johnsyn
12 years ago
The McGraw-Hill Companies Declares Quarterly Dividend
NEW YORK, Oct. 29, 2012 /PRNewswire-FirstCall/ -- The Board of Directors of The McGraw-Hill Companies (NYSE: MHP) has approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.255 is payable on December 12, 2012, to shareholders of record on November 28, 2012.
The McGraw-Hill Companies has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500 that has increased its dividend annually for the last 39 years. The annualized rate of $1.02 per share represents an average compound annual dividend growth rate of 9.6% since 1974.
About The McGraw-Hill Companies:
McGraw-Hill announced on September 12, 2011, its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, J.D. Power and Associates and Platts, a leader in commodities information. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.
Investor Relations: http://www.mcgraw-hill.com/investor_relations
Get news direct from McGraw-Hill via RSS:
http://investor.mcgraw-hill.com/phoenix.zhtml?c=96562&p=newsRSS
Contacts for The McGraw-Hill Companies:
Media Relations Contact:
Jason Feuchtwanger
Director, Corporate Media Relations
(212) 512-3151 (office)
(347) 419-4169 (mobile)
jason_feuchtwanger@mcgraw-hill.com
Investor Relations Contact:
Chip Merritt
Vice President, Investor Relations
(212) 512-4321 (office)
chip_merritt@mcgraw-hill.com
SOURCE The McGraw-Hill Companies
johnsyn
13 years ago
Corporate Actions Data
Mcgraw Hill (NYSE:MHP)
Today : Wednesday 2 May 2012
S&P Capital IQ, a leading provider of multi-asset class data, research and analytics, today announced an arrangement with Exchange Data International (EDI) to offer a new global dividends and corporate actions data service, spanning over 128 countries and 150 exchanges worldwide. This new data service is now available to customers across Findataportal via a customizable consolidated data feed. The Findataportal is a user friendly platform that offers a wide range of capabilities including search, portfolio management, news alerts and feed functionality and offers a consolidated data feed of best-in-class North American data along with the rich Global data from Exchange Data International.
Clients can search, screen and download detailed announcements on over 50 corporate actions and distribution event types for over 1 million globally listed securities, including depository receipts, equity and preferred shares and covered warrants, and for over 45,000 global funds, comprising 371 REITS, over 7,000 ETFS and HLDRs trusts, 544 Closed End Funds, 15,045 North American Mutual Funds and 22,844 Unit Investment Trusts.
"This new data service offers clients unparalleled flexibility in terms of delivery and customisation across a depth and breadth of dividend and corporate actions information," says Rui Carvalho, Managing Director, Enterprise Solutions, S&P Capital IQ. "Thanks to our partnership with EDI, S&P Capital IQ is able to offer dividend and corporate actions data service with a truly global footprint."
Jonathan Bloch, C.E.O at EDI says, "We are very pleased to offer our Global Corporate Actions and Dividends alongside the S&P Capital IQ North American corporate actions and dividend service. For the first time clients will receive this information in a consolidated feed which will allow them to view primary and secondary listings across the globe in the same format. This is a powerful combination."
Applications
The new data service helps investment companies in a number of different areas. These include research for internal or client queries, confirming data from an existing primary data provider and access to data not supplied by a current provider. The service also allows users to conduct queries based on market trends (for instance, searches based on increases or decreases in, and omitted or resumed, dividends) for research, model building and risk management purposes. In addition, users can calibrate information by specific date range, for instance by announcement date (for the front office), by record date (for securities processing) and by payable date (for account reconciliation).
The searching tools are also designed to aid with portfolio management, allowing users to search activity for securities in a portfolio based on any custom searching tools and thanks to the ability to activate automated client email alerts based on portfolio activity. Users can then also manage their portfolio or client portfolios based on positive or negative announcements or other reported activity on portfolio holdings.
About S&P Capital IQS&P Capital IQ, a business line of the McGraw-Hill Companies (NYSE:MHP), is a leading provider of multi-asset class and real time data, research and analytics to institutional investors, investment and commercial banks, investment advisors and wealth managers, corporations and universities around the world.
