For the nine month revenue of $1.328 billion was flat on a currency neutral basis, but grew 2% including the positive foreign exchange impact. Adjusted earnings per share for the nine months grew 2% to $2.42. Excluding favorable foreign exchange adjusted EPS fell 1%, reflecting top line results and higher technology and facility costs partially offset by lower interest expense.
Year-to-date gross profit as a percent of revenue was 69.5%, 0.5% ahead of the prior-year figure of 69% due to increased digital product sales and product mix. Year-to-date Shared Services and administrative costs of $284 million were up 8% currency neutral due to ongoing investments in digital products and infrastructure and increased facility costs, partially offset by lower distribution expense.
Free cash flow for the nine months declined 12% to $181 million, principally due to technology spending and the timing of income tax payments partially offset by journal subscription cash collections. Net debt, long-term debt less cash and cash equivalents, was reduced from prior year by $128 million to $199 million. During the quarter Wiley repurchased 520,000 shares at a cost of $23 million.
Now I’d like to provide some information regarding performance of Wiley’s global businesses. During the quarter we’ve made significant announcements that herald an exciting new direction for our Professional Trade business. In mid-February we announced the acquisition of Inscape, a leader – leading provider of assessment-based training products in interpersonal business skills including leadership and management. Inscape, with annual revenue of approximately $20 million, strengthens Wiley’s position in the global training market and brings a number of key strategic and financial advantages, chiefly a global customer base with associated sales channel reach and capabilities, a technology platform for product delivery and customer support as well as strong revenue growth and attractive financial performance.Inscape derives approximately two-thirds of its revenue from digital products and strongly complements Wiley’s existing portfolio of training products published under the Pfeiffer brand. Inscape and Pfeiffer will be integrated to create a powerful force in the growing workplace learning industry. The Inscape network of authorized distributors and consultants extends Pfeiffer’s global reach and approximately one-third of Inscape revenues are earned outside the United States.
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