McGraw-Hill Revenue Up 22%

Political drives growth, core advertising strong too
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McGraw-Hill reported fourth quarter revenue of $28.4 million, up 21.7% over the same quarter the year before. Broadcasting revenue grew 18.3% for the year.

"Strong political advertising and improvement in national and local-time sales were key factors in the Broadcasting Group's fourth quarter and full-year performance," said McGraw-Hill in a statement.

Overall revenue in the fourth quarter grew by 4.2% to $1.5 billion. McGraw-Hill's net income in the fourth quarter declined 8.0% to $153.8 million, compared to 2009. On an adjusted basis, net income in the fourth quarter increased by 6.2% to $170.5 million, compared Q4 2009.

"Double-digit EPS growth and the maintenance of a rock-solid financial position were the hallmarks of our performance in 2010," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies.

McGraw-Hill Broadcasting operates KGTV San Diego, KERO Bakersfield, KMGH Denver, WRTV Indianapolis (ABC) and Azteca America affiliates in Denver, Colorado Springs, San Diego and Bakersfield.

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