HOBOKEN, N.J. (AP) -- John Wiley & Sons Inc. said Monday that its fiscal first-quarter net income slipped slightly on rising restructuring costs as the publisher shifts its business away from print and toward digital content and services.
The Hoboken, N.J.-based company reported net income of $35.9 million, or 61 cents per share, in the quarter ending July 31. That compares with $36.1 million, or 60 cents per share, in the same quarter a year ago. Adjusted to strip out restructuring and other charges, earnings slipped 1 cent to 51 cents per share.
Revenue rose less than 1 percent to $411 million.
John Wiley's Class A shares rose $1.79, or 4.1 percent, to $45.49 in afternoon trading Monday.
The company has transitioned away from print and toward digital products. It's been selling off its consumer publishing divisions in the past couple years and bought online education provider Deltak.edu last year.
About 52 percent of the company's revenue comes from digital content and services now, up from 45 percent a year ago, said Steve Smith, John Wiley's president and CEO.
The company has three segments: Research, which provides scholarly journals and other books in print and digitally; professional development, which offers test preparation and training services; and education, which offers online course management tools for teachers and students.
Excluding the impact of changing currency values, revenue in its research business rose 5 percent to $245.8 million in the first quarter. It fell 6 percent to $84.1 million in its professional development unit. Its education unit reported a 13 percent rise in revenue to $81.1 million.