By Soham Chatterjee
Fri 09/09/2011 4:47 pm EDT
No "> (Reuters)-published by John Wiley & Sounds Inc said it is planning a major push to grab a larger share of the lucrative market e-book, which is witnessing explosive growth, driven by the popularity of tablets and e-readers.
"Some of the largest publishers have 25-30% of sales of e-books. We hope to achieve these levels, "the Chief Executive Stephen Smith told Reuters in an interview.
E-books represent 11% of the professional/trade (PT) of the company, sales, representing 23% of total revenue and its sales registered a strong growth in the Amazon Kindle store and iBookstore Inc of Apple Inc.
"In the first quarter of this year, we saw a triple increase in e-book sales in our professional and business segment," Smith said. "We expect to see e-books, becoming a much larger proportion of the revenue."
The 204-year company — which began as a publisher of American authors of the 19th century as Washington Irving, Herman Melville and Edgar Allan Poe-now it is known for brands such as of "For Dummies" instructional texts, "Frommer travel guides", "Betty Crocker" books and academic journals from Wiley-Blackwell.
Digital sales, which include e-books and other products and services, was responsible for 40% of total revenue of the company in all its segments in fiscal year 2011.
Digital sales made up 59 percent of scientific/technical/academic/medical (STM), 10 percent of PT and 16 percent of the revenue of global education. While the e-books represent 16% of STM, 7 percent of PT and 5 percent of the revenue of global education.
STM drive, its largest company by sales, was the first to migrate to digital in 1995, followed by its global education unit.
Wiley also signed sales agreements with Amazon (Germany), ChristianBooks.com and Q1 Blio e-book sales push.
Their biggest rivals include McGraw-Hill Companies Inc, Reed Elsevier Plc, Pearson, Axel Springer AG.
& ALLIANCES ACQUISITIONS
While the growth in Asia, which accounts for around one fifth of the revenue of the company, continues to be strong, Wiley also is looking to enhance your digital content through acquisitions, partnerships and internal development.
"We're finding sources of growth in mature markets in North America and Europe, particularly through the expansion of services," said Smith.
Smith, who is in cancer treatment, said the company is looking at technology to accelerate your digital transition and move to "content-based services" and he is "vigilant looking at strategic opportunities, a fair price."
Wiley is interested in acquiring businesses that help build resources in search technology, content enrichment, semantic tagging, distance learning, curriculum development, test preparation, among others.
The company generated $ 270 million of free cash flow in 2011 and said it is "comfortable doing large acquisitions."
$1,12 billion from Wiley buy of academic journal of the United Kingdom and reference book publisher Blackwell Publishing in 2007 was the most recent and largest acquisition in its history.
Based in Hoboken, New Jersey also reaffirmed its profit perspective of US $ 3.15-$ 3.20 for revenue growth from mid-single digits. The constant dollar rates, the company expects to add 10 cents per share for profit.
With regard to Apple taking a 30% reduction in sales through its App Store, the company said it is "absolutely no coordination with our competitors on negotiations with Apple on any terms or prices."
(Reports by Soham Chatterjee in Bangalore; Editing by Saumyadeb Chakrabarty)
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