Publisher John Wiley & Sons, Inc., US, has announced that revenue for the second quarter and first-half of fiscal year 2008 advanced 49 percent and 48 percent to $423 million and $812 million, respectively. Revenue from Blackwell Publishing Ltd., which was acquired in February 2007, contributed $116 million to the quarter and $232 million to the year-to-date results.
As a result of the integration of Wiley and Blackwell, management and reporting of certain Professional/Trade and Scientific, Technical, and Medical product lines were realigned on May 1, 2007. Prior year numbers have been restated for comparative purposes.
In the STM segment, revenue increased 2 percent over last year's second quarter to $56 million and 1 percent to $112 million for the first-half of fiscal year 2008. Journal subscription revenue and book sales contributed to the improvement over the solid prior year results. Direct contribution to profit was down 1 percent for the quarter and 3 percent for the first-half of the year, principally due to planned growth in operating expenses.
Wiley Europe's second quarter revenue increased over the prior year to $89 million while revenue for the first-half grew to $165 million. The revenue growth was driven by journal subscriptions and the sale of indigenous STM books. The company's second quarter revenue in Asia, Australia and Canada advanced from the prior year by 23 percent to $40 million, or 15 percent, excluding favourable foreign exchange. Year-to-date revenue of $71 million rose 19 percent over the first half of last year. Wiley Asia reported strong second quarter sales in India, China, Malaysia, and Thailand. The division is building momentum as the company's new STM publishing centre.
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