for the fall semester than in the past. Higher sales of Microsoft Official Academic Course titles partially offset softness in other areas.

We continue to be encouraged by student and faculty interest in WileyPLUS, our integrated suite of content, learning, and teaching tools. While sales of WileyPLUS were strong in the first quarter, the revenue is deferred and recognized over the course of the semester. Given the increased penetration of WileyPLUS, approximately $1 million of additional revenue was deferred this quarter as compared to the first quarter of fiscal year 2007. Direct contribution to profit as a percent of revenue declined mainly due to the top-line results.

Several key revisions are planned for the spring semester of this year, including Intermediate Accounting, 12th edition update by Donald E. Kieso; Managerial Accounting, 4th edition by Jerry J. Weygandt and Paul D. Kimmel and Donald E. Kieso; and Principles of Anatomy and Physiology 12th edition by Gerard J. Tortora. These titles should have a positive effect on the second half of this fiscal year.

During the quarter, Wiley signed an agreement with Gatlin Education Services (GES) for online courses in Emergency Management and in Homeland Security. GES is the world's largest provider of online workforce development programs. Wiley is the first publisher that GES has partnered with to provide the online course and accompanying textbooks.


Wiley Europe's revenue of $76 million was up 5% for first quarter, or 1% excluding favorable foreign exchange. Higher P/T revenue was partially offset by the timing of STM publications and lower advertising and backfile revenue. Revenue from The Cochrane Library, an evidence-based medicine collection published in collaboration with the National Health Service in the U.K., was strong as reflected in a 50% increase over the prior year. Direct contribution to profit as a percent of revenue declined mainly due to product mix and increased royalties.

During the quarter, Wiley Europe extended its agreement with the Royal Meteorological Society to collaborate on a new book series in Advancing Meteorological Sciences, as well as a Wiley Interdisciplinary Review (WIREs) project on Climate Change. Wiley-VCH announced the publication of ChemSusChem, a new journal on sustainable chemistry in collaboration with its European chemical society partners.

Recently published impact factors show very favorable trends for several leading Wiley- VCH journals. In the field of nanoscience and nanotechnology, the journal Small received the highest initial impact factor for a journal specializing in the field. Angewandte Chemie International Edition increased its already impressive impact factor, further strengthening its position as the number one chemistry journal publishing original research and reviews. Electrophoresis increased its impact factor for the fourth consecutive year, while Advanced Materials is the second most cited journal in materials science.

The publication of eight travel titles in the U.K. accelerated the global expansion of P/T's travel guide program and strengthened the position of the Frommer's brand in markets outside North America. WileyPLUS continues to gain traction in Higher Education markets served by Wiley Europe, especially in the Middle East, where an important new adoption has been won in Saudi Arabia.


Blackwell revenue and operating income for the first quarter fiscal year 2008 were $116 million and $15 million, respectively. Included in these results is $6 million of amortization charges for intangible assets related to the acquisition. Financing costs for the acquisition were approximately $16 million in the quarter. Blackwell results were accretive to EPS by approximately $0.05 in the quarter, excluding the aforementioned one-time tax benefit.

New, renewed, and extended journal publishing relationships were forged during the first quarter with a number of societies, including the Society of Academic Emergency Medicine; International Life Sciences Institute; American College of Veterinary Internal Medicine; Canadian Society for Chemical Engineering; American Society of Transplant Surgeons and the American Society of Transplantation; International Society on Thrombosis and Haemostasis; Society for the Study of Addiction; International Association for the Scientific Study of Intellectual Disabilities; Institute of Psychoanalysis; the International Society for Bipolar Disorders; and others.

According to the Thomson ISI® 2006 ISI Journal Citation Reports, Wiley and Blackwell combined now publish more journals in the Social Science Citation Index than any other publisher. A third of these titles experienced significant increases in impact factors, more than any other publisher. In the life sciences, Ecology Letters increased its impact factor for the third consecutive year, retaining its position as the most highly cited primary research journal in ecology.

