$1 Billion and Counting at Wiley

by Staff -- Publishers Weekly, 6/19/2006

John Wiley & Sons CEO Will Pesce said he expects revenue at the publisher to increase in the mid-single digits in fiscal 2007, even as the company broke the $1 billion level for the first time in the year ended April 30, hitting $1.04 billion. Net income in the year rose 5%, to $90.1 million.

Revenue grew the fastest in the professional/trade segment, with sales up 9%, to $380.2 million. Pesce said sales with the bookstore chains were strong and that the company had record sales at Amazon. In response to a question during a conference call, Pesce said he expects recent trends among retailers and e-tailers—such as better inventory management—to continue for at least the next 12 months.

In its other divisions, sales in the STM group rose 8%, to $206 million, while revenue in the higher education division increased 4%, to $156.2 million. Revenue in Europe increased 7%, to $742.4 million, and rose 9%, to $292.5 million, in its Asia, Australia and Canada group.