We provide a broad suite of capabilities designed to help track performance, generate alpha, identify new trading and investment ideas, and perform risk analysis and mitigation strategies. Through leading desktop solutions such as the S&P Capital IQ, Global Credit Portal and MarketScope Advisor desktops; enterprise solutions such as S&P Capital IQ Valuations, and Compustat; and research offerings, including Leveraged Commentary & Data, Global Market Intelligence, and company and funds research, S&P Capital IQ sharpens financial intelligence into the wisdom today's investors need. For more information visit www.spcapitaliq.com.
About Exchange Data International (EDI)Exchange Data International (EDI) specialises in the collection and delivery of hard-to-get, accurate and high quality data to the financial industry. We provide customised data sets and ad-hoc feeds for Worldwide Corporate Actions, Worldwide Dividends, Worldwide End of Day Prices and Securities Reference Data. We pride ourselves on our flexibility and inventiveness and are committed to providing financial institutions with tailored business solutions. EDI constantly reviews and develops its product suite and geographic coverage to fulfil the financial industry's ever evolving needs.
SOURCE S&P Capital IQ
johnsyn
13 years ago
Platts Report: China's Oil Demand Drops in March
Mcgraw Hill (NYSE:MHP)
Today : Tuesday 24 April 2012
China's apparent* oil demand in March rose 3.3% year on year to 40.23 million metric tons (mt), or an average 9.5 million barrels per day (b/d), a Platts analysis of recent statistics released by the Chinese government showed.
"That's actually a recovery in the growth rate from the slowdown we saw hit in the fourth quarter of last year," said Song Yen Ling, Platts Senior Writer for China. "Growth rates have bounced back up to 2%-3%, as refiners stocked up ahead of the long Lunar New Year holiday and ahead of refinery turnarounds coming in the second quarter and seasonal diesel demand in the country's spring growing season."
However, from a month-to-month perspective, apparent daily oil demand in March was the lowest this year, below February's record 9.75 million b/d and the 9.63 million b/d in January. Growth rates for those two months were 2.4% and 1.0%, respectively, accounting for revisions in the China data and the extra day in February.
In the first quarter of 2012, China's overall apparent oil demand rose by 2.2% year on year to an average 9.63 million b/d, buoyed by higher refinery runs and net oil product imports.
In comparison, apparent oil demand grew just 0.7% year on year in December last year and by 1.6% in the fourth quarter.
China does not release official data on oil demand or commercial and strategic oil inventories. Platts calculates the country's oil demand based on official data on refiners' crude throughput and net oil product imports.
Analysts expect overall demand growth to accelerate in the coming months because of likely increased demand for diesel during the planting season in the agricultural sector. Higher manufacturing activity and bank loan growth in the economy also indicate oil demand could expand more in the second and third quarters.
However, there is likely to be some moderation in refinery runs as maintenance turnarounds start to kick-off in April and May, Song said.
Data from China's National Bureau of Statistics (NBS) released April 13 show China's refinery runs in March rose 1.9% year on year to 38.37 million mt or 9.07 million b/d. Daily runs in March were 2.6% lower than February's average of 9.31 million b/d.
According to customs data officially released by China's Customs Statistics (CCS) on April 21, crude oil imports in March totaled 23.55 million mt (5.57 million b/d). This is an increase of 8.7% year on year and down 6.7% from February's 5.97 million b/d.
Crude exports were 210,000 mt (49,700 b/d), representing a 38.2% drop from the same period last year. The CCS figures confirm data released 10 April by the NBS on its website.
Oil product imports in March rose 1% to 3.92 million mt (902,900 b/d) while oil product exports slid 20.2% year on year to 2.06 million mt (474,500 b/d).
In the first quarter, China's average daily refinery processing rate was 9.26 million b/d, up 2.2% year on year. Oil product imports fell 3.2% to 846,600 b/d while oil product exports were down nearly 9% to 475,500 b/d, meaning net oil product imports into China rose 5.1% year on year to 371,100 b/d.
