Kluwer’s Second Half Of 2008 Not As Positive As Competitors

A short report on MSNBC yesterday reports that Kluwers 2nd half figures for 2008 aren’t comparing with the Q4 figures of either Reed or Thomson….

MSNBC report:

AMSTERDAM – Wolters Kluwer NV, a publisher of medical, legal and accounting journals, said Wednesday that net earnings fell 3 percent in the second half of 2008 and that it was weathering the economic crisis well.

Net profit was euro169 million ($217 million), down from euro175 million in the same period a year ago. Sales rose 1.7 percent to euro1.77 billion. The company reports earnings twice per year

Chief Executive Nancy McKinstry said in a statement that "the company benefited from a resilient portfolio, with a majority of revenue streams derived from subscription and other non-cyclical products."

Weak global economic conditions were felt in areas such as book sales, which are one-time transactions, she said.

Among the company’s main divisions, sales and operating profit declined at its health care and financial services publishing businesses, and were flat or rose at its tax, accounting and legal publishing businesses. Performance was best in Europe.

Shares in the company fell 2.6 percent to euro12.45 in Amsterdam.

Full report at  http://www.msnbc.msn.com/id/29382956/