John Wiley & Sons reported that sales for the fiscal year ended April 30, 1999, rose 8.8% to $508.4 million. Net income increased to $39.7 million, compared to $36.6 million in fiscal 1998. Earnings in fiscal '98 included a one-time gain of $9.7 million from the sale of Wiley's law publishing program. Excluding the gain, net income rose 48%.
All three of the company's core publishing areas contributed to the sales improvement: revenues rose 14% in the professional/trade division, 7% in STM operations and 6% in the educational publishing division. Company president William Pesce said that Wiley is "very pleased with our accomplishments in fiscal 1999." With the strength of its existing businesses, coupled with the recent purchases of Jossey-Bass and college titles from Pearson, he added, "we believe the company is well positioned for the future."
