News Details

• Revenue of $423 million, up 2% over prior year on a constant currency basis
• Journal revenue of $202 million, down 1% over prior year on a constant currency basis
• Adjusted EPS of $0.58, up 11% on a constant currency basis
• Full-year financial outlook reaffirmed

John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb), a global provider of knowledge and learning solutions that improve outcomes in research, professional practice, and education, today announced the following results for the first quarter of fiscal year 2016:

					% Change
$ millions	FY16		FY15		Excluding FX		Including FX
Revenue	$	423	$	438	2	%	(3		%)
EPS
Adjusted	$	0.58	$	0.56	11	%	4		%
US GAAP	$	0.55	$	0.56			(2		%)
Please see the attached financial schedules for more detail

Management Commentary

“Our continued focus on achieving strategic revenue growth and targeted efficiency gains yielded another quarter of improvement in our earnings performance,” said Mark Allin, Wiley’s President and CEO. “We continue to realize strong growth in our solutions businesses, including Online Program Management, Corporate Learning, and Online Test Preparation. Meanwhile, our Journals business remains strong, although this quarter’s revenue performance was muted by the trailing effects of the Swets subscription agent bankruptcy.”

Fiscal Year 2016 Outlook

Wiley is reaffirming its fiscal year 2016 outlook of low-single-digit revenue growth and flat adjusted EPS growth on a constant currency basis as compared to fiscal year 2015, excluding the adverse transitional impact of shifting to time-based journal subscription agreements. As previously announced, Wiley is moving to time-based digital journal subscription agreements for calendar year 2016. The change will shift roughly $35 million of revenue and $0.35 of EPS from FY16 to FY17, with recurring effect annually thereafter. Most of the revenue and earnings impact will occur in our third fiscal quarter, and the change will not impact cash flow. Included in the FY16 EPS guidance is an incremental expense impact of more than $0.15 for the enterprise resource planning system (ERP) implementation as compared to FY15.

Foreign Exchange (FX)

Wiley generates half of its revenue from outside the United States, and is therefore exposed to a stronger dollar, particularly in relation to the euro and pound sterling. For fiscal year 2015, the weighted average rates for sterling and the euro were 1.60 and 1.25, respectively, on a US dollar equivalent basis. The weighted average rates for the first quarter of fiscal 2016 were 1.55 and 1.11, respectively. Throughout this report, references are made to variances “excluding foreign exchange” or “on a constant currency basis”; such amounts exclude both currency translation effects and transactional gains and losses.

Adjusted Results

The Company provides financial measures referred to as “adjusted” revenue, contribution to profit, and EPS, which exclude restructuring charges. Variances to adjusted revenue, contribution to profit, and EPS are on a constant currency basis unless otherwise noted. Management believes the exclusion of such items provides additional information to facilitate the analysis of results. These non-GAAP measures are not intended to replace the financial results reported in accordance with GAAP.

First Quarter Summary

• First quarter revenue grew 2% on a constant currency basis to $423 million due to strong organic growth in Online Program Management (+26%), Online Test Preparation (+40%), Custom Material (+16%), and Author-Funded Access (+14%). CrossKnowledge contributed an additional $8.5 million of inorganic Corporate Learning revenue growth in the quarter, as the prior year period included only one month of results. These areas of growth offset a 9% decline in Print Book revenue and a 1% decline in Journal Subscription revenue, which was primarily due to the trailing effects of the Swets bankruptcy. Including a $22 million unfavorable impact of currency, overall revenue declined 3%.
• Adjusted earnings per share (EPS) grew 11% on a constant currency basis to $0.58. Adjusted EPS excludes certain one-time or unusual items as further described in the attached reconciliation of US GAAP to Adjusted EPS. Adjusted EPS growth was driven by revenue growth, cost reductions, and lower tax expense partially offset by investment in Online Program Management. EPS on a US GAAP basis declined 2% mainly due to a $0.04 unfavorable impact of currency and a $3.4 million ($0.03 per share) restructuring charge in the quarter.
• Share Repurchases: Wiley repurchased 230,400 shares this quarter at a cost of $12.7 million, an average of $55.22 per share.
• Dividend: In June, the Board of Directors increased Wiley’s quarterly cash dividend by 3% to $0.30 per share on its Class A and Class B Common Stock. It was the 22nd consecutive annual increase and raised the annualized dividend payout to $1.20 per share.

