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John Wiley & Sons spent $15.3m in restructuring charges for the second quarter to end October 2013, according to its latest financial results.
The charges included $10m of accrued redundancy costs, $3m for "process re-engineering consulting costs" and $2m of other costs including the termination of contracts.
Wiley has now recorded a total of $47.5m in restructuring charges since the beginning of its programme in January, with approximately $10m more expected in the remainder of the fiscal year. The restructure represents what c.e.o. Steve Smith has called the company's "process of transformation from print publisher to provider of digital knowledge and knowledge-enabled services".
The company said that as of 31st October, it had developed and approved plans to achieve $70m of the $80m savings goal for the fiscal year 2015. More than half of those savings are expected to boost earnings in fiscal year 2015, and the remainder set to be reinvested in the business.
Wiley saw revenue rise 4% in the second quarter to end October 2013, to $449m, with digital book revenue up 40% (to $31.4m) during the period. Smith said: "We are pleased with our performance this quarter, particularly the solid revenue contribution coming from Education and Professional Development solutions, including online programme management (Deltak), WileyPLUS, and online training and assessment."
He added that journal subscriptions showed "healthy revenue growth" while open access revenue "more than doubled" year-on-year to $4m.