John Wiley -- Questions About Long Term Debt

John Wiley (JW.A;JW.B) reported improved results and the market bid their stock up smartly. Take a look at their balance sheet; in particular the long term debt. The sources and uses of cash is particularly telling. In the current year for the most recently reported six months they have repaid long term debt of some $383 million and then promptly borrowed new long term debt of some $413 million. No information is provided in the earnings release about how they are managing their long term credit facilities.

They are also experiencing huge changes or should we say decreases in their deferred revenues. The management is not providing any public commentary in their earnings release about this point. The press release is not an informative document and leaves more unanswered than explained.