McGraw-Hill TV Revenues Climb 2 Percent
NEW YORK: McGraw-Hill TV station revenue increased 2.2 percent
to $18.7 million in the first quarter compared to the same period last year,
the multimedia company said today.
National and local time sales benefited from an increase in automobile
advertising. Health care issues, propositions in California, the race for
governor in California and a Senate seat in Colorado combined to produce an
increase in political advertising in the first quarter.
Consolidated net income for the media, education and financial services
divisions was $103.3 million, up 64 percent over 1Q09. Diluted earnings per
share were 33 cents versus 20 cents a year ago. Revenues were up nearly 4
percent to $1.2 billion.
“We are off to a good start, but the first quarter is also seasonally our
smallest of the year,” Harold McGraw III,
chairman, president and CEO, said. “Until we get greater visibility on trends
in our key markets, we are maintaining our original guidance for 2010. We still
expect diluted earnings per share of $2.55 to $2.65 for the year.”
Shares of McGraw-Hill (NYSE: MHP) hit a year-to-date high of just under $37 in
mid-April before dipping to around $33.70 in trading today on negative reaction
to economic instability in Greece and Portugal.
-- Deborah D. McAdams
October 26, 2009: “McGraw-Hill TV Revenue
Down 24 Percent”
Third-quarter revenues for McGraw-Hill’s four TV stations fell by 24 percent to
$19.1 million compared to the same period last year.