MONTHLY TRADE DATA IN MILLION METRIC TONS:
Mar '12
Mar '11
%Chg
Feb '12
Jan '12
Dec '11
Nov '11
Net crude imports
23.34
21.33
9.42
23.21
23.10
21.59
22.56
Crude production
17.27
17.66
-2.21
16.33
17.36
16.98
16.46
Apparent demand
40.23
38.96
3.26
38.64
40.77
41.02
39.08
*Platts calculates China's apparent or implied oil demand on the basis of crude throughput volumes at the domestic refineries and net oil product imports, as reported by the National Bureau of Statistics and Chinese customs.
The government releases data on imports, exports, domestic crude production and refinery throughput data, but does not give official data on the country's actual oil consumption figure and oil stockpiles. Official statistics on oil storage are released intermittently.
Platts releases its monthly calculation of China's apparent demand between the 18th and 26th of every month via press release and via its website. Any use of this information must be appropriately attributed to Platts.
For more information on crude oil, visit the Platts website at www.platts.com. For Chinese-language information on oil and the energy and metals markets, visit http://www.platts.cn/.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.
CONTACT: Kathleen Tanzy 212-904-2860 Kathleen_tanzy@platts.com
SOURCE Platts
johnsyn
13 years ago
Platts Launches 17 Weekly Renewable Energy Certificates Assessments
Mcgraw Hill (NYSE:MHP)
Today : Wednesday 18 April 2012
Platts Launches 17 Weekly Renewable Energy Certificates Assessments Pricing Transparency Helps Electricity Industry Value Renewable Energy
PR Newswire
WASHINGTON, April 18, 2012
WASHINGTON, April 18, 2012 /PRNewswire/ -- Platts, a leading global energy, petrochemical and metals information and benchmark price references provider, today said it has launched weekly price assessments for renewable energy certificates (RECs) covering 15 compliance products in use in eight U.S. states where renewable portfolio standards (RPS) have been mandated by state governments. Platts is also providing assessments for two voluntary products.
A REC represents the environmental attributes of a megawatt-hour (MWh) of electricity from a renewable energy facility, such as wind, solar or geothermal. They've become a tradable commodity used by load-serving entities to comply with states' renewable portfolio standards that require a specified portion of power to be sourced from a renewable energy generator. Some 29 states and the District of Columbia currently have such mandates.
"A renewable portfolio standard is the most widespread policy concept for encouraging the growth of renewable energy in the United States. And we're pleased to put our long experience in price discovery to work for this emerging market and shed light on the value of the corresponding renewable energy certificates," said Mike Wilczek, Platts senior managing editor, North American power and gas.
While RECs have no inherent value, unlike physical energy commodities such as coal and natural gas, their value follows the models of popular environmental products such as carbon dioxide allowances, carbon offsets, renewable identification numbers and sulfur dioxide/nitrogen oxide permits, which also got their start from the industry's need to comply with state or federal environmental regulations.
Platts' new weekly REC assessments include 15 different products eligible in eight states: California, Connecticut, Maryland, Massachusetts, New Jersey, Ohio, Pennsylvania and Texas. The REC products are broken out into categories for "solar technology" and "top-tier" renewable facilities. Platts also assesses a pair of Green-e certified REC products commonly used in the voluntary market.
"Our aim is to provide the industry with all the REC pricing and information it needs in one place," said Geoffrey Craig, Platts associate editor, power. "The need for price assessments, market commentary and news can only increase as the market deepens, widens and matures."
The U.S. REC market is seen growing in size from 133 million megawatts per hour in 2011, an increase of more than 20% from decade-ago levels, to 210 million MWh by 2015.
To accompany its new assessments announcement, Platts has just released this April 2012 Special Report explaining the fundamentals behind the REC market. To view this report, visit this link: http://www.platts.com/rec-report.
A fact sheet on Platts U.S. REC assessments can be found at this link.
