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Business Brief -- Reed Elsevier: Subscription Revenue Credited For Bolstering
Net Profit 43%
Wall Street Journal

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Print Media Edition: Eastern edition
New York, N.Y.
Feb 21, 2003
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Start Page: 1
ISSN: 00999660

Abstract:
Anglo-Dutch publisher Reed Elsevier, buoyed by strong subscription revenue
for its science and medical publications, reported sharply higher net profit
and predicted double-digit per-share earnings growth this year.
Copyright Dow Jones & Company Inc Feb 21, 2003
Full Text:
Anglo-Dutch publisher Reed Elsevier, buoyed by strong subscription revenue
for its science and medical publications, reported sharply higher net profit
and predicted double-digit per-share earnings growth this year. Reed, whose
portfolio ranges from entertainment magazine Variety to the LexisNexis
legal-information business, reported 2002 net profit of GBP 181 million
($288.9 million), up 43% from GBP 126 million the previous year, while
pretax profit before exceptionals and goodwill amortization grew 9.3% to
GBP 927 million. Revenue climbed 10% to GBP 5.02 billion. The numbers were
right on line or slightly above expectations. Reed has fared better than
many media companies because about 38.5% of its revenue comes from subscriptions,
cushioning the steep world-wide advertising downturn. Reed Chief Executive
Crispin Davis said the company wasn't seeking another company-transforming
acquisition, after its July 2001 purchase of the U.S. education business
Harcourt.
Reproduced with permission of the copyright owner.
Further reproduction or distribution is prohibited without permission.

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I just learned of an article in the Wall Street Journal, Feb 21, 2003.
Under the headline "Business Brief -- Reed Elsevier: Subscription Revenue Credited For Bolstering
Net Profit 43%" the article reports that
Reed-Elsevier "buoyed by strong subscription revenue
for its science and medical publications,
reported sharply higher net profits
and predicted double-digit per-share earnings growth this year".