McGraw-Hill reported $18.3 million in broadcast revenue for the first quarter, a 22.9% slip from the previous year's first quarter. The freefall "reflects softness in both local and national advertising and the absence of political advertising in a non-election year."
The media corporation reported earnings per diluted share of $0.20 for the first quarter, compared to $0.25 for the same period last year. Net income for the first quarter was $63 million versus $81.1 million for the first quarter of 2008. Revenue declined 5.7% in the first quarter to $1.1 billion.
"The challenging economy, a seasonally slow start in the elementary-high school business and continued weakness in advertising and the structured finance market were important factors in our first quarter decline," said Chairman/President/CEO Harold McGraw III. "In this economic environment, we continue to keep a tight grip on costs and expenses. Cost containment will be a priority for us all year."
McGraw-Hill owns numerous financial services, education and business information brands, along with four TV stations, including KMGH Denver.