John Wiley & Sons, Inc. Reports Revenue and Earnings Increases for the First Quarter of Fiscal Year 2004.Business Editors HOBOKEN, N.J.--(BUSINESS WIRE)--Sept. 3, 2003 John Wiley John Wiley may refer to:
See: New York Stock Exchange :JWa) (NYSE:JWb) announced today that first quarter revenue increased 6% over prior year to $219.7 million. Excluding foreign currency translation gains, revenue increased 4%. Excluding an unusual charge related to the Company's relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. to Hoboken, New Jersey Hoboken is a city in Hudson County, New Jersey, United States. Geography Hoboken is located at 40°44'41" North, 74°1'59" West (40.744851, -74.032941).GR1 , in the prior year, first quarter net income advanced to $21.8 million from $21.5 million while earnings per share increased to $0.35 from $0.34. Including the unusual charge, net income and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in last year's first quarter were $20.0 million and $0.32, respectively. Operating and administrative expenses increased 9% over last year's first quarter. Excluding the combined effects of foreign currency and expense associated with a small web development company acquired in the second quarter of last fiscal year, the increase was 5%. "Wiley's results are consistent with our expectations, particularly given the generally soft market conditions around the world and comparisons to last year's strong first quarter. Assuming gradual improvement in market conditions throughout the year, we continue to anticipate mid-to-high single digit increases in revenue and earnings in fiscal year 2004," said President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , William J. Pesce. Segment Highlights -- Professional/Trade (P/T P/T Part Time P/T Pass-Through P/T Powertrain (automotive) P/T Province/Territory P/T Pressure Transmitter P/T Paris/Torres (Star Trek characters) P/T Peak & Trough P/T Press to Talk P/T Precision over Tolerance ) First quarter revenue of Wiley's U.S. P/T business advanced 8% over the same period in the prior year, reflecting the strength of its publishing, marketing and sales programs, as well as improvement in sales returns. In a sluggish retail environment, P/T out-performed the industry, gaining share in its major market segments. Wiley's technology program had a successful first quarter, a significant accomplishment given the continuing softness in the market. Consumer areas continue to perform well, including digital photography, digital imaging, Photoshop, general PC technology, Windows XP The previous client version of Windows. XP was a major upgrade to the client version of Windows 2000 with numerous changes to the user interface. XP improved support for gaming, digital photography, instant messaging, wireless networking and sharing connections to the Internet. , and home networking. The professional segment continues to be soft. Wiley's business program exhibited strength amidst a·midst prep. Variant of amid. [Middle English amiddes : amidde; see amid + -es, adverbial suffix; see -s3.] challenging market conditions, reflecting healthy backlist back·list n. A publisher's list of older titles kept in print. tr.v. back·list·ed, back·list·ing, back·lists To place (a title) on a backlist. sales in leadership, real estate, high-level finance, and accounting. Seven Wiley business titles appeared on major bestseller lists, including Five Dysfunctions of a Team: A Leadership Fable fable, brief allegorical narrative, in verse or prose, illustrating a moral thesis or satirizing human beings. The characters of a fable are usually animals who talk and act like people while retaining their animal traits. ; Home Buying For Dummies; Iron Triangle; Yes, You Can Time the Market; Martha, Inc.; The Ernst & Young Tax Guide 2003; and JK Lasser's Your Income Tax 2003. Noteworthy titles that were published during the quarter include Modern Investment by Bob Litterman of Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and Rich in America by Jeffrey Maurer, the CEO of US Trust. Bookselling For Dummies, which was produced with the American Booksellers Association as the official guide for the annual Book Expo in May, was distributed to all independent booksellers in the U.S. All the Shah's Men: An American Coup and the Roots of Middle East Terror, a high-profile current events title by Stephen Kinzer Stephen Kinzer is an American author and newspaper reporter. He is a veteran New York Times correspondent who has reported from more than fifty countries on four continents. During the 1980s he covered revolution and social upheaval in Central America. , was published to great critical acclaim during the first quarter. Top-selling cookbooks The following is a list of cookbooks, sorted alphabetically by author's surname. This is not a list of external links to commercial sites; please list only cookbooks here. This literature-related list is incomplete; you can help by [ expanding it]. during the quarter were Betty Crocker's Cookie cookie File or part of a file put on a Web user's hard disk by a Web