McGraw-Hill reported an 11.3% revenue gain in the fourth quarter for its Broadcasting Group, thanks to what it calls "a banner year in political advertising." McGraw-Hill's broadcasting revenue was $31.8 million for the quarter.
McGraw-Hill's overall 2008 revenue was down 6.2% from the year before, to $6.4 billion. The media giant reported 2008 earnings per diluted share of $2.51 compared to $2.94 for 2007. The 2008 results include a pre-tax restructuring charge of $73.4 million ($45.9 million after tax), or $0.14 per diluted share.
Overall net income for the year was down 21.1% to $799.5 million.
Chairman/president/CEO Harold McGraw III called 2008 "a challenging year" and predicted a minor decline for 2009. "We expect 2009 also to be challenging, given the tight credit markets, budget pressures on the state and local governments, reduced state new adoption opportunities and a weak advertising market," he said. "We expect consolidated 2009 revenue to decline 1% to 2% from 2008 and 2009 earnings per diluted share to range from $2.20 to $2.30."