Wiley Reports Fourth Quarter and Fiscal Year 2023 Results

FOURTH QUARTER SUMMARY (results vs. prior year)
*GAAP Results: Revenue of $526 million (-4%), Operating income of $82 million (+41%), and EPS of $1.22 (+$0.46).
*Adjusted Results at Constant Currency: Revenue of $526 million (-2%), Adjusted EBITDA of $137 million (+23%), and Adjusted EPS of $1.45 (+32%).

FULL YEAR SUMMARY (results vs. prior year)
*GAAP Results: Revenue of $2,020 million (-3%), Operating income of $56 million (-$163 million), and EPS of $0.31 (-$2.31). GAAP earnings performance primarily due to $100 million ($1.77/share) of non-cash goodwill impairment in Education Services/University Services and restructuring charges totalling $49 million ($0.66/share).
*Adjusted Results at constant currency: Revenue of $2,020 million (0%), Adjusted EBITDA of $422 million (-2%), and Adjusted EPS of $3.84 (-8%).
*Cash from Operations of $277 million (-$62 million) and Free Cash Flow of$173 million (-$50 million) mainly due to higher restructuring payments and interest payments.

MANAGEMENT COMMENTARY
“Today we are announcing strategic actions that will make Wiley simpler, stronger, and more profitable by focusing on our long-standing position as a global leader in research, publishing and digital solutions that accelerate the creation and application of new knowledge,” said Brian Napack, President and CEO. “Our goal, as always, is to maximize value creation for our shareholders and deliver impact for all our stakeholders. The actions that we are now taking will allow us to materially improve our performance and margins in Fiscal 2025 and 2026 and position us for sustained, profitable growth in the years ahead. We look forward to discussing this at our investor day later this year.”
details at: https://newsroom.wiley.com/press-releases/press-release-details/2023/Wiley-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx

Related Posts

The ODP Corporation Announces Second Quarter 2021 Results

Total reported sales for the second quarter of 2021 were $2.3 billion, an increase of 6% compared to the second quarter of 2020. The year-over-year increase in revenue was partially driven by stronger business activity as the public sector returned to work and schools began to return to in-class learning. Product sales in the second quarter were up 6% relative to the prior year period, driven by stronger demand for core supply product categories, workspaces and technology. Service revenue in the first quarter was up 8%, largely related to stronger demand for managed print and fulfillment, as well as copy and print services in both BSD and Retail Divisions. The Company reported operating loss of $78 million in the second quarter of 2021, compared to operating loss of $456 million in the prior year period. GAAP operating results in the second quarter included $122 million of charges including $115 million of non-cash asset impairment charges, and $7 million in net merger, restructuring and other operating costs. Asset impairment charges of $115 million in the second quarter of 2021 included $114 million related to impairment of goodwill and other intangible assets at CompuCom, largely related to the macroeconomic effects of COVID-19 on current business conditions. Net merger, restructuring and other operating costs of $7 million were primarily associated with the planned separation of B2B operations. Net loss was $88 million, or $(1.62) per diluted share in the second quarter of 2021, compared to net loss of $439 million, or $(8.19) per diluted share in the second quarter of 2020.

Bertrams Goes Bankrupt (publishersweekly.com)

The drawn-out saga of the potential sale of the Bertram Group, one of two major U.K. wholesalers, came to a conclusion today with the news that the business has gone into administration. A statement on behalf of administrators Turpin Barker Armstrong (TBA) was received by the U.K. publishing newsletter BookBrunch confirming the company had gone bankrupt. “We can confirm that Bertram Trading Limited, the global book wholesaler, has entered administration along with Education Umbrella Limited, a supplier of textbooks and digital education resources and Dawson Books Limited, an academic and professional library supplier," the statement reads.

Rite Aid Reports Fiscal 2018 Fourth Quarter and Full Year Results

Revenues from continuing operations for the quarter were $5.4 billion compared to revenues from continuing operations of $5.9 billion in the prior year's fourth quarter, a decrease of $509.1 million or 8.6 percent. Same store sales from Retail Pharmacy continuing operations for the quarter decreased 1.7 percent over the prior year, consisting of a 2.3 percent decrease in pharmacy sales and a 0.6 percent decrease in front-end sales. Net loss from continuing operations was $483.7 million or $0.46 per diluted share compared to last year's fourth quarter net loss from continuing operations of $25.1 million or $0.02 per diluted share. The decline in operating results was due primarily to $325 million of income tax expense relating to the revaluation of the company's deferred tax assets as a result of the 2017 Tax Act and a charge of $191 million, net of tax, for the impairment of goodwill related to our Pharmacy Services Segment. Click Read More below for additional information.
Back To Top
×Close search
Search