On December 7, 2016, John Wiley Sons Inc., a New York corporation (the Company), issued a press release announcing the Companys financial results for the second quarter of fiscal year 2017. A copy of the Companys press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this report, including the exhibits hereto, (x) shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and (y) shall not be incorporated by reference into any filing of the Company with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the Company specifically states that the information or exhibits in this particular report are incorporated by reference). The furnishing of the information set forth in this report is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information.

ITEM 9.01:

FINANCIAL STATEMENTS AND EXHIBITS

Exhibit No. Description

99.1 Press release dated December 7, 2016 titled Wiley Reports Second Quarter Fiscal Year 2017 Results (furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and not deemed incorporated by reference in any filing under the Securities Act of 1934, as amended).

Investor Contact:

Brian Campbell

VP, Investor Relations

201.748.6874

Wiley Reports Second Quarter Fiscal Year 2017 Results

Second quarter revenue of $426 million, up 2% over prior year on a constant currency basis (-2% US GAAP)

Second quarter journal subscription revenue up 3% on a constant currency basis (-2% US GAAP)

Second quarter adjusted EPS of $0.76, up 3% on a constant currency basis. Adjusted EPS excludes certain charges and credits further described below and in the attached financial schedules. EPS on a US GAAP basis was a loss of $0.20 including the previously announced one-time tax charge of $0.83 per share

First half revenue flat and adjusted EPS down 1% on a constant currency basis. On a US GAAP basis, revenue down 3% and EPS down 74% reflecting the tax charge

New Segment Reporting

To reflect shifts in its management structure, Wiley has implemented a new reporting structure comprised of three reportable segments: Research (Journals and Atypon; 50% of total fiscal 2017 year-to-date revenue), Publishing (Books and related content, Course Workflow, and Test Preparation; 37% of total year-to-date revenue) and Solutions (Online Program Management, Corporate Learning, and Professional Assessment; 13% of total year-to-date revenue). Please see the attached financial schedules for more detail, including historical segment restatement for the past five quarters.

Management Commentary

We made solid progress in the quarter, said Mark Allin, Wileys President and CEO. Research continued to deliver good performance through the quarter and the first half of the year, with steady growth from journal subscriptions and strong double-digit growth from author-funded access. Our Atypon acquisition, which closed in the last month of the quarter, will further enhance our Research capabilities with an industry-leading online library platform and expanded Research service offerings. In our other two segments, Solutions posted double-digit revenue growth through the first six months, while Publishing revenue continued to decline due to market weakness in print book publishing.

Fiscal Year 2017 Outlook

Wiley reaffirms its fiscal year 2017 operational outlook of flat revenue and a mid-single digit decline in adjusted EPS excluding foreign exchange, the favorable impact from shifting to time-based journal subscription agreements (+$37 million in revenue and +$0.42 in EPS), and the partial year revenue contribution (approximately +$20 million) and EPS dilution (approximately -$0.15) of the Atypon and Ranku acquisitions. The acquisition-related dilution reflects the impacts of acquisition accounting, including amortization of acquired intangibles, as well as costs associated with initiating the migration of Wiley Online Library to Atypons Literatum platform.

Income Tax Judgement in Germany

As previously reported in a September 26, 2016 filing, Wiley received an unfavorable final judgement from the German Federal Fiscal Court, denying Wileys longstanding income tax appeal. As background, the finance court denied the argument that Wiley was entitled to claim additional tax depreciation deductions over 15 years related to a fiscal year 2003 reorganization of several German subsidiaries. No further appeals are available. As a result, the Company forfeited its approximate 57 million euro deposit and incurred a predominantly non-cash income tax charge of $48 million ($0.83 per share for the quarter, $0.82 for the six month period). This charge is included in the Companys income tax expense for the second quarter and six month periods ending October 31, 2016.

Foreign Exchange (FX)

Note that foreign exchange was adverse to second quarter revenue and EPS by $15 million and $0.04 per share, respectively. Wiley generates approximately half of its revenue from outside the United States, and is therefore exposed to foreign exchange rate fluctuations, particularly in relation to the euro and pound sterling. The weighted average rates for fiscal 2016 were 1.11 and 1.50, respectively. Throughout this report, references are made to variances excluding foreign exchange or on a constant currency basis; such amounts exclude both currency translation effects and transactional gains and losses.