RESEARCH

• Revenue: First quarter revenue of $237.4 million was flat on a constant currency basis. A marginal decline in Journal Subscription revenue (-1%), driven by the trailing effects of the Swets bankruptcy, offset growth in Author-Funded Access (+14%). Research Books revenue was flat.
• Calendar Year 2015 Journal Subscriptions: At the end of July, calendar year 2015 Journal Subscriptions were up 0.4% on a constant currency basis, with 98% of targeted business contracted for the 2015 calendar year.
• Adjusted Contribution to Profit: First quarter adjusted contribution to profit of $65.9 million rose 1% on a constant currency basis mainly due to cost reductions. Contribution to profit on a US GAAP basis declined 6% primarily due to the unfavorable impact of currency.
• Society Business: Four new society journals were signed in the quarter with combined annual revenue of $12.0 million; eighteen were renewed with approximately $20.4 million in combined annual revenue; and four were not renewed, worth $1.9 million annually.
• Journal Impact Index: In July, Wiley announced a strong performance in the number of its journal titles indexed in the Thomson Reuters® 2014 Journal Citation Reports (JCR). A total of 1,200 Wiley titles were indexed, with 24 Wiley journals achieving the top rank in their respective categories and 240 achieving a top 10 ranking. The Thomson Reuters index is a barometer of journal influence across the research community.

PROFESSIONAL DEVELOPMENT

• Revenue: First quarter revenue rose 10% on a constant currency basis to $98.7 million due to two additional months of reported corporate learning results for CrossKnowledge in the current period ($8.5 million) and organic growth on a comparable basis, as well as strong organic growth in Online Test Preparation (+40%) due to CFA and GMAT programs. On a constant currency basis, Print and Digital Books declined 5% and 1%, respectively. The Assessment business rose 1% with post-hire assessment growth offsetting an expected decline in pre-hire assessment revenue following portfolio actions to optimize longer-term profitable growth.
• Adjusted Contribution to Profit: First quarter adjusted contribution to profit more than doubled to $19.0 million due to efficiency gains.
• Alliances: In July, CrossKnowledge and Schouten Global, a European market leader in the development of soft skills, team performance and leadership, announced a global partnership to mutually offer global clients a broader range of impactful blended learning solutions. The global partnership enlarges the international network of clients, universities and learning and development partners of Schouten Global, including their 700 global trainers, coaches and consultants, and CrossKnowledge.

EDUCATION

• Revenue: First quarter revenue declined 1% on a constant currency basis to $86.9 million, with Print Textbooks declining 17% and offsetting a strong quarter for Online Program Management (+26%), Custom Material (+16%), and Digital Books (+6%). The decline in Print Textbooks reflects the continued shift of student demand toward alternative formats and further declines in student enrollment at for-profit institutions.
• Adjusted Contribution to Profit: First quarter adjusted contribution to profit declined 37% on a constant currency basis to $4.7 million, reflecting lower Print Textbook revenue and continued investment in Online Program Management.
• Online Program Management (formerly Deltak): As of July 31, 2015, Wiley had 38 university partners and 210 programs under contract, compared to 200 programs at the end of last quarter. New programs were signed with George Washington University, University of Scranton, and St. Mary’s University of Minnesota.
• Alliances: In July, Wiley announced a partnership with InsideTrack, a leading student success organization, to make career coaching possible at a low fee for all students who use the WileyPLUS platform for Intermediate Accounting by Kieso, Weygandt, Warfield. Wiley’s partnership with InsideTrack will offer those students enrolled in the Intermediate Accounting WileyPLUS course free introductory career-related videos and, to paid subscribers, access to InsideTrack’s web and mobile-enabled platform. InsideTrack’s career coaches will work with students to assess their career-readiness, plan their job search, and develop the skills that employers value most.

Earnings Conference Call

• Scheduled for today, September 9, at 10:00 a.m. (EDT)
• Access the webcast at www.wiley.com> Investor Relations> Events and Presentations, or http://www.wiley.com/WileyCDA/Section/id-370238.html
• U.S. callers, please dial (888) 438-5519 and enter the participant code 2892212#
• International callers, please dial 719) 325-2281 and enter the participant code 2892212#
• An archive of the webcast will be available for a period of up to 14 days

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities and (x) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

About Wiley

Wiley is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice, and education. Through the Research segment, the Company provides digital and print scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising. The Professional Development segment provides digital and print books, online assessment and training services, and test prep and certification. In Education, Wiley provides education solutions including online program management services for higher education institutions and course management tools for instructors and students, as well as print and digital content.

