ProQuest Announces 80% Increase in EBIT Growth for Fourth Quarter 2001


                     Management Expands Guidance for 2002

    ANN ARBOR, Mich., Feb. 13 /PRNewswire-FirstCall/ -- ProQuest Company
(NYSE: PQE), one of the world's largest providers of content to the education,
automotive and powersports markets, reported that for the fourth quarter ended
December 29, 2001, revenues were $106.4 million, up 7% over the $99.7 million
recorded during the fourth quarter of 2000. Earnings before interest and
income taxes (EBIT) from continuing operations excluding one-time
transactions, were $22.2 million, an 80% increase over the $12.3 million
reported during the same period last year. Net earnings from continuing
operations for the fourth quarter were $9.8 million or $.40 per diluted share
compared to $3.6 million or $.15 per fully diluted share for the same quarter
in 2000.
    For the twelve months ended December 29, 2001, revenues were
$401.6 million compared to $374.3 million one year ago -- an increase of 7%.
EBIT for the year was $68.7 million, an increase of 62% over the $42.4 million
reported in 2000. Net earnings from continuing operations for the year
increased to $27.1 million or $1.13 per diluted share compared to $8.4 million
or $.36 per fully diluted share one year ago. At fiscal year-end, debt net of
cash was $251 million, a reduction of 51% from $507 million at the end of
fiscal 2000.
    James Roemer, Chairman and CEO of ProQuest Company, commented, "Both of
our business units reported outstanding annual increases over last year's EBIT
performance with Information and Learning growing 33%, and Publishing Services
increasing 43% over 2000. We attribute this growth to the high renewal rates
and the soundness of our subscription-based business model, ongoing new
product creation, and continued cost management."

    Information & Learning
    In its Information and Learning business, where ProQuest is a leader in
electronic products and content delivery for educational institutions and
libraries, fourth quarter revenues rose to $63.2 million, a 3% increase over
the $61.5 million in revenues during the same period last year. EBIT for the
fourth quarter was $13.2 million, a 17% increase over 2000 when fourth quarter
EBIT totaled $11.3 million.
    For the full year, revenues rose to $236 million, compared to $220 million
in revenues during the same period last year, an increase of 7%. Information
and Learning EBIT for the year 2001 totaled $40.3 million, a 33% increase over
2000, when EBIT totaled $30.3 million.
    Information and Learning contributed to the company's strong bottom line
growth with an overall subscription renewal rate of about 90% and an earnings
increase of 33%. I&L also showed growth of revenues, although less than
projected. This shortfall in annual revenue was caused primarily by three
factors: slowness in its international business; a near-halt in the one-time,
non-subscription sales of digital vault content and microfilm as a result of
the September 11th tragedy; and a decline in revenue from the reseller
channel. Even with these issues, revenues from the Information and Learning
division's electronic products were $132.8 million, an increase of 12%
compared with a year ago. The annualized on-line subscription contract value
at year end 2001 -- the projected annualized revenue generated from current
outstanding contracts -- increased 15% over fiscal 2000. Also, December was a
very good month for ProQuest Information and Learning, which had strong
revenues that led the company into the new year on a positive note.
    Roemer continued, "XanEdu -- our new business which publishes online and
printed course materials for the higher education market -- continued to gain
in popularity and ended the year with revenues of $4.3 million, most of this
coming from the Fall 2001 college term. More than $300 million is spent
annually on supplemental course materials and XanEdu is starting to capture a
position in this marketplace. Currently more than 1,000 universities and
colleges offer the product, and more than 10,000 professors are registered to
use XanEdu to develop CoursePacks and CasePacks. We are very encouraged to see
that XanEdu's effort to aggregate and sell its collective content is
succeeding."

    Publishing Services
    For the fourth quarter, revenues for the company's Publishing Services
division, which supplies content and services to the auto and powersports
markets, were $43.2 million compared to $38.2 million in revenues during the
same period last year, an increase of 13%. EBIT for the fourth quarter
increased 111% to $11.4 million, as compared to fourth quarter 2000 EBIT of
$5.4 million.
    For the full year 2001, revenues rose to $165.6 million, compared to
$154.3 million in revenues during the same period last year, an increase of
7%. EBIT totaled $40 million, compared to $28 million for 2000, an increase of
43%.
    Roemer commented, "Our Publishing Services division showed particularly
strong performance in 2001 through increased sales, subscription renewal rates
of approximately 90% and aggressive cost management. The increase in
electronic content and related service revenue was led by an 11% increase in
the auto and performance management businesses. Powersports also finished
strong for 2001, recording 11% increases in both its installed base of dealer
management systems and its recurring revenues."

