EPS of $0.83 decrease by $0.05 both including and excluding the effects of foreign exchange. Lower revenues and higher technology and facilities and costs were partially mitigated by improved gross margin and lower interest expense. For the six months, revenue of $877 million was flat on a currency neutral basis but grew 3% including the positive foreign exchange impact. Adjusted EPS for the six months fell 2% to $1.51, excluding favorable foreign exchange adjusted EPS fell 6%, reflecting the top line results and higher technology and facility costs.Year-to-date gross profit as a percentage of revenue was 70.1%, 1.3% ahead of the prior year figure of 68.8% due to increased digital product sales, product mix and timing. Year-to-date shared services and administrative costs of $194 million were up 10% due to ongoing investments in digital products and infrastructure and increased facility costs related to the consolidation of operations and the doubling up of occupancy costs during the payout period as we move to new premises in Singapore, San Francisco and the UK.
John Wiley & Sons' CEO Discusses F2Q2012 Results - Earnings Call Transcript
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