For greater detail on the calculations for the new assessments, see Platts' methodology and specifications guidelines for U.S. renewable energy certificates, which were developed in consultation with a cross-section of power industry and market participants. To learn more about the broader topic of Platts' market-on-close price assessment processes in power, visit this link of the Platts website.
Quoted in U.S. dollars per MWh, the weekly Platts RECs reflect market values as of Thursday at 2:30 p.m. Eastern time and are published every Thursday in real-time service Platts Electricity Alert, Platts Market Center, Platts Market Data and on Friday in the newsletter Platts Megawatt Daily. Platts has published energy news, markets fundamentals and price assessments for more than a century.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.
CONTACT: Kathleen Tanzy 212-904-2860 Kathleen_tanzy@platts.com
SOURCE Platts
johnsyn
13 years ago
The McGraw-Hill Companies Completes Sale of Broadcasting Group to E.W. Scripps
Mcgraw Hill (NYSE:MHP)
Today : Saturday 31 December 2011
The McGraw-Hill Companies (NYSE: MHP) today completed the sale of its Broadcasting Group to The E.W. Scripps Company. As previously announced, the purchase price of the nine-station Broadcasting Group was $212 million in cash.
The divestiture of the Broadcasting Group, a non-core asset, was carried out pursuant to the Corporation's Growth and Value Plan, which will create two focused operating companies, McGraw-Hill Financial and McGraw-Hill Education, and is designed to accelerate growth and enhance shareholder value.
"I thank the talented men and women of these stations for their valuable contributions to McGraw-Hill and know they are joining a respected media organization where they will continue delivering news, insights and entertainment," said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies. "Completing this transaction demonstrates good progress on our Growth and Value Plan. As we close out 2011, we are excited about the opportunities ahead."
The Broadcasting Group includes ABC affiliates in Denver, Colorado (KMGH-TV), San Diego, California (KGTV), Bakersfield, California (KERO-TV), Indianapolis, Indiana (WRTV) and Azteca America affiliates in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield.
About The McGraw-Hill Companies:
McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.
Forward-Looking Statements:
The forward-looking statements in this news release (identified by the future tense and words like "expects," "targeted" and "projected") involve risks and uncertainties, are subject to change, and actual results may differ materially from the Corporation's expectations, based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations), equity and commodities markets, including possible future interest rate changes; the health of the economy and in advertising; the level of expenditures and state new adoptions and open territory sales in the education market; the successful marketing of competitive products; and the effect of competitive products and pricing. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in McGraw-Hill's 2010 Annual Report on Form 10-K which, along with the Corporation's other filings with the SEC, are available on the SEC's website (www.sec.gov).
Investor Relations:Donald S. RubinSenior Vice President, Investor Relations (212) 512-4321 (office) donald_rubin@mcgraw-hill.com
News Media:Patti RockenwagnerSenior Vice President, Marketing and Communications(212) 512-3533 (office)patti_rockenwagner@mcgraw-hill.com
Jason FeuchtwangerDirector, Corporate Media Relations212-512-3151 (office)347-419-4169 (cell)jason_feuchtwanger@mcgraw-hill.com
SOURCE The McGraw-Hill Companies
johnsyn
13 years ago
McGraw-Hill Announces Comprehensive Growth and Value Plan to Increase Shareholder Value
Mcgraw Hill (NYSE:MHP)
Intraday Stock Chart
Today : Monday 12 September 2011
The McGraw-Hill Companies (NYSE: MHP) today announced that its Board of Directors has unanimously approved a comprehensive Growth and Value Plan that includes separation into two strong public companies: McGraw-Hill Markets, primarily focused on capital and commodities markets, and McGraw-Hill Education, focused on education services and digital learning.
The three-part Plan is designed to accelerate growth and increase shareholder value by:
1. Creating two "pure-play" companies with the scale, and the capital and cost structures to fully leverage their world-class franchises, iconic brands, and leading market positions
2. Reducing costs significantly to ensure efficient operating structures for the two new companies
3. Accelerating the pace of share repurchases to a total of $1 billion for the full year 2011 (approximately $540 million repurchased year to date)
The Growth and Value Plan will create two focused operating companies with deeper customer engagement, right-sized cost structures, and increased management focus and accountability. The creation of two companies with tailored capital structures and financial policies will also enhance strategic and financial flexibility and establish two attractive equity currencies.