site. Cookies are used to store registration data, to make it possible to customize information for visitors to a Web site, to target Web advertising, and to keep track of the products a user wishes to Book, Betty Crocker's Cookbook (programming) cookbook - (From amateur electronics and radio) A book of small code segments that the reader can use to do various magic things in programs. One current example is the "PostScript Language Tutorial and Cookbook" by Adobe Systems, Inc (Addison-Wesley, ISBN Bridal Edition, and Weight Watchers New Complete Cookbook. Webster's New World foreign language dictionaries also sold well. MTV's reality show, Real World, featured seven Americans working on a travel guide for Wiley's Frommer's series. -- Scientific, Technical, and Medical (STM (Scanning Tunneling Microscope) A microscope that can image down to the atomic level. An STM uses a piezoelectric tube with a tiny sharp tip at the end that is moved within nanometers of the object being sampled. ) Wiley's U.S. STM revenue in the first quarter of fiscal year 2004 was slightly lower than last year due to continued sluggish book sales and the impact of the Rowecom bankruptcy on calendar year 2003 journal revenue. Global STM journal revenue performed well, even including the unfavorable effect of the Rowecom bankruptcy, increasing 4% over the prior year. Wiley InterScience, the Company's online service, experienced significant growth with the number of full-text accesses increasing over 40% from prior year. More than 60% of global journal subscription revenue is generated by Wiley InterScience licenses. Several new licenses were signed during the first quarter. Two institutions, Nanjing University Nanjing University (Chinese: 南京大学; Pinyin: Nánjīng Dàxué; colloquially 南大) is a national comprehensive university located in Nanjing, an ancient capital of and Northeastern University Northeastern University, at Boston, Mass.; coeducational; founded 1898 as a program within the Boston YMCA, inc. 1916, university status 1922, fully independent of the YMCA 1948. joined the China Academic Libraries Information System (CALIS CALIS China Academic Library & Information System (cooperative library cataloging system) CALIS Covariance Analysis of Linear Structural Equations (SAS procedure) ) consortium agreement. The CALIS agreement, which is Wiley's first Enhanced Access License in China, has already resulted in a dramatic increase in the number of visits to Wiley InterScience from users in China. New licenses were also signed with Kings College London, the United Arab Emirates University United Arab Emirates University (in Arabic:جامعة الإمارات العربية المتحدة) was established in 1976, and is the oldest , and the University of New Mexico The University of New Mexico (UNM) is a public university in Albuquerque, New Mexico. It was founded in 1889. It also offers multiple bachelor's, master's, doctoral, and professional degree programs in all areas of the arts, sciences, and engineering. . A number of new database products were made available online during the quarter, including the Organic Synthesis Organic synthesis is the construction of organic molecules via chemical processes. Organic molecules can often contain a higher level of complexity compared to purely inorganic compounds, so the synthesis of organic compounds has developed into one of the most important aspects of Database, the Database of Polymer Properties and AntiBase 2003. Wiley's Current Protocols program has enjoyed a strong start to the year, reflecting the performance of CP Bioinformatics Using computers in biological research to analyze or predict the composition of molecules (nucleic acids, proteins, etc.) and model biologic systems. Bioinformatics is most prominent in the Human Genome Project, which has recorded the three billion chemical base pairs that make up the and new CP Online licenses. -- Higher Education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. First quarter revenue for the U.S. Higher Education business was up 6% over the comparable prior year period, reflecting growth in the life sciences due to a strong front list, as well as solid performances of the physical sciences and social sciences programs. Industry-wide conditions in engineering continue to be weak. Globally Higher Education revenues increased approximately 8% for the quarter. During the quarter, Higher Education benefited from the performance of recent revisions including Kieso/Intermediate Accounting 11e; Huffman/Psychology 7e; Davison/Abnormal Psychology 9e; Cutnell/Physics 6e; Kimmel/Financial Accounting 3e; and Tortora and Grabowski/Principles of Anatomy anatomy (ənăt`əmē), branch of biology concerned with the study of body structure of various organisms, including humans. Comparative anatomy is concerned with the structural differences of plant and animal forms. and Physiology physiology (fĭzēŏl`əjē), study of the normal functioning of animals and plants during life and of the activities by which life is maintained and transmitted. It is based fundamentally on the activities of protoplasm. 