Good day, and welcome to the Wiley's Fourth Quarter Earnings Call. As a reminder today’s conference is being recorded. At this time I would like to introduce Wiley's Director of Investor Relations, Brian Campbell. Please go ahead, sir.

Thank you, Lisa. Good morning everyone and thank you for participating in our call today. Before introducing Steve Smith, President and Chief Executive Officer I would like to remind you that this call is being recorded and may include forward-looking statements. You should not rely on such statements as actual results may differ materially and are subject to factors that are discussed in detail in the company’s 10-K and 10-Q filings with the SEC. The company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances. For those who prefer to listen to the call over the phone but would like to still view the slides we recommend clicking on the gears icon located on the lower portion of the left-hand side window and selecting Live Phone. This will eliminate any delays you may experience in viewing the slide transitions as well as remove any potential background noise should you ask a question on the call. A copy of the presentation will be available on our Investor Relations page at the conclusion of this call. Thank you. I would now like to turn the call over to Steve.

Good morning. In addition to Brian I am joined by John Kritzmacher, Wiley's Chief Financial Officer. A quick note before we begin. Ellis Cousens, our outgoing Chief Financial Operations Officer will officially retire from the company on June 30th. Ellis joined in March 2001. His contributions to Wiley are many and significant. He was a major contributor to the strategic decisions that shape our company today including the acquisitions of Blackwell, Deltak and others as well as our recent restructuring. He has helped drive our transition from print to digital. I would like to take this opportunity to thank Ellis for his contributions and to wish him well in his future endeavors. Now on to our results. I will be excluding the impact of foreign exchange and the divested consumer business in previous year results when commenting on all revenue variances in order to give a clear measure of operational performance. Also note that adjusted EPS, adjusted contribution to profit and adjusted operating income metrics exclude foreign exchange, the divested consumer businesses and all unusual items. In fiscal year 2014 we made substantial progress in pursuit of our long-term goals. We exceeded our revenue and earnings guidance, successfully executed on our restructuring plans to achieve a lower and more flexible cost structure and late in the year made two strategic acquisitions that’ll expand our solutions portfolio in professional development. Adjusted revenue increased 4% on continued steady growth in research journals accompanied by double-digit growth in professional and educational solutions. The company continued to grow its share of revenue from digital and solutions now at over 55%. Our transformation to a provider of knowledge-enabled solutions that integrate content, technology and services will accelerate with the additions of CrossKnowledge and Profiles International and the continued strong growth in online program management, course…

(Operator Instructions). Okay. And we will take our first question from Daniel Moore from CJS Securities.

Good morning. Thanks for taking the questions.

Good morning, Dan.

And quickly Ellis, thank you very much for all your help over the last couple of years. Your guidance for fiscal ’15, are there any additional restructuring impairment charges assumed and I assume they will be adjusted, but do you anticipate further charges and what is the implied tax rate for the guidance range?

Hey Dan, it's John Kritzmacher. First with regard to your question around restructuring charges, as we have and we’ve been saying we are aiming to have our restructuring program fully designed and in motion by the end of the year and we are there now. So we are not anticipating additional charges in our fiscal ’15 related to restructuring. Now of course there will be true-ups [normally] [ph] just as our estimates become more refined and the programs are completed but in terms of significant new activities it is not our current intent nor does our guidance anticipate that we’ll have additional restructuring charges. And then with respect to the anticipated tax rate we would expect to be somewhere plus or minus 27%, 28% in terms of effective tax rates.

Excellent, and what profitability or dilution for Deltak is embedded in the guidance?

We are assuming that Deltak will be dilutive again in fiscal ’15 mid-single digit kind of somewhere plus or minus around $0.05 or $0.06.

So still very much in investment mode as far as Deltak is concerned.

We are still in investment mode with Deltak and yes and looking for a strong continued double-digit revenue growth in fiscal '15.

Got it, and the amount of intangible amortization expense kind of continues to increase as you make the additional tuck-in acquisition. By my model I am looking at cash EPS at the 4 bucks or higher in fiscal '15. And the balance sheet despite multiple acquisitions is still highly under levered. Are there lots of additional acquisition opportunities out there that you are contemplating and if you not what would be the most likely alternative uses of cash. By my model you are trading at may be 10 times as they look at cash EPS as we look out a year or two would you consider a more aggressive share repurchases at these levels?

Dan, let me take that to begin with and John can maybe jump on capital allocation. And I think you can expect for us to continue to have a blend of use of cash over the coming year. We still believe actually that we have the opportunity to add further acquisitions that can complement the portfolio and help accelerate this migration toward solutions businesses. So we continue to look at opportunities in that space across all three of our businesses. Share repurchase and dividends will still feature large in the way that we allocate cash and I don’t expect any major changes there. John you want to…

I think that’s right, we continue to pursue a balance view that takes advantage of the flexibility we have in our balance sheet, given the strength of our balance sheet and our cash flow and we've been appropriating cash in a relatively balanced way across dividend and share repurchases in the past year, fairly consistent fashion and I just would remind this is the time of year when we typically take another look with our Board at dividend and we will have more information about our expected dividend in the coming days.