Adjusted Results

The Company provides financial measures referred to as adjusted contribution to profit and EPS, which exclude a previously announced tax charge; restructuring charges; a pension settlement charge related to voluntary lump sum buyouts; and certain deferred tax benefits as more fully described in the attached financial schedules. Variances to adjusted contribution to profit and EPS are on a constant currency basis unless otherwise noted. Management believes the exclusion of such items provides additional information to facilitate the analysis of results. These non-GAAP measures are not intended to replace the financial results reported in accordance with GAAP.

Second Quarter and First Half Summary

Second quarter revenue declined 2% on a US GAAP basis to $425.6 million, or rose 2% excluding the unfavorable impact of foreign exchange ($15 million). Higher revenue on a constant currency basis was driven by growth in Journal Revenue (+3%), Online Program Management (+21%), Corporate Learning (+16%), Online Test Preparation (+11%), and Course Workflow (+8%), along with a one-month results contribution from the Atypon acquisition (+$2.5 million), partially offset weakness in Books (-9%). The shift to time-based journal subscriptions in calendar year 2016 had no material impact on revenue growth in the second quarter. First half revenue declined 3% on a US GAAP basis to $829.9 million, and was flat excluding the impact of currency. For the six months, the shift to time-based journal subscriptions resulted in a favorable revenue impact of $4 million.

Second quarter EPS declined 127% on a US GAAP basis to a loss of $0.20, but rose 3% on an adjusted basis. Adjusted EPS excludes the unfavorable impact of foreign exchange ($0.04); an adverse income tax judgement in Germany ($0.83); a settlement charge related to a voluntary lump sum pension distribution program for terminated employees ($0.10); and restructuring charges in the current ($0.08) and prior year quarter ($0.04); partially offset by a deferred tax benefit related to a future tax rate reduction in the United Kingdom ($0.04). Adjusted EPS growth was mainly due to revenue performance and cost savings from restructuring initiatives, partially offset by an increase in technology spending. The shift to time-based journal subscriptions in calendar year 2016 had no material impact on earnings growth in the second quarter. First half EPS on a US GAAP basis declined 74% to $0.34. Adjusted EPS declined 1% to $1.27. Also note, for the first six months, the shift to time-based journal subscriptions resulted in a favorable earnings impact of approximately $0.05 per share.

Atypon acquisition: In October, Wiley closed its $120 million Atypon acquisition, which was first announced in August. Atypon is a publishing-software and service provider based in Santa Clara that enables scholarly societies and publishers to deliver, host, enhance, market, and manage their content on the web. Atypons Literatum platform hosts nearly 9,000 journals, 13 million journal articles, and more than 1,800 publication web sites for over 200 societies and publishers. Atypon generated over $31 million in calendar year 2015 revenue. The platform will replace the current Wiley Online Library platform in calendar year 2018.

Appointment of Judy Verses as Executive Vice President, Research: In October, Wiley announced the appointment of Judy Verses as Executive Vice President, Research. Judy was most recently President, Global Enterprise Education at Rosetta Stone, a market leader in online language learning and literacy, where she had global responsibility for all institutional business, as well as product and business development, IT, and global communications. Previously, Judy had been President and Chief Client Officer at Blackboard, a leading supplier of educational enterprise software, overseeing global sales and marketing, and President and COO at Blackboard Learn.

Net Debt and Cash Position: Net debt (debt less cash and cash equivalents) at the end of October was $616.6 million, up from $580.8 million at the end of the prior year. The increase is mainly attributed to recent acquisitions. Cash and cash equivalents as of October 31, 2016 were $267.4 million.

Free Cash Flow was a use of $155.4 million for the first six months compared to a use of $192.7 million in the prior year period mainly due to earlier journal cash collections. Note that free cash flow is seasonally negative in the first half of Wileys fiscal year principally due to the timing of cash collections for annual journal subscriptions.

Share Repurchases: Wiley repurchased 193,955 shares this quarter at a cost of $10.0 million, an average of $51.56 per share. Over 4.3 million shares remain in the current authorized repurchase programs.

As noted, below are our redefined segments:

RESEARCH (JOURNALS AND ATYPON)

Revenue: Second quarter revenue of $206.0 million declined 1% on a US GAAP basis but rose 5% on a constant currency basis. Growth in constant currency was driven by a 3% rise in Journal Revenue, including 3% growth in Journal Subscriptions and 27% growth in Author-Funded Access, as well as a $2.5 million revenue contribution from the acquisition of Atypon in the last month of the quarter. For the first six months, Research revenue was flat on a US GAAP basis but grew 4% at constant currency, including in both cases the $4 million favorable impact from the shift to time-based journal subscriptions.

