John Wiley & Sons 2009 Annual Report |
| Sunday, 23 August 2009 | |
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In a tough year, all three of our businesses published and sold more content than was imaginable just a few short years ago. People all over the world need the information we publish, for living, learning, and working. We are serving our customers better and reaching more of them by publishing “must-have” content; taking advantage of digital opportunities; and investing in enduring relationships with authors, partners, and colleagues. Financial Results for Fiscal Year 2009 Adjusted earnings per share (EPS) for fiscal year 2009 rose 22.0% on a currency neutral basis and excluding a $0.31 per share unusual tax benefit reported in the prior year. The increase reflected top-line results, reduced incentive compensation accruals, lower interest expense, and prudent cost management. EPS on a U.S. GAAP basis fell 13.7% due to unfavorable foreign exchange of $0.50 per share and the aforementioned unusual tax benefit in fiscal year 2008. The Company continues to generate strong free cash flow, increasing to $164 million, up 40% from $117 million in fiscal year 2008. Increased cash from operating activities principally drove the year-on-year improvement. Cash collection delays reduced fi scal year 2009 cash fl ow by approximately $30 million. The backlog in cash collections, a residual effect of the STMS journal billing delays in the second half of fi scal year 2009, will be substantially cleared in the first quarter of fiscal year 2010. Free cash flow was used to reduce debt, pay dividends, repurchase shares, and invest in acquisitions. In fiscal year 2009, the Company repurchased approximately one million shares for $35 million, paid dividends of $30 million, made several acquisitions totaling $24 million, and reduced long term debt by $20 million. Year-end net debt (debt minus cash) was $720 million. ... Visit John Wiley & Sons 2009 Annual Report Download Page Read John Wiley & Sons 2009 Annual Report online, or you can download John Wiley & Sons 2009 Annual Report in PDF format. John Wiley & Sons The Company is a global publisher of print and electronic products, providing content and digital solutions to customers worldwide. Core businesses produce scientific, technical, medical and scholarly journals, encyclopedias, books, online products and services; professional and consumer books, subscription products, training materials, online applications and websites; and educational materials, including integrated online teaching and learning resources, for undergraduate and graduate students, teachers and lifelong learners. The Company takes full advantage of its content from all three core businesses in developing and cross-marketing products to its diverse customer base of professionals, consumers, researchers, students, and educators. The use of technology enables the Company to make its content more accessible to its customers around the world. The Company maintains publishing, marketing, and distribution centers in the United States, Canada, Europe, Asia, and Australia. FISCAL YEAR 2009 HIGHLIGHTS Strengthened society relationships, with 32 new journals signed in fiscal year 2009, 87 journal contracts renewed or extended, and only 9 journal contracts not renewed. Launched five new journals: the Journal of Research Synthesis Methods (in association with the Society for Research Synthesis Methodology); Clinical and Translational Science (for medical professionals’ research and educational endeavors); MaterialsViews.com to complement the print version of the journal; Sports Technology (in print and online); and the online Evolutionary Applications. Published nearly 1,400 books, including Paquette/Crich/Fuchs/Molander’s 14-volume Encyclopedia of Reagents for Organic Synthesis, 2e (EROS2); Ness’s 8-volume International Encyclopedia of Revolution and Protest, the defi nitive reference source for the history of protest and revolution over the past 500 years, available in print and online; and Jamieson/Moenssens’s The Wiley Encyclopedia of Forensic Science. Merged Blackwell Synergy into Wiley InterScience, migrating approximately 2 million online journal articles, 29,000 customers, and 2 million access licenses. Sold the first combined Wiley-Blackwell journal license to Akademintorg, the Russian Academy of Sciences’ Foreign Economic Association. Acquired the Arnold statistics book program, consisting of more than 50 titles, from Hodder Education. Signed agreement with CambridgeSoft, a leading provider of knowledge enterprise solutions, to provide our organic chemistry content to its pharmaceutical, biotechnology, and chemical industry customers. Re-launched Dummies.com, now featuring 25 topic areas, each with more than 250 pieces of content; 6,600 articles; 950 fully illustrated step-by-step articles; and 265 videos. Page viewership increased 23%. Launched first Frommer’s guides for Amazon Kindle wireless electronic-reading device and expanded Amazon partnership to offer select textbooks for sale through the enhanced, larger-screen Kindle DX, adding to the more than 9,000 books — approximately one-third of Wiley books in print — already available on the Kindle 2. Launched online the CliffsNotesTestSuccess test-prep tool and CliffsNotes AP Digital Flashcards; visitors to CliffsNotes.com increased 21%. Launched a custom travel guide for MasterCard, Priceless China, distributed prior to 2008 Summer Olympic Games, as well as two custom guides for the U.S. Olympic Committee. Signed an agreement with the Vancouver Olympic Organizing Committee to become the offi cial publication partner of the 2010 Winter Olympic and Paralympic Games. Increased global HE revenue 6% on a currency neutral basis. Results were driven by the continued success of WileyPLUS, revenue from acquired titles, solid growth in the Microsoft Official Academic Course (MOAC) collaboration, and strong performance in virtually every subject category. The WileyPLUS digital learning suite continued to gain momentum around the world, accounting for 9% of global HE revenue in fi scal year 2009; billings increased by 38%, and digital-only sales grew by 70%. Re-introduced WileyPLUS to the modern language market with added functionality, allowing professors to offer an online language lab. As a result, WileyPLUS student validations increased by 10,000 using Dawson/Dicho Increased Wiley Faculty Network (WFN) activity by 86% over fi scal year 2008 and by 190% over fiscal year 2007. WFN activities include WileyPLUS training, online guest lectures, campus events, virtual workshops, and live regional and national workshops. Published six Wiley Visualizing textbooks; surpassed revenue goal for this series (developed in collaboration with the National Geographic Society) and allowed more instructors to "share their passion" for their discipline by using these highly visual texts. Acquired market-leading textbooks and learning materials from Cengage Learning that complement HE's business and modern language programs. Acquired mathematics and statistics textbooks by awardwinning authors and educators from Key College Publishing. Bookmark
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To Our Sharholders: Despite the difficult economic conditions, Wiley performed well in fiscal year 2009, delivering revenue and EPS growth on a currency neutral basis. Our Scientific, Technical, Medical, and Scholarly (STMS) and Higher Education (HE) businesses recorded strong growth on a currency neutral basis. Our Professional/ Trade (P/T) business has been affected by the weak retail environment, especially in the U.S.
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