Supplementary Financial Information

12 Months Ended

Apr. 30, 2013

Supplementary Financial Information [Abstract]

Supplementary Financial Information

Supplementary Financial Information - Results By Quarter (Unaudited)

$ In millions, except per share data	2013				2012
Revenue
First Quarter	$	410.7			$	430.1
Second Quarter		431.8				447.0
Third Quarter		472.4				451.1
Fourth Quarter		445.9				454.5
Fiscal Year	$	1,760.8			$	1,782.7
Gross Profit
First Quarter	$	283.5			$	300.4
Second Quarter		302.2				314.3
Third Quarter		330.6				309.0
Fourth Quarter		312.2				315.6
Fiscal Year	$	1,228.5			$	1,239.3
Operating Income
First Quarter (a)	$	39.0			$	60.2
Second Quarter (c)		62.9				72.0
Third Quarter		83.6				78.5
Fourth Quarter (e)		13.9				69.7
Fiscal Year	$	199.4			$	280.4
Net Income
First Quarter (a,b)	$	36.1			$	50.8
Second Quarter (c)		43.1				50.8
Third Quarter (d)		57.1				62.9
Fourth Quarter (e)		7.9				48.2
Fiscal Year	$	144.2			$	212.7
		2013				2012
Income Per Share	Diluted			Basic	Diluted		Basic
First Quarter (a,b)	$	0.60	$	0.61	$	0.82	$	0.84
Second Quarter (c)		0.71		0.72		0.83		0.84
Third Quarter (d)		0.95		0.96		1.03		1.05
Fourth Quarter (e)		0.13		0.14		0.80		0.81
Fiscal Year	$	2.39	$	2.43	$	3.47	$	3.53

a)   In the first quarter of fiscal year 2013, the Company recorded restructuring charges related to certain activities that will either be discontinued, outsourced, or relocated to a lower cost region of $4.8 million ($3.5 million after tax or $0.06 per share).

b)   In the first quarters of fiscal years 2013 and 2012, the Company recorded non-cash deferred tax benefits of $8.4 million ($0.14 per  share) and $8.8 million ($0.14 per share), respectively, principally associated with 2% legislative reductions in the U.K. corporate income tax rates for both years. The benefits reflect the remeasurement of all applicable U.K. deferred tax balances which are reflected at 23% as of April 30, 2013.

c)   In the second quarter of fiscal year 2013, the Company recorded impairment charges related to the divested Professional Development consumer publishing programs of $15.5 million ($9.6 million after tax or $0.16 per share).  In addition, the Company reported a gain in the second quarter of fiscal year 2013 associated with the sale of key assets of its travel publishing program of $9.8 million ($6.2 million after tax or $0.10 per share).

d)   In the third quarter of fiscal year 2012, the Company recorded a $7.5 million tax benefit ($0.12 per share) related to the reversal of an income tax reserve recorded in conjunction with the Blackwell acquisition in fiscal year 2007.

e)   In the fourth quarter of fiscal year 2013 the Company recorded the following items:

·   Restructuring charges of $24.5 million ($16.3 million after tax or $0.27 per share) related to the Company's Restructuring and Reinvestment Program.

·   Asset impairment charges of $15.2 million ($11.4 million after tax or $0.19 per share) related to certain controlled circulation publishing programs in the Company's Research business and certain technology investments.

·   A loss on sale of certain Professional Development consumer publishing programs of $3.8 million ($3.6 million after tax or $0.06 per share).

·   A tax charge of $2.1 million ($0.04 per share) due to recently published IRS tax positions related to the Company's ability to take certain deductions in the U.S.