Publisher John Wiley & Sons Inc. (JWA, JWB) reported that its fourth-quarter net income declined to $7.95 million or $0.13 per share, from $48.27 million or $0.80 per share in the same quarter last year.
The company recorded restructuring and impairment charges in the fourth quarter of $39.6 million or $0.46 per share. The charge included accrued redundancy costs; U.S. defined benefit pension plan termination costs; process reengineering consulting costs and the write off of certain publishing and technology assets. The company said it is on track to realize approximately $80 million in cost savings on a run-rate basis by the end of April 2014.
Adjusted net income for the quarter decreased to $42.52 million or $0.71 per share, from $46.72 million or $0.77 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $445.85 million from $454.58 million in the prior year quarter. Two analysts had consensus revenue estimate of $467.35 million for the quarter.
"FY14 will be a transitional year for Wiley. The significant earnings benefits coming from the restructuring, Deltak, and newly-developed businesses will not be fully realized until FY15. We are expecting adjusted EPS, excluding all fiscal year 2013 and 2014 restructuring and impairment charges, the full impact of our former consumer publishing programs, and one-time tax benefits or charges, to be more or less flat in the range of $2.85 to $2.95," said Stephen Smith, President and CEO.
Smith said,"We expect a significant lift in FY15 earnings from savings resulting from the completion of the restructuring initiative, contributions from acquired business and new digital products and services. Going forward, we expect the downward trajectory of core-business earnings to moderate as print-related efficiencies take effect. At the same time we expect to see significant earnings contributions coming from new digital products and services and acquisitions."
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.