John Wiley & Sons, Inc. (
F2Q2012 Earnings Call
December 8, 2011 10:00 a.m. ET
Steve Smith - President and Chief Executive Officer
Ellis Cousens - Executive Vice President, Chief Financial and Operations Officer
Drew Crum - Stifel Nicolaus
Torin Eastburn - CJS Securities
Dave Lewis - JPMorgan
William Packer - Exane BNP Paribas
Michael Corty - Morningstar
Good morning and welcome to the John Wiley & Sons quarterly earnings call. Before introducing Steve Smith, President and Chief Executive Officer, I would like to remind you this call is being recorded and may include forward-looking statements. You should not rely on such statements as actual results may differ materially and are subject to factors that are discussed in detail in the company's 10-K and 10-Q filings with the SEC. The company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances.
I will now go ahead and turn the call over to Mr. Steve Smith, please go ahead.
Good morning. Thank you for participating in Wiley's fiscal year 2012 second quarter investor conference call. I’m with Ellis Cousens, Executive Vice President and Chief Financial Operations Officer; and Brian Campbell, Director of Investor Relations.
I will take a few moments to provide an overview of Wiley’s performance in the second quarter, and we will then respond to your questions and comments. In a difficult global economy, Wiley achieved revenue growth of 1% in the second quarter, but declined slightly excluding the positive effect of foreign exchange. Currency adjusted revenue growth of 1% in STMS, it was offset by decline of 2% of P/T and 1% for global education.