Contribution to Profit: Second quarter contribution to profit of $60.3 million was down 6% on a US GAAP basis but was essentially flat on an adjusted basis. Contributions from revenue growth were offset by costs associated with the Atypon acquisition, higher technology costs, and other spending to support society journals. For the first six months, contribution to profit was down 5% on a US GAAP basis, and 1% on an adjusted basis, including in both cases the $3.8 million favorable profit impact from the shift to time-based journal subscriptions.

Calendar Year 2016 Journal Subscriptions: As of the end of October, calendar year 2016 Journal Subscriptions increased 1% on a constant currency basis, with 99% of targeted business contracted for the 2016 calendar year.

Society Publishing Agreements: Two new society contracts were signed in the three month period ending October 2016 with combined annual revenue of $2.7 million; 12 were renewed with combined annual revenue of $7.9 million; and one with annual revenue of $1.6 million was not renewed.

Nobel Prize Winners: In October, Wiley announced that six Wiley authors have been honored with the 2016 Nobel Prize in their respective fields, including Professor Yoshinori Ohsumi, Tokyo Institute of Technology, Tokyo, Japan (Physiology or Medicine); Professors Jean-Pierre Sauvage, University of Strasbourg, France, Sir J. Fraser Stoddart, Northwestern University, Evanston, IL, USA and Bernard Ben L. Feringa, University of Groningen, The Netherlands (Chemistry); and Professors Oliver Hart, Harvard University, Cambridge, MA, USA, and Bengt Holmstrm, Massachusetts Institute of Technology (MIT), Cambridge, MA, USA (Economic Sciences). Wiley has now published the works of over 470 Nobel Laureates.

PUBLISHING (BOOKS, COURSE WORKFLOW, ONLINE TEST PREPARATION)

Revenue: Second quarter revenue declined 7% on a US GAAP basis to $163.3 million, or 5% at constant currency. Growth in Online Test Preparation (+11%), Course Workflow (+8%) and Licensing and Other (+20%) was more than offset by a 9% decline in Books and Reference Material revenue, with STM and Professional Books down 12% and Education Books down 5%. Digital revenue grew 7% in the quarter. For the six months, Publishing revenue declined 11% on a US GAAP basis, or 10% at constant currency.

Contribution to Profit: Second quarter contribution to profit rose 6% on a US GAAP basis to $36.5 million, or 8% at constant currency. Performance was primarily due to cost savings from restructuring and lower consumption of distribution, technology and facilities shared services. For the six months, contribution to profit on a US GAAP basis was down 13%, or 10% on an adjusted basis.

Dummies Birthday – In October, Wileys iconic dummies brand celebrated its 25th birthday. Over 250 million copies have been sold to-date.

Partnerships: In October, AuditFile, Inc. and Wiley jointly announced a new version of AuditFiles award-winning audit automation software that features the full suite of 2017 Wiley Advantage Audit programs and planning documents for industry-specific audits, reviews and compilations. The new cloud-based, all-in-one audit program and automation solution empowers firms of all sizes to work more efficiently and effectively from any browser or device.

SOLUTIONS (ONLINE PROGRAM MANAGEMENT, CORPORATE LEARNING AND ASSESSMENT)

Revenue: Second quarter revenue rose 14% on both a US GAAP and constant currency basis to $56.3 million. Growth at constant currency was driven by Online Program Management (+21%) and Corporate Learning (+16%). Professional Assessment grew 2%. For the six months, Solutions revenue was up 13% on a US GAAP and constant currency basis.

Contribution to Profit: Second quarter contribution to profit on a US GAAP basis rose 120% to $5.4 million, or 129% on an adjusted basis. Performance was due to revenue growth and improved operating leverage. For the six months, Contribution to Profit on a US GAAP and constant currency basis was up $7 million.

Online Program Management: As of October 31, 2016, Wiley had 37 university partners and 231 programs under contract, compared to 37 partners and 232 programs at the end of last quarter. Wiley signed three new programs; four programs were not renewed.

Partnerships: CrossKnowledge is partnering with OReilly Medias PubFactory to provide organizations with a curated solution to access the very best library of world class IT and business information published by Wiley brands and imprints. Used in combination with other CrossKnowledge learning formats, OpenBooks creates customized training paths and allows employees to search and instantly find relevant answers their technical or business questions.

Ranku acquisition: In September, Wiley acquired Ranku, a recruitment technology and predictive analytics software company for universities and community colleges, for an undisclosed amount. Ranku has been a partner to more than 1,000 online degree programs at the undergraduate and graduate level, providing advanced market research and recruitment capabilities.