Harold (Terry) McGraw III, Chairman, President and Chief Executive Officer, said, "Our Growth and Value Plan will transform a multifaceted corporation into two powerful companies, each with highly focused strategies, aligned customer bases and interconnected markets. After thorough analysis, the Board determined that the creation of these two independent companies is the best and most reliable way to generate superior shareholder value. Because both companies will be sharply defined, they will create two pure-play investment opportunities and present a more transparent capital markets profile, enabling investors to better assess their value, performance and potential."
McGraw-Hill Markets: A Global Leader Focused on Capital and Commodities MarketsMcGraw-Hill Markets, which will be led by Terry McGraw as Chairman, President and CEO, will be a fast-growing, high-margin global company that enables the functioning and growth of the increasingly interconnected global capital and commodities markets by providing customers with high-value benchmarks, information, and solutions. McGraw-Hill Markets will leverage its proprietary data and analytics platforms to provide customers with a broad array of information, market insights and integrated solutions to inform decision-making on trillions of dollars of assets.
McGraw-Hill Markets, the working name for this Company, will include the following iconic brands in the capital and commodities markets: Standard & Poor's, the world's foremost provider of credit ratings; S&P Indices, the world's leading index business; the newly launched S&P Capital IQ, a leading global provider of multi-asset class data, research, benchmarks and analytics; and Platts, the leading global provider of information and indices in energy, petrochemicals and metals. Combined, the capital and commodities businesses account for approximately 90% of McGraw-Hill Market's annual revenues.
McGraw-Hill Markets will also include businesses in attractive commercial sectors such as J.D. Power and Associates, a global market research and services company, and leading franchises in the construction and aerospace industries.
McGraw-Hill Markets serves customers in more than 150 countries and expects 2011 revenues of approximately $4 billion with close to 40% from international markets. The Company expects to drive double-digit growth and profitability by expanding upon and fully exploiting the many operational and strategic synergies that exist among McGraw-Hill Markets' brands, including overlapping customer bases, shared technology platforms, optimized access to global capital markets, and an international employee base active in growth markets. McGraw-Hill Markets' scale and leadership positions will also enable it to capitalize on growth trends and extend its platforms in fast-developing emerging markets.
Mr. McGraw continued, "There is a growing need for investors to be able to track price movements across all asset classes. At the same time, there is a dearth of tools which meet this need. This creates an existing and fast-growing opportunity for McGraw-Hill Markets to deliver integrated solutions on commodities, fixed income, equity, credit, and funds that inform strategy and trade ideas on cash, derivatives and volatility indices. When our premier brands are combined into one focused operating company, McGraw-Hill Markets immediately becomes the player with the greatest breadth of capabilities in the financial markets."
McGraw-Hill Education: A Global Leader in EducationMcGraw-Hill Education, the second largest education company in the world, will become an independent business operating in the K-12, higher education and professional education markets. This education services and digital learning company will be well positioned as one of the few companies serving the entire K-12 and higher and professional education markets globally. It offers educational materials online and in print for K-12, supplemental digital services to the elementary and high-school markets, and post-secondary educational resources and digital learning systems to universities and other higher education and professional institutions and organizations worldwide.
McGraw-Hill Education expects revenues of approximately $2.4 billion in 2011. As an independent education company, it will be able to optimize its solid cash generation capabilities and strong balance sheet to pursue accelerated growth strategies and augment its organic growth with digital services and/or via acquisitions or strategic partnerships. For example, it will have greater flexibility to develop and deploy new products and services to address secular trends toward digital education platforms and to pursue higher-margin opportunities in educational services such as online instructional and school digital services. Internationally, the company will be better positioned to capitalize on education spending and adult skills training in China, India, Brazil and other emerging markets, which are projected to continue to grow at double-digit rates.
