If trade book publisher John Wiley & Sons
In the book business, Amazon.com
Today, Wiley announced record financial results for the fiscal year 2004 ended April 30. Pro forma earnings, excluding a tax benefit and a charge related to relocating its headquarters to Hoboken, N.J., rose 12% to $85.8 million, or $1.36 per share. Revenue increased 8% to $922.9 million. Actual net income for the year increased a much smaller 2% to $88.8 million, or $1.41 per share. For the fourth quarter, the company reported an increase in revenue of 14% to $232.1 million and a 21% increase in net income to $10.0 million.
The publisher attributed much of its growth to keeping expenses in check and a stronger second half of the year, which included a 16% growth in sales via the retail book market during the fourth quarter. Two titles mentioned as particularly successful were Bull's Eye Investing and the annually published Stock Trader's Almanac, whose co-author, Yale Hirsch, I am proud to count as a friend.
The company didn't provide an outlook, but it's safe to say that book sales increase in an improving economic environment, and the renewed interest in the stock markets is an added plus for this publishing company with a punch.
Fool contributor Mark Mahorney doesn't own shares of any companies mentioned.