Revenues from library services were $202.8 million in FY2015, a decrease of 5.1% from FY2014, mainly due to the change in accounting for user credits, which are now reflected in lower subscription pricing for participating libraries with a corresponding reduction in operating expense. This decrease also reflects unfavorable exchange rates, primarily the Euro to U.S. dollar. FY2014 revenue reflects the acquired revenue from HKA, a Dutch library systems provider that then served over 60% of the public library market in the Netherlands. OCLC acquired HKA in FY2014.
In FY2015, OCLC realized an operating loss before portfolio activity of $13.1 million, the third consecutive year of an operating loss. Included in FY2015 operating expenses is the goodwill write-down from the strategic acquisition of Sustainable Collection Services (SCS), the leader in analyzing print collection data to help libraries manage and share their materials. Also included in operating expenses are one-time restructuring and severance costs expensed in FY2015. Like many libraries, we have realigned our staffing and cost structure to better reflect current revenue trends.
Net contribution for FY2015 was $2.4 million, which includes favorable investment portfolio activity. Dividend and interest income was $7.8 million, and net realized portfolio gains were $7.7 million. (See the OCLC investment portfolio, below.)
We are working to return to break-even operating performance before portfolio activity. Our historical break-even approach was interrupted in 2010, as we supported the membership during a challenging economy with three years of no or modest price increases. At the same time, we were heavily investing in the WorldShare Platform and complement of cloud services to strengthen the future of the cooperative and value to the membership. The continued growth of newer services and the tightened focus of operational spending on areas most important to libraries will help us return to breakeven.