Earnings Conference Call

Scheduled for today, December 7, at 10:00 a.m. (EDT)

Access the webcast at www.wiley.com Investor Relations Events and Presentations, or http://www.wiley.com/WileyCDA/Section/id-370238.html

U.S. callers, please dial (888) 438-5453 and enter the participant code 1291593#.

International callers, please dial (719) 457-2643 and enter the participant code 1291593#.

An archive of the webcast will be available for a period of up to 14 days

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This release contains certain forward-looking statements 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; (viii) the Company’s ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities and (x) 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.

About Wiley

Wiley is a global provider of knowledge and learning services primarily in areas of science, technology, medicine, mathematics/engineering, and business/finance. Through the Research segment, the Company provides scientific, technical, medical, and scholarly journals, as well as related content and services, for academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. The Publishing segment provides scientific, professional development, and education books and related content, as well as test preparation services and course workflow tools, to libraries, corporations, students, professionals, and researchers. In Solutions, Wiley provides online program management services for higher education institutions, and learning, development, and assessment services for businesses and professionals.

JOHN WILEY SONS, INC.
UNAUDITED SUMMARY OF OPERATIONS
FOR THE SECOND QUARTER AND SIX MONTHS ENDED
OCTOBER 31, 2016 AND 2015
(in thousands, except per share amounts)
SECOND QUARTER ENDED OCTOBER 31,
																% Change
				US GAAP		Adjustments (A-D)		Adjusted		US GAAP		Adjustments (A)		Adjusted		US GAAP		Adjusted excl. FX
Revenue			$	425,588				425,588		433,362				433,362		-2%		2%
Costs and Expenses
	Cost of Sales			111,574				111,574		116,594				116,594		-4%		0%
	Operating and Administrative (B)			247,270		(8,842)		238,428		240,136				240,136		3%		2%
	Restructuring Charges (Credits) (A)			6,847		(6,847)		–		3,694		(3,694)		–
	Amortization of Intangibles			12,253				12,253		12,673				12,673		-3%		1%
	Total Costs and Expenses			377,944		(15,689)		362,255		373,097		(3,694)		369,403		1%		1%
Operating Income				47,644		15,689		63,333		60,265		3,694		63,959		-21%		3%
	Operating Margin			11.2%				14.9%		13.9%				14.8%
Interest Expense				(4,360)				(4,360)		(4,324)				(4,324)		1%		1%
Foreign Exchange (Loss) Gain				(360)				(360)		38				38
Interest Income and Other				478				478		644				644		-26%		36%
Income Before Taxes				43,402		15,689		59,091		56,623		3,694		60,317		-23%		3%
Provision for Income Taxes (A-D)				54,853		(39,340)		15,513		13,023		1,348		14,371		321%		12%
Net Income			$	(11,451)		55,029		43,578		43,600		2,346		45,946		-126%		0%
Earnings Per Share- Diluted (A-D)			$	(0.20)		0.96		0.76		0.74		0.04		0.78		-127%		3%
Average Shares – Diluted				57,538		57,538		57,538		58,790		58,790		58,790
SIX MONTHS ENDED OCTOBER 31,
																% Change
				US GAAP		Adjustments (A-D)		Adjusted		US GAAP		Adjustments (A)		Adjusted		US GAAP		Adjusted excl. FX
Revenue			$	829,873				829,873		856,343				856,343		-3%		0%
Costs and Expenses
	Cost of Sales			225,052				225,052		236,142				236,142		-5%		-2%
	Operating and Administrative (B)			482,497		(8,842)		473,655		482,836				482,836		0%		0%
	Restructuring Charges (Credits) (A)			5,927		(5,927)		–		7,119		(7,119)		–
	Amortization of Intangibles			24,826				24,826		25,072				25,072		-1%		3%
	Total Costs and Expenses			738,302		(14,769)		723,533		751,169		(7,119)		744,050		-2%		0%
Operating Income				91,571		14,769		106,340		105,174		7,119		112,293		-13%		-2%
	Operating Margin			11.0%				12.8%		12.3%				13.1%
Interest Expense				(8,431)				(8,431)		(7,897)				(7,897)		7%		7%
Foreign Exchange (Loss) Gain				(139)				(139)		(42)				(42)
Interest Income and Other				728				728		1,308				1,308		-44%		9%
Income Before Taxes				83,729		14,769		98,498		98,543		7,119		105,662		-15%		-2%
Provision for Income Taxes (A-D)				64,180		(39,603)		24,577		22,486		2,767		25,253		185%		2%
Net Income			$	19,549		54,372		73,921		76,057		4,352		80,409		-74%		-3%
Earnings Per Share- Diluted (A-D)			$	0.34		0.93		1.27		1.29		0.07		1.36		-74%		-1%
Average Shares – Diluted				58,259		58,259		58,259		59,090		59,090		59,090
		See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment.