As part of the Growth and Value Plan, a search is underway to recruit a CEO for McGraw-Hill Education. Robert Bahash, currently President of the Education segment, has contributed significantly to the development of plans for the independent Education company and will continue as President until the new CEO has been appointed.
From Strategic Portfolio Review to Growth and Value PlanMr. McGraw noted, "We are establishing two cohesive, high-performing operating companies that are structured to meet customer needs and positioned for sustainable growth and shareholder value creation in rapidly evolving global markets. This will provide exciting opportunities for our employees who will be part of two great companies with rich histories and bright futures."
Today's announcement results from the comprehensive portfolio review of McGraw-Hill's businesses that began in the second half of 2010. The review, which was conducted by management and the Board with assistance from external advisors, was designed to unlock and increase shareholder value by prioritizing areas of future investment and modifying organizational structures to sharpen focus, increase efficiencies, and accelerate growth.
As a result of this review, the Company thus far has:
•Established McGraw-Hill Financial as a new segment (November 2010)
•Expanded the high-growth Platts business through two bolt-on acquisitions: BENTEK Energy (January 2011) and the Steel Business Briefing Group (July 2011)
•Announced plans to sell the Broadcasting Group (June 2011)
•Increased share repurchases with 50 million share authorization (June 2011)
Today, the Company announced it will market its unique combination of multi-asset-class data, benchmarks and analytics products under two master brands, S&P Capital IQ and S&P Indices, to reflect customers' desire to receive high-value content through a consolidated set of powerful global platforms. Customer and market research concluded that these two brands complement each other and provide significant brand extension in the financial information industry.
Cost Reduction Program The establishment of McGraw-Hill Markets and McGraw-Hill Education marks a significant milestone as the Company moves to implement its new Growth and Value Plan. The Company is also focused on reducing costs to ensure efficient operating structures for the two new companies. The Company is conducting an extensive cost reduction program focused on over $1 billion of corporate expense and administrative and technology costs across the organization. In addition to overall cost reductions, this program will disaggregate shared services and establish two appropriately-sized corporate centers. The Company will provide updates on its progress as the cost reduction program moves forward.
Accelerated Share RepurchasesThe Company is accelerating share repurchases and plans to repurchase $1 billion of shares in 2011. In the third quarter to date, the Company has repurchased 6.4 million shares for $240 million. Year-to-date, the Company has repurchased 14.1 million shares for $540.6 million. The Company has the flexibility to continue repurchasing shares in 2012 under its current authorization.
Transaction ConditionsMcGraw-Hill management is developing detailed separation plans, which will be subject to approval by the Board of Directors. The Company expects to complete the transaction by the end of 2012 through a tax-free spin-off of the education business to McGraw-Hill shareholders, subject to various conditions including final Board approval and a tax ruling from the Internal Revenue Service. While it is McGraw-Hill's intention to effect this separation, there can be no guarantee that it will be concluded or assurance as to the terms of the transaction. The Company's financial advisors are Goldman Sachs and Evercore Partners.
Conference Call/Webcast Scheduled for 8:30 AM Eastern Time on September 12, 2011: The Corporation's senior management will host a conference call at 8:30 AM Eastern Time. This call is open to all interested parties. Discussions may include forward-looking information. Additional information presented on the conference call may be made available on the Corporation's Investor Relations website at http://www.mcgraw-hill.com/investor_relations.
Webcast Instructions: Live and ReplayThe webcast will be available live and in replay through the Corporation's Investor Relations website at http://investor.mcgraw-hill.com/phoenix.zhtml?p=irol-eventDetails&c=96562&eventID=4197197 (Please copy and paste URL into Web browser.) The archived replay will be available beginning two hours after the conclusion of the live call and will remain available for one year.
Telephone Access: Live and ReplayTelephone participants are requested to dial in by 8:20 AM. The passcode is "McGraw-Hill" and the conference leader is Harold McGraw III.