    2002 Outlook and Guidance
    For the first quarter of 2002, ProQuest projects revenue growth of about
7% with EBIT growth of 23% to 26%. For the full year 2002, the company expects
revenues of approximately $440 to $455 million representing growth of
approximately 9% to 13%. EBIT growth is expected to be in the range of 22% to
26%. The company anticipates earnings per share for 2002 of between $1.45 and
$1.50, before any impact from the implementation of FASB 142. Capital
expenditures, including continuing investments in digitizing electronic
information and in technology that streamlines delivery of this information to
its customers, are expected to be approximately $50 to $55 million.
    From Information & Learning, ProQuest anticipates year-over-year top-line
growth of 10% to 13% in 2002, with revenues of approximately $260 to
$270 million for the year. Year-over-year EBIT growth for Information &
Learning is expected to be in the range of 22% to 26%. Of the revenue
generated by Information & Learning, more than 60% is anticipated to come from
electronic products in 2002. While the company expects its non-electronic
business will have minimal growth, it projects that the electronic business
including XanEdu and content developed from the Digital Vault Initiative, will
grow approximately 20%. From XanEdu, the company anticipates revenues to grow
to more than $12 million for 2002, as compared to $4.3 million in its start-up
year of 2001.
    From its Publishing Services division, the company expects year over year
revenue growth of 7% to 9%. EBIT growth is anticipated to be between 22% and
26%. Publishing Services also projects growth for 2002 of 5% in new electronic
part catalog installations at auto dealers, and growth of 10% in sales of
electronic content and related services.
    Concluding, Roemer said, "In 2001 we completed the transition into
ProQuest Company while continuing to deliver positive revenue and earnings
results. Subscriptions and renewals are up, and we are successfully
integrating and repurposing acquired content. We continue to fill the pipeline
with new products. As a result, our company is well positioned for the year
2002, and we look forward to reporting on our progress during the year."

    Conference Call
    To participate in a conference call and question and answer session
regarding fourth quarter and full year results with ProQuest's senior
management, call (773) 756-4619, using the password PQE, at 9:00 a.m. (ET) on
Thursday, Feb. 14, 2002. For your convenience, the call will be taped and
archived until March 15, 2002 and can be accessed by calling (402) 530-7685.
This conference call may also be accessed over the Internet at
http://www.vcall.com. To listen to the live call, please go to the web site at
least fifteen minutes early to register, download, and install any necessary
audio software.  For those who cannot listen to the live broadcast, a replay
will be available shortly after the call at Vcall's website.

    Risk Factors
    Except for the historical information and discussions contained herein,
statements contained in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements involve a number of risks, uncertainties and other
factors, including without limitation, the cost and availability of
intellectual property from third parties, decreases in the ability to attract
and retain employees, obtain capital, including interest rate risks, decreases
in funding for Internet access as well as overall acceptance and usage of the
Internet in the education and library markets, the willingness of parents to
purchase educational products for home use, effects of and rate of acceptance
of internet-based solutions, including the automotive business, changes in the
business services market, changes in the automotive industry, and general
economic conditions, all of which could cause actual results to differ
materially, and such other risks as discussed in the company's filings with
the Securities and Exchange Commission.

    About ProQuest Company
    ProQuest Company (NYSE: PQE) was born of Bell & Howell Company's two
highly respected information access businesses. Based in Ann Arbor, Mich.,
ProQuest Company is a leader in e-learning and e-publishing. For its customers
in the academic, library, automotive, and powersports industries, the company
provides access to a body of content that is unmatched in breadth and depth.
Additional information on ProQuest Company can be found at
http://www.proquestcompany.com .

                                 PROQUEST COMPANY
                            SALES AND EARNINGS SUMMARY
                   (Dollars in Millions, Except Per Share Data)


                                       Fourth Quarter          Full Year
                                     2001    2000 Better/ 2001   2000  Better/
                                                 (Worse)              (Worse)
    Net Sales

    Information and Learning        $63.2   $61.5    3%  $236.0  $220.0    7%
    Publishing Services              43.2    38.2   13%   165.6   154.3    7%
    Net Sales - Continuing
     Operations                    $106.4   $99.7    7%  $401.6  $374.3    7%



    EBIT (A)

    Information and Learning        $13.2   $11.3   17%   $40.3   $30.3   33%
    Publishing Services              11.4     5.4  111%    40.0    28.0   43%
    Corp. / Other                    (2.4)   (4.4)  45%   (11.6)  (15.9)  27%
    EBIT - Continuing Operations    $22.2   $12.3   80%   $68.7   $42.4   62%


