UPDATE: John Wiley Posts Drop In FQ4 Profit

John Wiley & Sons

reported an 84% drop in its fiscal fourth-quarter earnings. For the new fiscal year, John Wiley projects adjusted earnings of $2.85 to $2.95 per share. However, analysts estimated earnings of $3.22 per share. John Wiley's quarterly profit declined to $8 million, or $0.13 per share, from $48.3 million, or $0.80 per share, in the year-ago period. Excluding special items, it earned $0.71 per share. Its revenue fell 1.9% to $445.9 million, while operating margin declined to 3.1% from 15.4%. John Wiley shares closed at $41.45 yesterday.