JOHN WILEY & SONS, INC.
UNAUDITED SUMMARY OF OPERATIONS
FOR THE FIRST QUARTER ENDED
JULY 31, 2015 AND 2014
(in thousands, except per share amounts)
FIRST QUARTER ENDED JULY 31,
				2015												2014												% Change
				US GAAP				Adjustments (A)				Adjusted				US GAAP				Adjustments (A)				Adjusted				US GAAP				Adjusted excl. FX
Revenue			$	422,981								422,981				437,917								437,917				-3	%			2	%
Costs and Expenses
	Cost of Sales			119,729								119,729				124,053								124,053				-3	%			1	%
	Operating and Administrative			242,498								242,498				251,734								251,734				-4	%			1	%
	Restructuring Charges (Credits) (A)			3,425				(3,425	)			-				(155	)			155				-
	Amortization of Intangibles			12,420								12,420				12,655								12,655				-2	%			1	%
	Total Costs and Expenses			378,072				(3,425	)			374,647				388,287				155				388,442				-3	%			1	%
Operating Income				44,909				3,425				48,334				49,630				(155	)			49,475				-10	%			5	%
	Operating Margin			10.6	%							11.4	%			11.3	%							11.3	%
Interest Expense				(3,573	)							(3,573	)			(4,144	)							(4,144	)			-14	%			-14	%
Foreign Exchange (Loss) Gain				(80	)							(80	)			(165	)							(165	)
Interest Income and Other				664								664				310								310				114	%			114	%
Income Before Taxes				41,920				3,425				45,345				45,631				(155	)			45,476				-8	%			7	%
Provision for Income Taxes (A)				9,463				1,419				10,882				11,985				(24	)			11,961				-21	%			-2	%
Net Income			$	32,457				2,006				34,463				33,646				(131	)			33,515				-4	%			10	%
Earnings Per Share- Diluted (A)			$	0.55				0.03				0.58				0.56				-				0.56				-2	%			11	%
Average Shares - Diluted				59,366				59,366				59,366				59,784				59,784				59,784
		See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment.

JOHN WILEY & SONS, INC.
FOR THE FIRST QUARTER
JULY 31, 2015 AND 2014
RECONCILIATION OF US GAAP TO ADJUSTED EPS - DILUTED (UNAUDITED)
		First Quarter Ended
		July 31,
			2015			2014
US GAAP Earnings Per Share - Diluted		$	0.55		$	0.56
Adjusted to exclude the following:
	Restructuring Charges (A)		0.03			-
Adjusted Earnings Per Share - Diluted		$	0.58		$	0.56
NOTES TO UNAUDITED FINANCIAL STATEMENTS
Adjustments:
(A)	RESTRUCTURING CHARGES: The adjusted results for the three months ended July 31, 2015 and 2014 exclude restructuring charges (credits) related to the Company's Restructuring and Reinvestment Program of $3.4 million or $0.03 per share, and a credit of ($0.2) million, respectively.
Non-GAAP Financial Measures:
In addition to providing financial results in accordance with GAAP, the Company has provided adjusted financial results that exclude the impact of other nonrecurring items described in more detail throughout this press release. These non-GAAP financial measures are labeled as "Adjusted" and are used for evaluating the results of operations for internal purposes. These non-GAAP measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes the exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. Unless otherwise noted, adjusted amounts in the attached schedules include foreign exchange.

