John Wiley and Son's 2007 Annual Report Click here to go to Directions: essays by Wiley authors

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Financial Highlights

For the fiscal years ended April 30 2007 2006 % Change
Revenue a $1,234,936,000 $1,044,185,000 18%
Operating Income a,b $161,279,000 $152,679,000 6%
Net Income a,b      
Adjusted c,d $94,151,000 $96,076,000 (2)%
GAAP $99,619,000 $110,328,000 (10)%
earnings Per diluted Sharea,b      
Adjusted c,d $1.62 $1.61 1%
GAAP $1.71 $1.85 (8)%
Return on Equity a,b      
Adjusted c,d 21% 24%
GAAP 21% 28%
Dividends Per Share      
Class A Common $0.40 $0.36 11%
Class B Common $0.40 $0.36 11%

Bar Charts illustrating Revenue, Earnings per Diluted Share and Operating Income

Pie Charts illustrating 2007 Revenue by Core Business and Location of Customer

Line Charts illustrating Stock Price and Cumulative Total Return

*The above graph provides an indicator of the cumulative total return to shareholders of the Company’s Class A Common Stock as compared with the cumulative total return on the Russell 1000 and the Dow Jones World Publishing Index, for the period from April 30, 2002 to April 30, 2007. The Company has elected to use the Russell 1000 Index as its broad equity market index because it is currently included in that index. Cumulative total return assumes $100 invested on April 30, 2002 and reinvestment of dividends throughout the period.

  1. The Effective February 2, 2007, the Company finalized the acquisition of Blackwell Publishing (Holdings) Ltd. (“Blackwell”). Blackwell contributed approximately $105.8 million, $6.5 million, ($1.2 million) and ($0.02) to the Company’s revenue, operating income, net income (loss) and earnings (loss) per diluted share, respectively, for the quarter and fiscal year ending April 30, 2007.
  2. Effective May 1, 2006, the Company adopted SFAS 123R which requires that companies recognize share-based compensation to employees in the Statement of Income based on the fair value of the share-based awards. The adoption of SFAS 123R resulted in the recognition of an incremental share-based compensation expense of $11.3 million ($7.0 million after taxes) or $0.12 per diluted share for the full year ended April 30, 2007.
  3. The amount reported for the fiscal year 2007 excludes a $5.5 million tax benefit, or $0.09 diluted share. This benefit coincides with the resolution and settlements of certain tax matters with authorities in the U.S. and abroad.
  4. The adjusted amounts exclude a $7.5 million, or $0.12 per diluted share, tax accrual recorded on the repatriation of dividends from European subsidiaries in the fourth quarter of fiscal year 2005. On May 10, 2005, the U.S. Internal Revenue Service issued Notice 2005-38. The notice provided for a tax benefit, which was recorded by the Company in the first quarter of fiscal year 2006, that fully offset the tax accrued by the Company on foreign dividends in fiscal year 2005. Neither the first quarter fiscal year 2006 tax benefit nor the corresponding fourth quarter fiscal year 2005 tax accrual had cash impact to the Company. In addition, for the twelve-month period ending April 30, 2006, the adjusted amounts above also exclude a $6.8 million, or $0.11 per diluted share, tax benefit recorded in fiscal year 2006 related to the settlement of certain matters with tax authorities.
  5. The amounts reported for fiscal year 2004 exclude a net tax benefit of $3.0 million, or $0.05 per diluted share, related to the resolution of certain state and federal tax matters and an adjustment to accrued foreign taxes.
  6. In the fourth quarter of fiscal year 2002, Wiley finalized its commitment to relocate the Company’s headquarters to Hoboken, N.J. The relocation was completed in the first quarter of fiscal year 2003. These amounts exclude unusual charges for costs associated with the relocation of approximately $2.5 million pretax, or $0.02 per diluted share, in fiscal year 2003, and $12.3 million pretax, or $0.12 per diluted share, in fiscal year 2002.
  7. The amounts reported for fiscal year 2003 exclude a nonrecurring tax benefit of $12 million, equal to $0.19 per diluted share, resulting from a corporate reorganization that enabled the Company to increase the tax-deductible net asset basis of certain European subsidiaries.
  8. Fiscal Year 1998 excludes a gain from the sale of the U.S. law publishing program of $21.3 million, or $12.2 million after tax equal to $0.19 per diluted share.

Note: The Company’s management evaluates performance excluding unusual and/or nonrecurring events. The Company believes excluding such events provides a more effective and comparable measure of performance. Since the adjusted amounts are not measures calculated in accordance with GAAP, they should not be considered as a substitute for other GAAP measures, including net income and earnings per share, as an indicator of operating performance. See the reconciliation of non-GAAP financial disclosures in the Management’s discussion and analysis section on page 18 of the Company’s 2007 annual report on form 10-K.

GAAP = U.S. Generally Accepted Accounting Principles
CAGR = Compound Annual Growth Rate

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