Revenue at John Wiley & Sons fell 1% in the second quarter ended October 31, compared to the same period a year ago.
Sales dropped to $448.6 million, from $451.7 million. Operating income fell 29%, dropping to $57.5 million. Figures include an $8.7 million negative impact from foreign exchange on revenues, and a $3.9 million unfavorable currency exchange on earnings.
The company also took $10 million in restructuring charges in the quarter, most of which reflects severance costs.
Wiley’s publishing group has been the company’s weakest operating group. Wiley said the decline resulted from a 10% drop in education publishing and a 6% decline in STM and professional publishing. These drops offset a 13% increase in sales at WileyPlus.
Sales were flat in its research group as an 8% increase in Wiley's solutions unit offset a 5% decline in publishing. In its solution division, growth in the segment was led by a 24% gain in corporation learning and a 9% increase in professional assessment sales.
For the first six months of fiscal 2019, revenue fell to $859.5 million from $863.2 million, while operating income was flat at $93 million.
For all of fiscal 2019, Wiley said it expects low single-digit gains in its research and solutions groups and a low single digit decline in publishing. Adjusted earnings per share are expected to decline by mid-single digits due, Wiley said, to increased investment in growth initiatives.