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News Breaks
December 10, 2012
08:30 EDTJWB, JWACorrect: John Wiley forecasting currency neutral low-single digit revenue growth
The company says "Trends in some of our markets indicate that changes in end-user behavior resulting from the economic downturn are structural. We are therefore accelerating and expanding our ongoing program to restructure our cost base and to better align it with current and expected market conditions as they impact our traditional print business. This will result in substantial operating expense reductions from a combination of lower cost of procurement related to outside vendor services, cost of sales improvements and direct expense savings globally...While work is well underway on cost savings initiatives, we will discuss in further detail our cost restructuring activities, and the savings expectations they will yield, in March, when we have finalized our operating plan for fiscal year 2014. For the rest of this year we expect the substantial headwinds in our education textbook business to continue, and we expect modest growth in STMS and Professional Development."
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