As part of Wiley's mission to help foster best practices in the scientific publishing industry, Blackwell published Peer Review and Manuscript Management in Scientific Journals: Guidelines for Good Practice by Irene Hames, the Managing Editor of The Plant Journal. The book is a practical manual published in association with the Association of Learned and Professional Society Publishers.

An innovative service, known as the Executive Seminars, was sponsored in London, Washington, Tokyo, Copenhagen, and Seoul. These events are aimed at current and potential society clients and feature talks by eminent external speakers on topics ranging from general STM publishing topics, such as ethics, peer review, and Web 2.0, to the practical aspects of publishing a journal. The seminars provide useful information to society clients, while enhancing the Company's status as an industry leader and attractive partner.

During the quarter, the merger of Wiley's STM business and Blackwell continued with particular emphasis on the integration of systems, processes, policies and procedures. Since July 1st, all Blackwell books and reference works are being sold and promoted by Wiley's sales forces throughout the Asia/Pacific and Europe, Middle East and Africa regions, resulting in opportunities to generate incremental revenue and cost synergies. We have also consolidated the institutional and corporate sales forces.

Critical decisions concerning publishing technology systems have been made and communicated. We are in the process of harmonizing financial management systems and reporting, content management, customer service and fulfillment and customer databases. We will shortly announce a plan and timeline for the integration of the Wiley and Blackwell online journals platforms.

Asia, Australia, and Canada

Wiley's revenue in Asia, Australia, and Canada advanced 14% to $32 million, or 9% excluding favorable foreign currency. Strong sales across all businesses in Asia, Higher Education sales in Australia, and P/T results in Canada contributed to the first quarter growth. Direct contribution to profit as a percent of revenue increased slightly.

India was a significant contributor to first quarter results in Asia. Through the acquisition of Wiley Dreamtech (India) Private Ltd. in fiscal year 2006, the Company established direct access to the retail higher education market in India. P/T sales also climbed due to increased technology title adoptions and a growing retail market.

Wiley Australia began the year strongly with textbook adaptations and custom publications contributing to the growth. Wiley was the joint recipient of the Australian Awards for Excellence in Educational Publishing in the Tertiary Adaptation Single Title category for Principles of Accounting by Jerry J. Weygandt.

Wiley Canada results were driven by P/T sales. International sales of Canadian P/T titles nearly doubled from prior year, primarily due to strong frontlist and backlist titles with global appeal. Technology products and consumer cooking titles contributed to the year-on-year growth. P/T products selling into the higher education market also showed strong gains.

Conference Call

Wiley will hold a conference call today, Wednesday, September 12, 2007, at 10:30 a.m. (EDT) to discuss its financial results for the first quarter of fiscal year 2008. The call will include a brief management presentation followed by a question and answer session.

To participate in the conference call, please dial the following number approximately ten minutes prior to the scheduled starting time: (877) 857-6144. International callers may participate by dialing: (719) 325-4821.

A replay of the call will be available from 1:30 p.m. (EDT) on Wednesday, September 12 through midnight (EDT) on September 19 by dialing (888) 203-1112 or (719) 457-0820 and entering Pass code: 1630422.

A live audio webcast will be accessible at A replay of the webcast will be accessible for 14 days afterwards.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This report contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities and (x) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.


About John Wiley & Sons, Inc.

Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for 200 years, helping people around the world meet their needs and fulfill their aspirations. Our core businesses include scientific, technical, medical, and scholarly journals, encyclopedias, books, and online products and services; professional/trade publishes books, subscription products, training materials, and online applications and websites; and educational materials for undergraduate and graduate students and lifelong learners. Wileys global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada, and Australia. The Companys Web site can be accessed at The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.