10e. Wiley is leveraging its investments in technology to help teachers teach and students learn. During the quarter, eGrade Plus was launched for Cutnell and Johnson/Physics 6e, the first product built using Wiley's new technology platform, known as Edugen. This platform enables Wiley to deliver integrated content that is organized around teaching and learning activities. Higher Education formed a publishing partnership with Editorial Espasa Calpe, a subsidiary of Grupo Planeta, one of the largest Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons publishers in the world. Wiley and Espasa will co-develop a textbook and related material for the first-year undergraduate Spanish course. This innovative program will provide students with multimedia access to a comprehensive set of tools that will assist them with pronunciation pronunciation: see phonetics; phonology. Pronunciation - In this dictionary slashes (/../) bracket phonetic pronunciations of words not found in a standard English dictionary. , vocabulary, and grammar. The program will help students immerse im·merse tr.v. im·mersed, im·mers·ing, im·mers·es 1. To cover completely in a liquid; submerge. 2. To baptize by submerging in water. 3. themselves in the language and culture of the Hispanic world through high-quality video segments from a professional television series. -- Europe First quarter revenue in Wiley's European segment increased 6%, but was down 3% excluding the effect of foreign currency translation gains. Strong journal performance from Wiley-VCH in Germany was more than offset by weak book sales in the UK. Strength in journals came from the European Journal of Organic Chemistry The European Journal of Organic Chemistry (usually abbreviated as Eur. J. Org. Chem., print-ISSN 1434-193X, CODEN EJOCFK), is a peer-reviewed scientific journal. , the Numerical Methods in Engineering journal, the European Journal of Inorganic Chemistry The European Journal of Inorganic Chemistry (usually abbreviated as Eur. J. Inorg. Chem., print-ISSN 1434-1948, CODEN EJICFO), is a peer-reviewed scientific journal for inorganic chemistry. , and a group of five polymer publications. In addition, Angewandte Chemie, one of the leading international chemistry research journals, performed well. In May, Wiley launched a Website it developed for the European Peptide peptide, organic compound composed of amino acids linked together chemically by peptide bonds. The peptide bond always involves a single covalent link between the α-carboxyl (oxygen-bearing carbon) of one amino acid and the amino nitrogen of a second amino acid. Society (www.eurpepsoc.com), as well as new revenue-generating features (advertorials and HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. email newsletters) for two communities of interest portals, spectroscopyNOW.com and separationsNOW.com. Wiley Europe renewed its contract with The Pathological Society Aims and Mission The Pathological Society (of Great Britain and Ireland) is a professional organisation whose mission is stated as 'understanding disease' Membership and Profile of Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. and Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. to publish the Journal of Pathology pathology, study of the cause of disease and the modifications in cellular function and changes in cellular structure produced in any cell, organ, or part of the body by disease. , as well as with the Biometrical Society to publish the Biometrical Journal. The Company also renewed its license with the UK National Electronic Health Library, which provides online access to the Cochrane Systematic Reviews in the UK. Wiley formed a partnership with The Cochrane Collaboration The Cochrane Collaboration was developed in response to Archie Cochrane's call for up-to-date, systematic reviews of all relevant randomized controlled trials of health care. in March to publish these online databases, which are widely regarded as the world's most authoritative source of information on the effectiveness of health care interventions. In addition to enhancing Wiley's medical publishing program with the addition of prestigious content, the partnership established a major presence for the Company in the rapidly emerging area of medical informatics medical informatics, n the field of information science concerned with the analysis and dissemination of medical data through the application of computers to various aspects of health care and medicine. . Wiley Europe formed an alliance with IASeminars for accountancy and finance titles, giving the Company access to their customer base of 50,000 professionals throughout Europe. In addition, an agreement was concluded with Cyberlibris, to feature 150 Wiley titles in this European digital library service for business schools and corporate institutional training centers. -- Asia, Australia & Canada First quarter revenue in Asia, Australia, and Canada increased 11%, or 2% excluding the effect of foreign currency translation gains. Strong Higher Education sales, driven principally by market share gains in Canada, were tempered somewhat by soft revenue in Australia. In spite of the lingering lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. effect of the SARS outbreak, Asia reported growth in the first quarter, reflecting continued gains in China and India. The Dollar Crisis, by financial analyst Richard Duncan