JOHN WILEY & SONS, INC.
UNAUDITED SEGMENT RESULTS
FOR THE FIRST QUARTER
JULY 31, 2015 and 2014
(in thousands)
FIRST QUARTER ENDED JULY 31,
				2015									2014											% Change
				US GAAP			Adjustments (A)				Adjusted		US GAAP			Adjustments (A)				Adjusted				US GAAP				Adjusted excl. FX
Revenue
Research			$	237,390			-				237,390		254,870			-				254,870				-7%				0%
Professional Development				98,665			-				98,665		92,327			-				92,327				7%				10%
Education				86,926			-				86,926		90,720			-				90,720				-4%				-1%
	Total		$	422,981			-				422,981		437,917			-				437,917				-3%				2%
Direct Contribution to Profit
Research			$	106,813			370				107,183		114,734			(185)				114,549				-7%				0%
Professional Development				41,281			10				41,291		32,912			245				33,157				25%				28%
Education				23,288			(11)				23,277		28,563			51				28,614				-18%				-14%
	Total		$	171,382			369				171,751		176,209			111				176,320				-3%				3%
Contribution to Profit (After Allocated Shared Services
	and Admin. Costs)
Research			$	65,569			370				65,939		69,959			(185)				69,774				-6%				1%
Professional Development				19,013			10				19,023		7,523			245				7,768				153%				147%
Education				4,701			(11)				4,690		8,696			51				8,747				-46%				-37%
	Total		$	89,283			369				89,652		86,178			111				86,289				4%				11%
Unallocated Shared Services and Admin. Costs				(44,374)			3,056				(41,318)		(36,548)			(266)				(36,814)				21%				18%
Operating Income			$	44,909			3,425				48,334		49,630			(155)				49,475				-10%				5%
Total Shared Services and Admin. Costs by Function
	Distribution and Operation Services		$	(21,230)			757				(20,473)		(24,218)			384				(23,834)				-12%				-9%
	Technology and Content Management			(61,937)			1,152				(60,785)		(61,390)			(557)				(61,947)				1%				2%
	Finance			(12,749)			71				(12,678)		(13,571)			(93)				(13,664)				-6%				-2%
	Other Administration			(30,557)			1,076				(29,481)		(27,400)			-				(27,400)				12%				12%
	Total		$	(126,473)			3,056				(123,417)		(126,579)			(266)				(126,845)				0%				2%
		(A) See the accompanying Notes to Unaudited Financial Statements for a description the Adjustment.

Note: As part of Wiley’s restructuring and reorganization program the Company consolidated certain decentralized business functions (Sales Support, Marketing Services, etc.) into global shared service functions. These newly centralized service groups enable significant cost reduction opportunities, including efficiencies gained from standardized technology and centralized management. The cost of these functions were previously reported as direct operating expenses in each business segment but are now reported within the shared service functions and then allocated to each business segment above. Prior year amounts have been restated to reflect the same reporting methodology.

UNAUDITED ADJUSTED CONTRIBUTION TO PROFIT
INCLUDING ALLOCATED SHARED SERVICES AND ADMINISTRATIVE COSTS
FOR THE FIRST QUARTER
JULY 31, 2015 and 2014
(in thousands)
				First Quarter Ended
				July 31,
				2015			2014			% Change				% Change excl. FX
Research:
	Direct Contribution to Profit			106,813			114,734			-7	%			-1	%
	Restructuring Charges (Credits) (A)			370			(185	)
	Adjusted Direct Contribution to Profit			107,183			114,549			-6	%			0	%
	Allocated Shared Services and Admin. Costs:
		Distribution and Operation Services		(10,179	)		(11,978	)		-15	%			-9	%
		Technology and Content Management		(24,056	)		(24,943	)		-4	%			0	%
		Occupancy and Other		(7,009	)		(7,854	)		-11	%			-4	%
	Adjusted Contribution to Profit (after allocated			65,939			69,774			-5	%			1	%
		Shared Services and Admin. Costs)
Professional Development:
	Direct Contribution to Profit			41,281			32,912			25	%			28	%
	Restructuring Charges (A)			10			245
	Adjusted Direct Contribution to Profit			41,291			33,157			25	%			28	%
	Allocated Shared Services and Admin. Costs:
		Distribution and Operation Services		(6,869	)		(8,301	)		-17	%			-12	%
		Technology and Content Management		(9,804	)		(10,945	)		-10	%			-9	%
		Occupancy and Other		(5,595	)		(6,143	)		-9	%			-6	%
	Adjusted Contribution to Profit (after allocated			19,023			7,768			145	%			147	%
		Shared Services and Admin. Costs)
Education:
	Direct Contribution to Profit			23,288			28,563			-18	%			-14	%
	Restructuring (Credits) Charges (A)			(11	)		51
	Adjusted Direct Contribution to Profit			23,277			28,614			-19	%			-14	%
	Allocated Shared Services and Admin. Costs:
		Distribution and Operation Services		(3,425	)		(3,332	)		3	%			9	%
		Technology and Content Management		(11,218	)		(13,339	)		-16	%			-14	%
		Occupancy and Other		(3,944	)		(3,196	)		23	%			27	%
	Adjusted Contribution to Profit (after allocated			4,690			8,747			-46	%			-37	%
		Shared Services and Admin. Costs)
Total Adjusted Contribution to Profit (after				89,652			86,289			4	%			11	%
	allocated Shared Services and Admin. Costs)
Unallocated Shared Services and Admin. Costs:
	Unallocated Shared Services and Admin. Costs			(44,374	)		(36,548	)		21	%			28	%
	Restructuring Charges (Credits) (A)			3,056			(266	)
	Adjusted Unallocated Shared Services and Admin. Costs			(41,318	)		(36,814	)		12	%			18	%
Adjusted Operating Income				48,334			49,475			-2	%			5	%
		(A) See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment.

