In a statement released yesterday, John Wiley & Sons announced that third quarter revenue of $297 million increased 7% from $278 million in the previous year’s third quarter, or 5% excluding favorable foreign exchange. Adjusted earnings per diluted share was $0.55 for the third quarter, excluding an income tax benefit of $1 million, or $0.02 per diluted share. Adjusted earnings for the quarter include incremental stock option expense due to the adoption of SFAS 123R of $3 million, or $0.03 per diluted share, and a bad debt provision of $5 million, or $0.05 per diluted share related to the bankruptcy of Advanced Marketing Services, a distributor to warehouse clubs. For the first nine-months of fiscal year 2007, Wiley’s revenue advanced 9% to $845 million from $778 million in the comparable prior year period. Adjusted earnings per diluted share for the nine-month period was $1.37, excluding an income tax benefit of $5 million.
“Wiley had another solid quarter, as reflected in top-line growth of 7%. While all of Wiley’s businesses contributed to the year-on-year growth, our Global STM business had a particularly strong quarter,” said William J. Pesce, President and Chief Executive Officer.