John Wiley & Sons Inc Class A JW.A
Q3 2013 Earnings Call Transcript

Transcript Call Date 03/07/2013

Operator: Good morning, everyone and welcome to Wiley Third Quarter 2013 Earnings Conference Call. As a reminder today's call is being recorded. At this time I like to introduce Wiley's Director of Investor Relations, Brian Campbell. Please go ahead sir.

Brian Campbell - Director of Investor Relations: Thank you. Hello everyone and thank you for participating in our call today. Before introducing Steve Smith, President and Chief Executive Officer and Ellis, President and Chief Financial and Operations Officer, I would like to remind you that this call is being recorded and may include forward-looking statements. You should not rely on such statements as actual results may differ materially and are subject to factors that are discussed in detail in the Company's 10-K and 10-Q filings with the SEC. The Company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances.

For this quarter we are introducing a new format for our presentation to include visual materials that are designed to provide clarity and comprehension of our third quarter and year-to-date performance. In addition we will provide an update on our previously announced restructuring program and our full-year business outlook.

For those who prefer to listen to the call over the phone, but would still like to view the slides. We recommend clicking on the gears icon located on the lower portion of the left hand side window and selecting live phone. This will eliminate any delays you may experience in viewing the slide transitions as well as remove any potential background noise should you ask a question on the call.

A copy of this presentation will be available on our Investor Relations page at the conclusion of this call. Thank you.

I'd now like to turn the call over to Steve.

Stephen M. Smith - President and CEO: Thank you Brian. In recent years Wiley's revenue growth slowed due to the combination of difficult market conditions and shifting end-user behavior. Library budgets on which a significant proportion of our core business depends remained tight around the globe impacting both journals and books.

Sales of print text books continue to decline due to a combination of factors including the impact of used books and rentals in global education, bricks and mortar book store closures and tighter inventory management by many of our channel partners.

Print book sales are also affected by the ongoing transition from prints to eBooks. Digital book revenues continue to grow rapidly across all three Wiley businesses both in the current quarter and year-to-date.

In global education we are addressing the decline in sales of traditional hard cover text books through the introduction of low-cost formats and custom publishing as well as eBooks and WileyPLUS. Digital text book sales more than doubled in the quarter to $8 million while WileyPLUS revenues grew by 24% to $15 million.

To address the slow revenue growth of our core business, we've recently acquired several high growth businesses and platforms that will enable us to leverage new opportunities across the spectrum of Wiley's core content, asset, brand and relationships.

Read our Earnings Call Transcript disclaimer.
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