Note: As part of Wiley’s restructuring and reorganization program the Company consolidated certain decentralized business functions (Sales Support, Marketing Services, etc.) into global shared service functions. These newly centralized service groups enable significant cost reduction opportunities, including efficiencies gained from standardized technology and centralized management. The cost of these functions were previously reported as direct operating expenses in each business segment but are now reported within the shared service functions and then allocated to each business segment above. Prior year amounts have been restated to reflect the same reporting methodology.

JOHN WILEY & SONS, INC.
SEGMENT REVENUE by PRODUCT/SERVICE
FOR THE FIRST QUARTER
JULY 31, 2015 and 2014
(in thousands)
						First Quarter
						Ended July 31,				% of			% Change
						2015		2014		Revenue			excl. FX
RESEARCH
	Journal Revenue
		Journal Subscriptions			$	157,208		168,824		66	%		-1	%
		Author-Funded Access				5,692		5,429		2	%		14	%
		Licensing, Reprints, Backfiles, and Other				39,313		43,498		17	%		-2	%
		Total Journal Revenue				202,213		217,751		85	%		-1	%
	Books and References:
		Print Books				23,495		25,001		10	%		-1	%
		Digital Books				8,787		9,256		4	%		1	%
		Licensing and Other				2,895		2,862		1	%		8	%
		Total Books and References Revenue				35,177		37,119		15	%		0	%
		Total Revenue			$	237,390		254,870		100	%		0	%
PROFESSIONAL DEVELOPMENT
	Knowledge Services:
		Print Books			$	48,712		52,863		49	%		-5	%
		Digital Books				10,633		10,854		11	%		-1	%
		Online Test Preparation and Certification				7,906		5,662		8	%		40	%
		Other Knowledge Service Revenue				5,438		5,772		6	%		-4	%
						72,689		75,151		74	%		-1	%
	Talent Solutions:
		Assessment				13,227		13,122		13	%		1	%
		Corporate Learning				12,749		4,054		13	%		234	%
						25,976		17,176		26	%		56	%
		Total Revenue			$	98,665		92,327		100	%		10	%
EDUCATION
	Books:
	Print Textbooks				$	34,544		44,535		39	%		-17	%
	Digital Books					5,754		5,704		7	%		6	%
						40,298		50,239		46	%		-15	%
	Custom Material					22,743		19,572		26	%		16	%
	Course Workflow (WileyPLUS)					1,020		1,314		1	%		-7	%
	Online Program Management (Deltak)					20,502		16,237		24	%		26	%
	Other Education Revenue					2,363		3,358		3	%		-30	%
		Total Revenue			$	86,926		90,720		100	%		-1	%
Note: Segment Revenue Categorization

