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Wiley's latest financial report (1)

Dear Readers:  The publishing and analyst community routinely 
release reports about corporate financial performance, and the 
library community often doesn't have enough industry background 
to know how to think about such numbers.  The most recent Wiley 
once again raised, on a couple of discussion lists, questions 
about "just how can we interpret numbers of this sort?" For 
example, the recent Wiley STM summary is reproduced here.

Accordingly, I asked one respected industry analyst (Sam Kassab 
of Exane BNP Paribas) for his thoughts about how librarians might 
read such reports.   The reply, which he agreed to share, follows 
in the next message.

Best regards,
Ann Okerson



* First quarter revenue +10%, or +3% excluding FX

* First quarter contribution to profit +13%, or +6% excluding FX

* Calendar year 2011 journal collection licenses account for 77% 
of our institutional subscription revenues, up from 72% in 2010.

*73% of journal portfolio now with at least one Thompson ISI 
impact factor (a measure of journal influence and impact). 317 
journals were honored with top ten rankings for impact.

STMS revenue for the quarter was up 10% to $253 million, or 3% 
excluding foreign exchange. Solid journal subscription growth, 
new society business, backfile sales, and a rebound in corporate 
sales offset a decline in book sales. The book decline was mainly 
due to a $5 million one-time backfile book license last year with 
a university consortium.  As of July 31, calendar year 2011 
subscriptions increased approximately 3% excluding FX over 
calendar year 2010, as a result of increased customer orders and 
new business.

Direct contribution to profit for the quarter grew 13% to $106 
million, or 6% excluding foreign exchange due to top line growth.