JULY 31, 2007 AND 2006
(in thousands, except per share amounts)

Adjusted - For Tax Benefits

First Quarter Ended July 31,
2007 2007 2007 2006 % Change
Consolidated Blackwell Wiley (Excl. Blackwell)
Revenue $ 388,562 116,013 272,549 263,432 3 %
Costs and Expenses
Cost of Sales 140,634 51,527 89,107 85,174 5 %
Operating and Administrative Expenses 191,913 43,685 148,228 139,713 6 %
Amortization of Intangibles 9,722   5,627   4,095   3,583   14 %
Total Costs and Expenses 342,269   100,839   241,430   228,470   6 %
Operating Income 46,293 15,174 31,119 34,962 -11 %
Operating Margin 11.9 % 13.1 % 11.4 % 13.3 %
Interest Expense and Other, Net (A) 16,520   15,468   1,052   1,912  
Income (Loss) Before Taxes 29,773 (294 ) 30,067 33,050 -9 %
Adjusted Provision for Income Taxes (B) 4,886   (3,527 ) 8,413   11,105  
Adjusted Net Income (Loss) $ 24,887   3,233   21,654   21,945   -1 %
Adjusted Income (Loss) Per Share- Diluted $ 0.42 0.05 0.37 0.38 -3 %

- Basic

$ 0.43 0.06 0.38 0.39
Average Shares - Diluted 59,086 59,086 59,086 57,899
- Basic 57,418 57,418 57,418 56,753

Reconciliation of Non-GAAP Adjusted Financial Disclosure (Tax Benefit)

