John Wiley & Sons. (
Q3 2011 Earnings Call
March 8, 2012 10:30 a.m. ET
Stephen Smith -- President, CEO and Director
Ellis Cousens --
EVP and CFO
Drew E. Crum -- Stifel Nicolaus
Michael Corty – Morningstar
David M. Lewis – JPMorgan
Daniel Moore -- CJS Securities
Good morning and welcome to the John Wiley & Sons Quarterly Earnings Call. Before introducing Mr. 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. Mr. Smith, please go ahead.
Good morning. Thank you for participating in Wiley’s Fiscal Year 2012 Third Quarter Investor Conference Call. I’m with Ellis Cousens, Executive Vice President and Chief Financial Operations Officer. I will take a few moments to provide an overview of Wiley’s performance in the third quarter and we will then respond to your questions and comments.
In a difficult global economy Wiley achieved revenue growth of 1% in the third quarter both including and excluding foreign exchange. Currency-adjusted revenue growth of 3% in STMS and 2% for Global Education was offset by a decline of 5% for Professional Trades. Adjusted EPS of $0.91 excluding a $0.12 per share one-time tax benefit in the third quarter of fiscal year 2012 and a $0.10 per share bad debt charge in the third quarter of fiscal year 2011 increased by 8%, or 6% excluding the effects of foreign exchange. Higher revenues, proven expense management, lower interest expense and lower income taxes contributed to the result.