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John Wiley & Sons, Inc. reports revenue and earnings growth for its second quarter.

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M2 PRESSWIRE-1 December 2004-WILEY: John Wiley & Sons, Inc. reports revenue and earnings growth for its second quarter(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:12012004

Hoboken - John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb) announced today that second quarter revenue of $247.1 million increased 8% from $228.9 million in the previous year's second quarter. Excluding the effects of foreign currency gains, revenue increased 6%. Operating income of $40.1 million increased 9% from $36.9 million in the same period of the prior year. Earnings per diluted share increased to $0.42 from $0.41 in the prior year's second quarter.

For the first half of fiscal year 2005, Wiley's revenue of $474 million advanced 6%, or 4% excluding the effect of foreign currency gains. Operating income for the six-month period of $70.9 million was up slightly from prior year.

Earnings per diluted share declined slightly from $0.75 to $0.74 mainly due to a higher effective tax rate.

"Wiley's second quarter performance was driven primarily by continued strength in our global Scientific, Technical and Medical business. Improved return rates in Higher Education and Professional/Trade in the U.S. also contributed to the year-on-year growth," said William J. Pesce, President & Chief Executive Officer.

Mr. Pesce concluded, "Based on year-to-date results, leading indicators and market conditions, we continue to anticipate revenue and earnings growth in the mid-to-high single digits in fiscal year 2005."

For the first six months of fiscal year 2005 the Company has acquired 959,200 Class A common shares under an authorized stock buyback program at an average price of $31.96 per share.

Segment Highlights Professional/Trade (P/T) Wiley's U.S. P/T revenue for the second quarter advanced 3% from the prior year primarily due to improved sales return experience. Also contributing, were revenues from business, architecture, professional culinary, psychology and education program titles. Journals and revenue generated through brand licensing and website advertising also improved in the second quarter. Year-to-date revenue was up 1% over the prior year.

Several P/T titles received considerable attention from the media and customers, including Tisch/The Power of...

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