JOHN WILEY SONS, INC.
FOR THE SECOND QUARTER AND SIX MONTHS ENDED
OCTOBER 31, 2016 AND 2015
RECONCILIATION OF US GAAP TO ADJUSTED EPS – DILUTED (UNAUDITED)
		Second Quarter Ended						Six Months Ended
		October 31,						October 31,
US GAAP Earnings Per Share – Diluted		$	(0.20)		$	0.74		$	0.34		$	1.29
Adjusted to exclude the following:
	Restructuring Charges (A)		0.08			0.04			0.07			0.07
	One-time – Pension Settlement (B)		0.10						0.09
	Unfavorable Tax Settlement (C)		0.83						0.82
	Deferred Income Tax Benefit on UK Rate Change (D)		(0.04)						(0.04)
Adjusted Earnings Per Share – Diluted		$	0.76		$	0.78		$	1.27		$	1.36
NOTES TO UNAUDITED FINANCIAL STATEMENTS
Adjustments:
A	Restructuring Charges: The adjusted results for the three and six months ended October 31, 2016 exclude restructuring charges related to the Company’s Restructuring and Reinvestment Program of $6.8 million or $0.08 per share, and $5.9 million or $0.07 per share, respectively. The adjusted results for the three and six months ended October 31, 2015 exclude restructuring charges of $3.7 million or $0.04 per share and $7.1 million or $0.07 per share, respectively.
B	The Company announced a voluntary, limited-time opportunity for terminated vested employees who were participants in the U.S. defined benefit retirement plan to elect a single lump sum payment of accumulated benefits. The election period closed on August 29, 2016. The total charge including a prorata portion of the unamortized net actuarial loss was $8.8 million or $0.10 per share for the quarter, $0.09 per share for the six month period. The aggregate amount of payments under this one time election was $28.3 million, which was paid from Pension Plan assets in October 2016.
C	As previously disclosed and as reported in the Company’s SEC filings, the Company was appealing an unfavorable tax ruling in Germany related to tax benefits obtained through an increase in the tax deductible basis of certain merged German subsidiaries. In September, the German Federal Fiscal Court issued an unfavorable final judgement in Wiley’s longstanding tax appeal. As a consequence, the Company recorded a $48 million charge, $0.83 per share in the quarter, $0.82 per share for the six month period.
D	Deferred Income Tax Benefit on UK Rate Change: The adjusted results for the three and six months ended October 31, 2016 exclude deferred tax benefits of $2.6 million $0.04 per share, associated with tax legislation enacted in the second quarter of fiscal year 2017 in the United Kingdom that reduced the U.K. corporate income tax rates by 1 percentage point in 2020. The benefits reflect the remeasurement of the Company’s deferred tax balances from 18% to the new income tax rate of 17% effective April 1, 2020 and had no current cash tax impact.
Non-GAAP Financial Measures:
In addition to providing financial results in accordance with GAAP, the Company has provided adjusted financial results that exclude the impact of other nonrecurring items described in more detail throughout this press release. These non-GAAP financial measures are labeled as “Adjusted” and are used for evaluating the results of operations for internal purposes. These non-GAAP measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes the exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. Unless otherwise noted, adjusted amounts in the attached schedules include foreign exchange.

