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John Wiley & Sons' CEO Discusses F2Q2012 Results - Earnings Call Transcript

Journal subscription revenue grew by 1.8% in the quarter and is up 3% year-to-date. The lower growth rate in the second quarter reflects the adverse impact of publication timing versus the second quarter of fiscal year 2011. It is still early in the calendar year 2012 journal subscription renewal process. And we are working closely with our customers on a large number of significant -- we have successfully negotiated approximately one third of our full year forecast subscription and license revenues which is ahead of where we were at this time last year. And early indications are that our growth rates will be similar to those experienced in calendar year 2011.

Cash collection typically follows licensing and invoicing by around 30 days. As a result of the expected timing of collections noted with respect to the second quarter, to be the cleared by the end of the third quarter. We have completed negotiations with members of several large consortia customers, such as JUSTICE, the Japan National and Private University consortium; the NESLI consortium in the U.K., the (inaudible) consortium in France, ANKOS in Turkey, the Bavarian consortium in Germany, the Statewide California Electronic Library consortium, Georgia University System consortium, among many others. In aggregate, the value of these licenses is growing in line with our expectations.

The STMS book business was down by 4% against prior year on a currency neutral basis, reflecting tight library budgets. Direct contribution to profit for the quarter of $107 million was 4% ahead of prior year or 2% ahead on a currency neutral basis. For the six months, STMS revenue increase 1.9% on a currency neutral basis to $504 million reflecting solid journal subscription income growth, growth in backfiles and corporate sales offset by a 6% decline in book sales. Excluding the impact of a large one-time sale to Saudi Arabia in the first quarter of the prior year, STMS book sales are flat with prior year.

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