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.
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