Richard Duncan (??-February 1819) was a soldier, judge and political figure in Upper Canada. He was born in Berwick-upon-Tweed, England. , received extensive global publicity that propelled it to the #17 bestseller on Amazon.com. A Wiley Australia Wrightbooks title, From 0 to 130 Properties in 3.5 Years, by Steve McKnight, published during the quarter to great acclaim. For the seventh time in eight years, Wiley Australia won Secondary Publisher of the Year at the Awards for Excellence in Educational Publishing conference. Two Higher Education titles received awards: Jones/Investments: Analysis and Management won best adaptation and Davidson/Management: An Australian Perspective 2e won best teaching and learning package. Special Item Wiley completed the relocation of the Company's headquarters to Hoboken, New Jersey in the first quarter of fiscal year 2003 and reported an unusual charge for costs associated with the relocation of approximately $1.5 million after-tax or $.02 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This report contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; and (viii) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances. Conference Call John Wiley & Sons, Inc., will hold a conference call on Wednesday, September 3, 2003, at 10:30 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) to discuss its financial results for the first quarter of fiscal year 2004. The call will include a brief management presentation followed by a question and answer session. To participate in the conference call, please dial the following number approximately ten minutes prior to the scheduled starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first : (800) 406-5345. International callers may participate by dialing: (913) 981-5571. A replay of the call will be available from 1:30 p.m. (EDT) on Wednesday, September 3 through midnight (EDT) on Wednesday, September 9 by dialing (888) 203-1112 or (719) 457-0820 and entering Passcode 132692. A live audio Webcast will be accessible at http://www.wiley.com/go/communications. A replay of the Webcast will be accessible for 14 days afterwards af·ter·ward also af·ter·wards adv. At a later time; subsequently. afterwards or afterward Adverb later [Old English æfterweard] Adv. 1. . Founded in 1807, John Wiley & Sons, Inc., provides must-have content and services to customers worldwide. Its core businesses include scientific, technical, and medical journals, encyclopedias This article contains a list of encyclopedias, including projects to create new works. Because the number of works that can be considered encyclopedias is very large, this list does not attempt to be comprehensive. , books, and online products and services; professional and consumer books and subscription services; and educational materials for undergraduate and graduate students and lifelong learners. Wiley has publishing, marketing, and distribution centers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Europe, Asia, and Australia. The Company is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbols JWa and JWb. Wiley's Internet site can be accessed at http://www.wiley.com.
JOHN WILEY & SONS, INC.
SUMMARY OF OPERATIONS
FOR THE FIRST QUARTER
ENDED JULY 31, 2003 AND 2002
(in thousands, except per share amounts)
First Quarter
Ended July 31,
---------------------------
2003 2002 % Change
-------- -------- ---------
Revenues $219,660 206,437 6%
Costs and Expenses
Cost of Sales 72,109 68,721 5%
Operating and Administrative Expenses 112,043 102,367 9%
Amortization of Intangibles 2,330 2,176 7%
Unusual Item - Relocation Expenses
(A) - 2,465
-------- --------
Total Costs and Expenses 186,482 175,729 6%
-------- --------
Operating Income 33,178 30,708 8%
Operating Margin 15.1% 14.9%
Interest Expense, Net 1,260 1,737
-------- --------
Income Before Taxes 31,918 28,971 10%
Provision (Benefit) for Income Taxes 10,118 8,941
-------- --------
Net Income $ 21,800 20,030 9%
======== ========
Income Per Share
Diluted $ 0.35 0.32 10%
Basic $ 0.35 0.32
Reconciliation of Unusual Items
------------------------------------------
Net Income Loss as Reported $ 21,800 20,030
Relocation Expense, Net of Tax (A) - 1,479
-------- --------
Net Income Before Unusual Items $ 21,800 21,509 1%
======== ========
Income (loss) Per Share-Diluted as
Reported $ 0.35 0.32
Relocation Expense, Net of Tax (A) - 0.02
Net Income Per Share-Diluted Before
Unusual Items $ 0.35 0.34 2%
======== ========
Average Shares
Diluted 62,964 63,573
Basic 61,686 61,658
(A) The Company completed the relocation of its headquarters to
Hoboken, N.J. in the first quarter of fiscal year 2003. An unusual
charge for costs associated with the relocation of approximately
$1,479 after tax or $.02 per share was reported.
JOHN WILEY & SONS, INC.