JOHN WILEY SONS, INC.
UNAUDITED SEGMENT RESULTS
FOR THE SECOND QUARTER AND SIX MONTHS ENDED
OCTOBER 31, 2016 AND 2015
(in thousands)
SECOND QUARTER ENDED OCTOBER 31,
																% Change
				US GAAP		Adjustments (A-B)		Adjusted		US GAAP		Adjustments (A)		Adjusted		US GAAP		Adjusted excl. FX
Revenue
Research			$	205,994		–		205,994		207,662		–		207,662		-1%		5%
Publishing				163,300		–		163,300		176,258		–		176,258		-7%		-5%
Solutions				56,294		–		56,294		49,442		–		49,442		14%		14%
	Total		$	425,588		–		425,588		433,362		–		433,362		-2%		2%
Direct Contribution to Profit
Research			$	100,227		229		100,456		98,790		496		99,286		1%		6%
Publishing				76,359		215		76,574		78,536		259		78,795		-3%		-1%
Solutions				13,854		524		14,378		10,805		140		10,945		28%		31%
	Total		$	190,440		968		191,408		188,131		895		189,026		1%		5%
Contribution to Profit (After Allocated Shared Services and Admin. Costs)
Research			$	60,292		229		60,521		64,199		496		64,695		-6%		0%
Publishing				36,490		215		36,705		34,319		259		34,578		6%		8%
Solutions				5,359		524		5,883		2,434		140		2,574		120%		129%
	Total		$	102,141		968		103,109		100,952		895		101,847		1%		6%
Unallocated Shared Services and Admin. Costs				(54,497)		14,721		(39,776)		(40,695)		2,799		(37,896)		34%		10%
Operating Income			$	47,644		15,689		63,333		60,257		3,694		63,951		-21%		3%
Total Shared Services and Admin. Costs by Function
	Distribution and Operation Services		$	(23,729)		4,583		(19,146)		(21,293)		1,208		(20,085)		11%		0%
	Technology and Content Management			(68,582)		1,663		(66,919)		(62,230)		(379)		(62,609)		10%		9%
	Finance			(11,751)		(191)		(11,942)		(10,258)		(496)		(10,754)		15%		13%
	One-time Pension Settlement			(8,842)		8,842		–		–		–		–
	Other Administration			(29,892)		(176)		(30,068)		(34,093)		2,466		(31,627)		-12%		-2%
	Total		$	(142,796)		14,721		(128,075)		(127,874)		2,799		(125,075)		12%		5%
SIX MONTHS ENDED OCTOBER 31,
																% Change
				US GAAP		Adjustments (A-B)		Adjusted		US GAAP		Adjustments (A)		Adjusted		US GAAP		Adjusted excl. FX
Revenue
Research			$	413,218		–		413,218		412,364		–		412,364		0%		4%
Publishing				308,261		–		308,261		348,011		–		348,011		-11%		-10%
Solutions				108,394		–		108,394		95,968		–		95,968		13%		13%
	Total		$	829,873		–		829,873		856,343		–		856,343		-3%		0%
Direct Contribution to Profit
Research			$	195,726		160		195,886		194,739		866		195,605		1%		4%
Publishing				136,010		569		136,579		150,018		259		150,277		-9%		-7%
Solutions				22,435		524		22,959		14,859		140		14,999		51%		52%
	Total		$	354,171		1,253		355,424		359,616		1,265		360,881		-2%		1%
Contribution to Profit (After Allocated Shared Services and Admin. Costs)
Research			$	120,727		160		120,887		127,413		866		128,279		-5%		-1%
Publishing				55,832		569		56,401		64,145		259		64,404		-13%		-10%
Solutions				5,506		524		6,030		(1,591)		140		(1,451)		446%		516%
	Total		$	182,065		1,253		183,318		189,967		1,265		191,232		-4%		0%
Unallocated Shared Services and Admin. Costs				(90,494)		13,516		(76,978)		(84,793)		5,854		(78,939)		7%		2%
Operating Income			$	91,571		14,769		106,340		105,174		7,119		112,293		-13%		-2%
Total Shared Services and Admin. Costs by Function
	Distribution and Operation Services		$	(43,305)		4,596		(38,709)		(41,829)		1,965		(39,864)		4%		1%
	Technology and Content Management			(138,956)		1,733		(137,223)		(124,389)		773		(123,616)		12%		13%
	Finance			(23,155)		(346)		(23,501)		(22,885)		(425)		(23,310)		1%		3%
	One-time Pension Settlement			(8,842)		8,842		–		–		–		–
	Other Administration			(48,342)		(1,309)		(49,651)		(65,339)		3,541		(61,798)		-26%		-17%
	Total		$	(262,600)		13,516		(249,084)		(254,442)		5,854		(248,588)		3%		3%
(A) See the accompanying Notes to Unaudited Financial Statements for a description of the Adjustment.
Note: As part of Wileys Restructuring and Reinvestment Program, the Company consolidated its Marketing Services functions into a single global shared service function. This newly centralized service group enables significant cost reduction opportunities, including efficiencies gained from standardized technology and centralized management. The cost of these functions were previously reported as direct operating expenses in each business segment but are now reported within Shared Services and Administrative Costs and then allocated to each business segment above. Prior year amounts have been restated to reflect the same reporting methodology.