Very helpful. Last one and then I'll get back in queue of the $80 million run rate savings from restructuring that you expect in ‘15 how much of that actually did benefit '14?

Benefit through to '14 in terms of realized savings in the year [inaudible] $38 million.

38 million, very good I'll jump back in queue. Thank you.

Thanks, Dan.

(Operator Instructions) And Mr. Smith, we do have one follow-up question from Daniel Moore and we'll take that now.

All right, very good. Just in terms of shared service how much leverage is embedded in fiscal '15 guidance and when would you expect more material, given that the restructuring more material leverage on shared service to start to kick in the model?

Well, the actions that we're taking around shared services Dan, go across all parts of the business. They do affect a significant cross section of the shared services function including distribution, including our technology group, including some of the integration and rationalization we are doing around content management. Those things are all part of the $80 million run rate building into our momentum going into fiscal '15. Some for them are still a little bit -- have still a bit of work to go but for example the reshaping of our distribution model is largely in place and we've moved through a lower and more variable cost structure there and we’re [going to grow] [ph] that, some other pieces are still a bit more work in process such as the execution of our strategy around content management but those will be kicking into the plan as we make our way into '15.

And I am going to keep going if you don't mind because I've got a few more. Of the funded open access is that becoming an even greater tailwind, do you expect that to taper off? What are you seeing there?

So Dan, this is Steve. We're continuing to see good growth from both the funded open access and we have -- every year we reject significant numbers of papers that are submitted to our journal because they don't fit with the sort of the first peers you like of publishing decisions around our subscription journals and we are finding opportunities to provide a service to authors to publish those journals in open access journals that are rigorously peer reviewed and maintain very high quality standards. There are funds available to pay for funded open access and we expect that to continue to be a growth, obviously it’s come from a very lower base so you are seeing in percentage terms a high rate of growth in fiscal ’14. We continue to expect to see good growth in ’15 and beyond, but as the base business gets bigger the pace of growth will probably moderate.

Very helpful. And then in professional development, given the acquisitions you’ve made, many of the divestments obviously and then the fact that print book is still kind of a highest percentage among your segments of that. Are we at a stage where we should be seeing positive organic growth going forward as a segment as a whole? Or is that may be another year or two away?

Yes so as I said in my prepared remarks, the acquisitions of CrossKnowledge and Profiles combined with our other businesses, creative talent solutions business in PD of approximately a $100 million and that will be growing in double digits. And we expect overall that will fuel growth of the segment in its entirety. We have seen and probably we’ll continue to see a decline in Print Book sales with the digital version of those print books the straight e-book not yet replacing the lost sales of print. But we are beginning to see in some areas such as business and finance opportunities to develop new business models that go beyond the flat content of an e-book to add certification, test preparation services etc. That can fuel growth overall from that category and we have repositioned that business so that we can get similar rates of growth in other categories. So overall we expect to see professional development being a growth engine in the years ahead.

Very helpful. And the tax payments of the German government this year remind me, is there any tax or time frame when you would might hope to recoup that?

We are still expecting Dan, that that’s going to take a few years’ time so we are not expecting any resolution of that in the near future, probably something like three five years before we’ll get that result and we’ll be making incremental payments on that over the next probably three years in order to get to a point where [we come to an agreement].

Right, and lastly you mentioned Steve, ERP solutions that you are starting to engage in, any sense of the quantity of what that investment might look like and the time frame?

I mean as with any major systems implementation an ERP implementation is likely to span out over at least two to three years. I am not sure whether John can give any guidance on…?

Well, we can provide a little more about as we make our way through the year. Frankly we are still in the formula stages. We are in at the point of selecting the platform as well as an integration partner to work with. So we are on the track but we are not yet in implementation and I can give you more details as we finalized our plans and actually get underway.

Presumably anything that would hit the P&L is embedded at least for ‘15 in that 10% guidance range?

Yes.

Okay.

Yes, that’s correct. It's reflected in the P&L it is also reflected in our commentary around the technology spending that we anticipate for the year.

Very good. Look forward to see you at the conference in July.

Right, Dan thanks.

And Mr. Smith we currently have no more questions at this time. Sir. I’d like to turn the conference back over to you for any additional comments or remarks.

Well we thank you for joining on our call today and thank you Dan for your questions and we look forward to speaking to you again soon.

And ladies and gentlemen that does conclude today’s conference and we thank you for your participation