SEGMENT RESULTS
FOR THE FIRST QUARTER
ENDED JULY 31, 2003 AND 2002
(in thousands, except per share amounts)
First Quarter
Ended July 31,
---------------------------
2003 2002 % Change
-------- -------- ---------
Revenues
------------------------------------------
US Segment
Professional/Trade $ 76,144 70,181 8%
Scientific, Technical and Medical 41,707 42,457 -2%
Higher Education 47,768 44,915 6%
-------- --------
Total US 165,619 157,553 5%
European Segment 50,583 47,892 6%
Asia, Australia & Canada Segment 23,396 21,160 11%
Intersegment Sales Eliminations (19,938) (20,168) -1%
-------- --------
Total Revenues $219,660 206,437 6%
======== ========
Direct Contribution to Profit
------------------------------------------
US Segment
Professional/Trade $ 18,188 14,292 27%
Scientific, Technical and Medical 20,716 20,317 2%
Higher Education 18,684 18,158 3%
-------- --------
Total US 57,588 52,767 9%
European Segment 15,422 16,036 -4%
Asia, Australia & Canada Segment 4,143 3,612 15%
-------- --------
Total Direct Contribution to Profit (A) 77,153 72,415 7%
Shared Services and Administrative Costs
------------------------------------------
Distribution (11,261) (11,054) 2%
Information Technology & Development (11,801) (8,522) 38%
Finance (7,051) (7,367) -4%
Other Administration (13,862) (12,299) 13%
-------- --------
Total Shared Services and Admin. Costs (43,975) (39,242) 12%
Unusual Item - Relocation Expenses (A) - (2,465)
-------- --------
Operating Income $ 33,178 30,708
======== ========
(A) The Company completed the relocation of its headquarters to
Hoboken, N.J. in the first quarter of fiscal year 2003. An unusual
charge for costs associated with the relocation of approximately
$1,479 after tax or $.02 per share was reported.
JOHN WILEY & SONS, INC.
CONDENSED STATEMENTS OF FINANCIAL POSITION
(in thousands)
July 31, April 30,
-----------------
2003 2002 2003
-------- -------- --------
Current Assets
Cash & cash equivalents $ 8,085 9,850 33,241
Accounts receivable 134,802 130,653 120,057
Inventories 83,210 80,051 83,337
Other current assets 39,826 50,659 47,209
-------- -------- --------
Total Current Assets 265,923 271,213 283,844
Product Development Assets 61,397 57,388 60,842
Property and Equipment 114,599 95,827 114,870
Goodwill 193,354 190,501 192,186
Intangible Assets 280,105 281,310 280,872
Other Assets 22,034 21,858 23,358
-------- -------- --------
Total Assets 937,412 918,097 955,972
======== ======== ========
Current Liabilities
Notes Payable & Current portion of
long-term debt 45,000 55,000 35,000
Accounts and royalties payable 79,110 103,264 71,296
Deferred subscription revenues 84,198 82,097 131,392
Accrued income taxes 12,198 13,652 7,953
Other accrued liabilities 56,675 66,434 77,624
-------- -------- --------
Total Current Liabilities 277,181 320,447 323,265
Long-Term Debt 200,000 235,000 200,000
Accrued Pension liability 51,493 28,373 54,909
Other Long-Term Liabilities 28,183 22,760 28,190
Deferred Income Taxes 5,847 14,572 5,604
Shareholders' Equity 374,708 296,945 344,004
-------- -------- --------
Total Liabilities & Shareholders'
Equity $937,412 918,097 955,972
======== ======== ========
CONDENSED STATEMENTS OF CASH FLOWS
First Quarter
Ended July 31,
-----------------
2003 2002
-------- --------
Operating Activities
Net income $ 21,800 20,030
Amortization of intangibles 2,330 2,176
Amortization of composition costs 7,511 7,113
Depreciation of property and equipment 7,083 4,219
Other non-cash items 14,437 18,207
Net change in operating assets and
liabilities (67,975) (59,347)
-------- --------
Cash Provided By (Used for) Operating
Activities (14,814) (7,602)
Investing Activities
Additions to product development
assets (12,885) (9,181)
Additions to property and equipment (5,633) (25,510)
Acquisition of publishing assets, net
of cash acquired (1,006) (7,812)
-------- --------
Cash Used for Investing Activities (19,524) (42,503)
Financing Activities
Borrowings of short-term debt 10,000 25,000
Cash dividends (4,035) (3,094)
Purchase of treasury shares - (3,531)
Proceeds from issuance of stock on
option exercises & other 2,633 1,125
-------- --------
Cash Provided by (Used for) Financing
Activities 8,598 19,500
Effects of Exchange Rate Changes on Cash 584 750
-------- --------
Decrease in Cash and Cash Equivalents for
Period $(25,156) (29,855)
======== ========
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