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PW: Wiley Reports Strong '98 Gains

-- Publishers Weekly, 7/6/1998

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Wiley Reports Strong '98 Gains
-- 7/6/98


John Wiley &Sons posted strong gains in sales and earnings for the fiscal year ended April 30, 1998. Revenues rose 8.1%, to $467.1 million, while net income increased to $36.6 million from $20.3 million in fiscal 1997. Earnings in the most recent fiscal year include a net gain of $9.7 million from the sale of Wiley Law Publications to Wolters Kluwer last fall. Excluding the extraordinary items, Wiley's net income still was up 32%, to $26.9 million.Results were up in all three of Wiley's core businesses. Sales in the STM segment rose 9% in the year, while revenues in the professional/trade category increased 8%. Sales in the educational publishing division were up 7%, led by a 9% increase in the domestic market. The only weak spot for the company was the Asian market, due to its economic problems. New president and CEO William Pesce said he was pleased with Wiley's performance in fiscal 1998 and predicted that, given reasonable world economic conditions, the company is planning for "another year of healthy revenue and earnings growth."

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