McGraw-Hill Revenue Down 6.1% in Q1

Broadcast-Group Revenue Essentially Flat

By Michael Malone -- Broadcasting & Cable, 4/29/2008 11:58:00 AM

McGraw-Hill reported diluted earnings per share of $0.25 in the first quarter, down from $0.40 for the same period last year. Revenue for the first quarter declined 6.1% to $1.2 billion for McGraw-Hill, which owns four ABC affiliates, including WRTV Indianapolis and KGTV San Diego.

McGraw-Hill’s information and media division saw revenue jump 3.2% to $243.4 million in the first quarter compared with the first quarter of 2007. Operating profit grew by 18.6% to $11.7 million.

Revenue in the broadcasting group was $23.7 million, essentially flat compared with last year. Local and political advertising offset soft national sales.

The company’s “Outlook” is: "The uncertainty in financial markets and a weakening economy continue to make 2008 a challenging year for The McGraw-Hill Cos.”