Revenue for the quarter ended July 31, 2022, totaled $488 million at Wiley, flat with the first quarter of fiscal 2022. An 8.5% increase in operating and administrative costs, as well as restructuring charges of $22.4 million, led to an operating loss of $17 million in the period, compared to operating income of $41 million a year ago.
Revenue comparisons were hurt by the negative impact of foreign currency changes. Among the reasons cited for the increase in expenses were higher employee costs, as well as higher T&E expenses, compared to last year’s first quarter, when travel was restricted due to Covid concerns.
Wiley’s largest business, research, saw flat sales, which were at $275 million in the quarter. Within the group, research publishing sales fell 2%, to $239.5 million, while research solutions, which provides platforms, corporate solutions, and services for societies and other publishers, had revenue of $35.4, an increase of 12%.
Revenue in the academic and professional learning segment declined 5%, to $133 million. Education publishing sales fell 5% due to a drop in sales of print course materials, which offset growth in digital content and courseware. Professional learning sales fell 4%, with increases in corporate training offsetting a decline in professional publishing, Wiley reported.
In Wiley’s education services group, sales rose 7%, to $79.7 million.
In prepared remarks, Wiley CEO Brian Napack said the first quarter “unfolded largely as expected, and we are confident in the full year outlook based on our strong, continued momentum in research publishing, research solutions, and corporate talent development and the execution of our cost savings program."
