HOBOKEN, N.J. (AP) -- Publisher John Wiley & Sons Inc. said Monday its fiscal first-quarter net income dropped 29 percent, hurt by the effects of unfavorable exchange rates and restructuring costs.
For the quarter ended July 31, the Hoboken, N.J.-based company earned $36.1 million, or 60 cents per share, down from $50.8 million, or 82 cents per share, in the same quarter last year. The recent quarter's results included a tax benefit of 14 cents per share and restructuring charges totaling 6 cents per share. Adjusted for those factors, earnings totaled 52 cents per share.
The per-share results would have been lower in the recent quarter, if the company had not reduced its number of outstanding shares by about 2 percent through repurchases.
Revenue dropped 4 percent to $410.7 million from $430.1 million a year ago. Excluding the effects of exchange rates, the company said its revenue fell 2 percent.
John Wiley, like other companies that do significant business outside the U.S., can be hurt by a rising dollar because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar.
The company said its revenue was hurt by the timing of production at its journals business, which it expects to resolve this year, and continued soft demand from the higher education market that stemmed from book seller concerns about possible changes in student book-buying behavior and the impact of online book ordering.
The recent quarter's profit also was hurt by higher royalty and technology costs, the company said.
For the full year, John Wiley said it still expects to post a profit of $3.50 to $3.55 per share, excluding one-time tax benefits and restructuring charges. Excluding the effects of exchange rates, the company said it expects to post "mid-single-digit" revenue growth.
John Wiley shares fell $1.08, or 2.1 percent, to $50.24 in morning trading.