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John Wiley & Sons Inc. Message Board

  • A_PENNYPINCHER A_PENNYPINCHER Jun 29, 1999 4:52 PM Flag

    Nice little piece

    Stock of the Day
    Jun 29, 1999
    John Wiley:
    Booking Strong Profits
    by Adam Lowensteiner 6/29/99

    Amazon.com (NASDAQ:AMZN - news) may be the glamorous play on
    the book business these days.
    Which might explain
    why little John Wiley & Sons (NYSE:JW - news) /A)
    which has been around since 1807, continues to surprise
    investors.
    In the last two quarters, its earnings have
    come in ahead of expectations by an average of 34%.

    Apparently investors haven't noticed that over the last five
    years, Wiley has grown its earnings at a 26.6% annual
    rate. This is more than double the pace of the average
    company in the S&P 500, which has grown its earnings an
    average of 10.3% a year.
    In the fourth quarter of
    fiscal (April) 1999, revenue grew 9% due to a 14%
    increase in its professional/trade publishing business.
    The company also witnessed solid increases in its
    scientific, technical and medical publishing, as well as in
    its educational publishing unit. For the full year,
    revenue rose 9% to $508.4 million.
    Net income jumped
    48% to $39.7 million, or $0.60 per diluted share, for
    the full year. For the fourth quarter alone, net
    income swelled 54% to $6.5 million, or $0.10 per diluted
    share, compared with $4.2 million, or $0.06 per diluted
    share, in the prior year's fourth quarter. Analysts were
    looking for $0.07 per share.
    'Wiley has a steady,
    predictable business,' says Jeff Hershey of Awad Asset
    Management, which has a 1.8% stake in Wiley, or about 648,000
    shares. One reason: Customers of its trade publications
    and journals business typically pay up front like
    they would for a magazine subscription rather than
    after delivery.
    Wiley has always used its strong
    balance sheet to buy companies that would eventually be
    accretive to earnings. So, it's no surprise the company
    recently made two acquisitions in recent weeks.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • wiley does not have a great history of informing
      their shareholders or the public what is up, as you
      know. the houghton rumor has been around for lord knows
      how long, at least since the mid 80's. there was some
      talk about spinning out college in a joint venture
      with houghton college. i do know that the houghton ceo
      is seen at wiley from time to time. a merger would
      create issues of leadership---pesce would never give up
      control---name, location. i believe the lease on 605 third is up
      very soon and i have no idea if they are staying.a
      merger woould drive the price higher.

      i believe
      one of the catalysts to the runup to 25 was the
      feeling that they could sell their college division since
      they certainly have had generous offers. anyway---the
      stock is so tightly held that anyone who wants out of a
      position will not get the best price.

      the stock
      price could be just a matter of selling on good
      news---stock was stuck between 19-22. some correction from a
      high of 25!

    • to cause this much damage. We'll find out
      tomorrow but I'm stumped. Rest of the pubs held up
      reasonably well so it has to be Wiley
      specific.

      Friend of mine is a Wiley rep and he keeps bringing up
      Houghton but that would be a stretch.

    • On June 17 it shelled out $82 million in cash for
      Jossey-Bass, a publisher of books and journals for
      professionals and executives, primarily in the areas of
      business, psychology and education/health management. The
      32 year-old firm published over 200 titles last
      year, and could wind up doing more this year.
      Wiley
      also grabbed certain publishing assets from Pearson
      Education, including college textbooks and instructional
      packages in biology/anatomy and physiology, engineering,
      mathematics, economics/finance and teacher education. This
      acquisition, which closed after the most recent quarter ended,
      will have a neutral effect on earnings this year, but
      have a positive contribution next year, according to
      management.
      More importantly, this move sweetens Wiley's
      presence in the college publishing business. 'The
      education segment is growing as more people go to college,'
      notes Hershey.
      Another project Wiley is involved in
      is its Wiley InterScience, a service Wiley started
      in 1997 in which subscribers could tap into a
      database of more than 300 journals that Wiley has
      published. Since it began commercializing InterScience about
      six months ago, it has signed up more than 2,400
      institutional customers.
      Management has definitely treated
      investors well in the last year, with the stock
      appreciating over 40%, including two stock splits (both
      2-for-1), a share buyback of 4 million shares, and an
      increase in the dividend. The company recently raised its
      dividend for the sixth straight year, and also announced
      plans to repurchase another 4 million shares.

      Shares of Wiley have not been fairing well in 1999,
      however, falling about 18% from the beginning of the year
      to a recent $20.13.
      But the Bass family
      obviously saw this as a buying opportunity, and added to
      its Wiley stake by purchasing (on a post split basis)
      180,000 shares at around $20 a

 
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