The McGraw-Hill Companies announced in early January that it had restructured parts of its business during the final quarter of 2005, including the elimination of approximately 500 positions. The corporation—a leading global information services provider—released a statement indicating that the restructuring is the result of an effort to enhance its long-term growth prospects. "We are focused on extending the record of consistent growth achieved over the past decade, and the restructuring activities we completed in the fourth quarter have strengthened key capabilities, lowered costs and allowed us to direct resources to areas with the greatest potential for continued growth in the years ahead," said

The McGraw-Hill Cos. reported that its fiscal year 2004 earnings rose 9.5 percent over 2003, while its net income for the same period rose 9.9 percent, from $687.7 million to $755.8 million. Revenues increased 10.6 percent to $1.4 billion in fourth quarter 2004, while net income for the quarter was $190 million. In its book-publishing segments, McGraw-Hill's education division reported a 2-percent increase in revenue to $2.4 billion, while operating profit grew 5.7 percent to $340 million compared to 2003. Fourth quarter revenue in the education segment increased 4.9 percent to $529.3 million, says Harold McGraw III, chairman, president and chief executive

More Blogs