    EBITDA (B)

    Information and Learning        $24.4   $22.5    8%   $86.0   $74.5   15%
    Publishing Services              13.1     7.0   87%    46.8    34.6   35%
    Corp. / Other                    (2.3)   (4.2)  45%   (11.1)  (15.4)  28%
    EBITDA - Continuing Operations  $35.2   $25.3   39%  $121.7   $93.7   30%



    Other Financial Data -
     Continuing Operations

    Capital Expenditures            $15.9   $15.0    6%   $52.9   $42.6   24%

    Net Debt                                               $251    $507   51%



    Discontinued Operations (C)
    Net Sales                        $-    $102.8    -   $253.9  $352.3  (28%)
    EBIT (B)                         $0.1    $8.0    -    $12.8   $21.3  (40%)
    EBITDA (C)                       $0.1   $11.2    -    $19.7   $29.7  (34%)


    (A)  EBIT is defined as income from continuing operations before
         gain/loss on sales of assets, restructuring, interest and taxes
    (B)  EBITDA is defined as EBIT plus depreciation and amortization
    (C)  Discontinued Operations includes MMT - North America (sold
         September 29, 2001);  Imaging and MMT - International.



                                 PROQUEST COMPANY
                            SALES AND EARNINGS SUMMARY
                   (Dollars in Millions, Except Per Share Data)


                                     Fourth Quarter           Full Year
                                                Better/                Better/
                                   2001   2000  (Worse)  2001    2000  (Worse)

    Net Sales                     $106.4  $99.7     7%  $401.6  $374.3     7%

    EBIT (A)                        22.2   12.3    80%    68.7    42.4    62%

    EBITDA (B)                      35.2   25.3    39%   121.7    93.7    30%

    Net Interest Expense             6.4    6.3    (2%)   25.0    28.4    12%

    Income Tax Expense               6.0    2.4  (150%)   16.6     5.6  (196%)

    Earnings from Continuing
     Operations (C)                 $9.8   $3.6   172%   $27.1    $8.4   223%


    Earnings per Common Share
     from Continuing Operations (C)

        - Basic                    $0.41  $0.15          $1.14   $0.36
        - Diluted                  $0.40  $0.15          $1.13   $0.36

    (A)  EBIT is defined as income from continuing operations before gain/loss
         on sale of assets, interest and taxes
    (B)  EBITDA is defined as EBIT plus depreciation and amortization
    (C)  Excludes net gain/loss on sale of assets, discontinued operations,
         equity interest in loss from bigchalk, as displayed below:


                                             Fourth Quarter      Full Year
                                             2001     2000     2001     2000

    Gain/(Loss) on Sale of Assets           $(1.4)    $-      $(1.4)    $1.6
    Earnings (Loss) from Equity Interest     $-      $(6.5)  $(13.4)  $(20.8)
    Gain/(Loss) on Sale of Discontinued
     Operations                             $(5.9)    $-       $2.5     $-
    Earnings (Loss) from Discontinued
     Operations                              $0.1     $6.4     $3.0    $10.5

    Total Company Net Earnings  (D)          $2.6     $3.5    $17.8    $(0.3)

    Earnings (Loss) per Common Share:

      from Gain on Sales of Assets:
        - Basic                            $(0.06)    $-     $(0.06)   $0.07
        - Diluted                          $(0.06)    $-     $(0.06)   $0.07

      from Equity Interest:
        - Basic                              $-     $(0.28)  $(0.56)  $(0.88)
        - Diluted                            $-     $(0.28)  $(0.56)  $(0.88)

      from Gain on Sales of Discontinued
       Operations:
        - Basic                            $(0.25)    $-      $0.11     $-
        - Diluted                          $(0.24)    $-      $0.10     $-

      from Earnings/(Loss) from
       Discontinued Operations:
        - Basic                             $0.00    $0.27    $0.13    $0.44
        - Diluted                           $0.00    $0.27    $0.12    $0.44

                                           Fourth Quarter      Full Year
                                             2001     2000     2001     2000
    Shares:
    Basic                                  24.001   23.624   23.805   23.657
    Diluted                                24.425   23.624   24.077   23.657


    (D) Net earnings for 2000 excludes restructuring charges and cumulative
        effect of a change in accounting principle

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SOURCE  ProQuest Company




Web site: http://www.proquest.com
CONTACT: Alan Aldworth, President and Chief Operating Officer,
+1-734-997-4902, alan.aldworth@proquest.com , or Mark Trinske,
Vice President, Investor Relations, +1-734-997-4910,
mark.trinske@proquest.com , both of ProQuest Company
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