Adjusted Net Income (Loss) $ 24,887 3,233 21,654 21,945
Tax Benefit (B) 15,282   15,574   (292 ) -  
Net Income (Loss) - GAAP $ 40,169   18,807   21,362   21,945   -3 %
Adjusted Income (Loss) Per Diluted Share $ 0.42 0.05 0.37 0.38
Tax Benefit (B) 0.26 0.26 - -
Income (Loss) Per Diluted Share - GAAP $ 0.68   0.32   0.36   0.38   -5 %
(A) Interest expense reported for Blackwell includes acquisition financing costs. Tax expense for Blackwell was computed on a stand-alone basis.
(B) Fiscal year 2008 excludes a $15.3 million tax benefit, or $0.26 per diluted share, associated with a new tax law enacted in the United Kingdom on July 19, 2007 that reduced the corporate income tax rate from 30% to 28%. The benefit recognized by the Company reflects the adjustment required to record all UK-related deferred tax balances at the new UK corporate income tax rate of 28%.
Note: The Companys management evaluates operating performance excluding unusual and/or nonrecurring events. The Company believes excluding such events provides a meaningful and comparable measure of performance. Since the adjusted amounts are not measures calculated in accordance with GAAP, they should not be considered as a substitute for other GAAP measures, including net income and earnings per share, as reported, as an indicator of operating performance.
JULY 31, 2007 AND 2006
(in thousands)
First Quarter Ended
July 31,
2007 2006 % Change
US Segment
Professional/Trade $ 89,741 83,720 7 %
Scientific, Technical and Medical 55,673 55,501 0 %
Higher Education 44,101   47,741   -8 %
Total US 189,515 186,962 1 %
European Segment 75,817 71,920 5 %
Blackwell Segment 116,013 - 100 %
Asia, Australia & Canada Segment 31,955 28,066 14 %
Intersegment Sales Eliminations (24,738 ) (23,516 ) 5 %
Total Revenue $ 388,562   263,432   48 %
Direct Contribution to Profit
US Segment
Professional/Trade $ 20,090 17,757 13 %
Scientific, Technical and Medical 25,000 26,337 -5 %
Higher Education 14,376   17,053   -16 %
Total US 59,466 61,147 -3 %
European Segment 23,160 24,118 -4 %
Blackwell Segment 32,119 - 100 %
Asia, Australia & Canada Segment 4,969   3,526   41 %
Total Direct Contribution to Profit 119,714 88,791 35 %
Shared Services and Administrative Costs
Distribution (12,761 ) (12,387 ) 3 %
Information Technology & Development (15,935 ) (15,183 ) 5 %
Finance (9,351 ) (8,481 ) 10 %
Other Administration (18,429 ) (17,778 ) 4 %
(56,476 ) (53,829 ) 5 %
Distribution (1,998 ) -
Information Technology & Development (4,763 ) -
Finance (5,659 ) -
Other Administration (4,525 ) -  
(16,945 ) -
Operating Income $ 46,293   34,962   32 %
(in thousands)
July 31, April 30,
2007 2006 2007
Current Assets
Cash & cash equivalents $ 113,806 25,631 71,493
Accounts receivable 211,747 170,131 201,407
Inventories 110,949 89,949 112,863
Deferred income tax benefits 16,637 6,218 16,734
Prepaid and other 20,225 11,072 18,683
Total Current Assets 473,364 303,001 421,180
Product Development Assets 81,492 65,106 79,830
Property, Equipment and Technology 124,047 102,212 126,712
Intangible Assets 1,171,771 305,431 1,166,289
Goodwill 711,086 198,833 704,143
Deferred Income Tax Benefits 20,640 6,572 16,568
Other Assets 34,245 28,931 32,136
Total Assets 2,616,645 1,010,086 2,546,858
Current Liabilities
Accounts and royalties payable 141,596 89,737 141,567
Deferred revenue 208,510 97,988 305,405
Accrued income taxes 9,945 31,328 9,353
Accrued pension liability 2,139 6,268 2,139
Other accrued liabilities 102,389 52,374 133,662
Current portion of long-term debt 33,750 - 22,500
Total Current Liabilities 498,329 277,695 614,626
Long-Term Debt 1,104,905 200,238 977,721
Accrued Pension Liability 113,444 57,844 112,271
Other Long-Term Liabilities 58,802 32,754 41,174
Deferred Income Taxes 253,889 11,652 271,558
Shareholders' Equity 587,276 429,903 529,508
Total Liabilities & Shareholders' Equity $ 2,616,645 1,010,086 2,546,858
(in thousands)
Three Months Ended
July 31,
2007 2006
Operating Activities:
Net income $ 40,169 21,945
Amortization of intangibles 9,722 3,583
Amortization of composition costs 10,085 9,260
Depreciation of property, equipment and technology 7,954 6,856
Special non-cash tax benefits (15,282 ) -
Stock-based compensation (net of tax) 3,478 3,255
Excess tax benefits from stock-based compensation (2,223 ) (128 )
Non-cash charges and other 15,320 13,478
Change in deferred revenue (97,637 ) (47,082 )
Net change in operating assets and liabilities (37,035 ) (49,691 )
Cash Used for Operating Activities, excluding acquisitions (65,449 ) (38,524 )
Investments in organic growth:
Additions to product development assets (23,772 ) (15,651 )
Additions to property, equipment and technology (4,795 ) (5,993 )
Free Cash Flow (94,016 ) (60,168 )
Other Investing and Financing Activities:
Acquisitions, net of cash (5,767 ) (4,294 )
Repayment of long-term debt (197,298 ) -
Borrowings of long-term debt 335,710 39,525
Purchase of treasury shares - (7,278 )
Change in book overdrafts 1,823 (7,162 )
Cash dividends (6,374 ) (5,636 )
Proceeds from issuance of stock on option exercises and other 5,432 566
Excess tax benefits from stock-based compensation 2,223   128  
Cash Provided by Investing and Financing Activities 135,749 15,849
Effects of Exchange Rate Changes on Cash 580   204  
Increase (Decrease) in Cash and Cash Equivalents for Period $ 42,313   (44,115 )
Investing Activities:
Additions to product development assets $ (23,772 ) (15,651 )
Additions to property, equipment and technology (4,795 ) (5,993 )
Acquisitions, net of cash (5,767 ) (4,294 )
Cash Used for Investing Activities $ (34,334 ) (25,938 )
Financing Activities:
Cash Provided by Investing and Financing Activities $ 135,749 15,849
Acquisitions, net of cash (5,767 ) (4,294 )
Cash Provided by Financing Activities $ 141,516   20,143  
Note: The Companys management evaluates cash flow performance using free cash flow. The Company believes free cash flow provides a meaningful and comparable measure of cash flow performance. Since free cash flow is not a measure calculated in accordance with GAAP, it should not be considered as a substitute for other GAAP measures, including cash used for investing activities and financing activities, as reported, as an indicator of cash flow performance.

For more information, please click here

John Wiley & Sons, Inc.
Ellis E. Cousens
Executive Vice President,
Chief Financial & Operations Officer

Copyright © Business Wire 2007

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