JOHN WILEY & SONS, INC.
UNAUDITED STATEMENTS OF FINANCIAL POSITION
(in thousands)
					July 31,						April 30,
					2015			2014			2015
Current Assets
	Cash & cash equivalents			$	369,413			255,857			457,441
	Accounts receivable				202,570			202,770			147,183
	Inventories				58,680			74,608			63,779
	Prepaid and other				76,276			68,526			72,516
	Total Current Assets				706,939			601,761			740,919
Product Development Assets					61,623			71,755			69,589
Technology, Property and Equipment					198,889			195,270			193,010
Intangible Assets					919,996			1,037,749			917,621
Goodwill					971,407			1,031,527			962,367
Income Tax Deposits					58,877			65,729			57,098
Other Assets					63,869			65,245			63,639
	Total Assets				2,981,600			3,069,036			3,004,243
Current Liabilities
	Short-term debt				100,000			-			100,000
	Accounts and royalties payable				142,741			148,891			161,465
	Deferred revenue				281,136			290,215			372,051
	Accrued employment costs				59,910			73,074			93,922
	Accrued income taxes				9,605			7,388			9,484
	Accrued pension liability				4,603			4,655			4,594
	Other accrued liabilities				61,839			58,944			62,167
	Total Current Liabilities				659,834			583,167			803,683
Long-Term Debt					750,473			788,013			650,090
Accrued Pension Liability					202,230			161,847			209,727
Deferred Income Tax Liabilities					205,004			245,830			198,947
Other Long-Term Liabilities					83,395			81,838			86,756
Shareholders' Equity					1,080,664			1,208,341			1,055,040
	Total Liabilities & Shareholders' Equity			$	2,981,600			3,069,036			3,004,243

JOHN WILEY & SONS, INC.
UNAUDITED STATEMENTS OF FREE CASH FLOW
(in thousands)
					Three Months Ended
					July 31,
					2015		2014
Operating Activities:
	Net income	$			32,457		33,646
	Amortization of intangibles				12,420		12,655
	Amortization of composition costs				9,650		10,094
	Depreciation of technology, property and equipment				16,491		14,956
	Restructuring (credits) charges				3,425		(155)
	Restructuring payments				(9,022)		(8,356)
	Share-based compensation expense				3,898		3,289
	Excess tax benefits from share-based compensation				(503)		(1,732)
	Royalty advances				(24,811)		(24,649)
	Earned royalty advances				32,060		32,145
	Other non-cash charges and credits				14,447		13,653
	Change in deferred revenue				(95,940)		(104,719)
	Net change in operating assets and liabilities				(118,654)		(83,054)
	Cash Used for Operating Activities				(124,082)		(102,227)
Investments in organic growth:
	Composition spending				(8,284)		(7,064)
	Additions to technology, property and equipment				(22,283)		(13,964)
	Free Cash Flow				(154,649)		(123,255)
Other Investing and Financing Activities:
	Acquisitions, net of cash				(2,221)		(170,910)
	Escrowed proceeds from sale of consumer publishing programs				-		1,100
	Repayment of long-term debt				(33,717)		(219,033)
	Borrowings of long-term debt				134,100		304,552
	Change in book overdrafts				(5,671)		(13,206)
	Cash dividends				(17,609)		(17,162)
	Purchase of treasury shares				(12,723)		(12,173)
	Proceeds from exercise of stock options and other				375		18,207
	Excess tax benefits from share-based compensation				503		1,732
	Cash Provided by (Used for) Investing and Financing Activities				63,037		(106,893)
Effects of Exchange Rate Changes on Cash					3,584		(372)
Decrease in Cash and Cash Equivalents for Period		$			(88,028)		(230,520)
RECONCILIATION TO GAAP PRESENTATION
Investing Activities:
	Composition spending	$			(8,284)		(7,064)
	Additions to technology, property and equipment				(22,283)		(13,964)
	Acquisitions, net of cash				(2,221)		(170,910)
	Escrowed proceeds from sale of consumer publishing programs				-		1,100
	Cash Used for Investing Activities	$			(32,788)		(190,838)
Financing Activities:
Cash Used for Investing and Financing Activities		$			63,037		(106,893)
Excluding:
	Acquisitions, net of cash				(2,221)		(170,910)
	Escrowed proceeds from sale of consumer publishing programs				-		1,100
	Cash Provided by Financing Activities	$			65,258		62,917

Note: The Company’s management evaluates performance using free cash flow. The Company believes free cash flow provides a meaningful and comparable measure of performance. Since free cash flow is not a measure calculated in accordance with GAAP, it should not be considered as a substitute for other GAAP measures, including cash used for or provided by operating activities, investing activities and financing activities, as an indicator of performance.

Wiley
Investor:
Brian Campbell, 201-748-6874
Investor Relations
brian.campbell@wiley.com