•For callers in the U.S.: (888) 391-6568
•For callers outside the U.S.: +1 (415) 228-4733 (long distance charges will apply)
The recorded telephone replay will be available beginning two hours after the conclusion of the call and will remain available until October 12, 2011.
•For callers in the U.S.: (800) 513-1167
•For callers outside the U.S.: +1 (402) 344-6797 (long distance charges will apply)
Presenters' Slides & RemarksThe presenters' slides are available for downloading at the Corporation's Investor Relations website at http://www.mcgraw-hill.com/investor_relations. The final prepared remarks will be available for downloading by the end of the business day.
Forward-looking Statements The forward-looking statements in this news release (identified by the future tense and words like "expects," "targeted" and "projected") involve risks and uncertainties, are subject to change, and actual results may differ materially from the Company's expectations, based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations), equity and commodities markets, including possible future interest rate changes; the health of the economy and in advertising; the level of expenditures and state new adoptions and open territory sales in the education market; the successful marketing of competitive products; and the effect of competitive products and pricing. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in McGraw-Hill's 2010 Annual Report on Form 10-K which, along with the Company's other filings with the SEC, are available on the SEC's website (www.sec.gov).
Contacts:Investor Relations:Donald S. Rubin, Senior Vice President, Investor Relations(212) 512-4321 (office) donald_rubin@mcgraw-hill.com
News Media:Patti Rockenwagner, Senior Vice President, Marketing and Communications(212) 512-3533 (office)patti_rockenwagner@mcgraw-hill.com
George Sard, Brandy Bergman, or Michael Henson of Sard Verbinnen & Co(212) 687-8080
SOURCE The McGraw-Hill Companies
vallence
14 years ago
Below is a recent article from the New York Times. As stated in one of my previous articles, do you want to own Barrick Gold Corp ABX or McGraw-Hill Publishing MHP, at the beginning of this Bull Market in Precious Metals and the collapse of the old consumerism society where college degrees can not even guarantee a job at McDonalds. Maybe McGraw-Hill and the other publishing companies like it can re-tool and produce toilet paper instead of text books, for toilet paper always has a buyer. Or we can just place those text books in the bathrooms (outhouses for you homeless) like the old Sear & Roebuck catalogs I remember as a young boy. There's always a solution for those with an imagination. Maybe they will hire me as a problem solver?
NEW YORK TIMES
“WE all enjoy speculating about which Arab regime will be toppled next, but maybe we should be looking closer to home. High unemployment? Check. Out-of-touch elites? Check. Frustrated young people? As a 24- year-old American, I can testify that this rich democracy has plenty of those too.
About one-fourth of Egyptian workers under 25 are unemployed, a statistic that is often cited as a reason for the revolution there. In the United States, the Bureau of Labor Statistics reported in January an official unemployment rate of 21 percent for workers ages 16 to 24.
My generation was taught that all we needed to succeed was an education and hard work. Tell that to my friend from high school who studied Chinese and international relations at a top-tier college. He had the misfortune to graduate in the class of 2009, and could find paid work only as a lifeguard and a personal trainer. Unpaid internships at research institutes led to nothing. After more than a year he moved back in with his parents.
Millions of college graduates in rich nations could tell similar stories. In Italy, Portugal and Spain, about one-fourth of college graduates under the age of 25 are unemployed. In the United States, the official unemployment rate for this group is 11.2 percent, but for college graduates 25 and over it is only 4.5 percent.
The true unemployment rate for young graduates is most likely even higher because it fails to account for those who went to graduate school in an attempt to ride out the economic storm or fled the country to teach English overseas. It would be higher still if it accounted for all of those young graduates who have given up looking for full-time work, and are working part time for lack of any alternative.
The cost of youth unemployment is not only financial, but also emotional. Having a job is supposed to be the reward for hours of SAT prep, evenings spent on homework instead of with friends and countless all-nighters writing papers. The millions of young people who cannot get jobs or who take work that does not require a college education are in danger of losing their faith in the future. They are indefinitely postponing the life they wanted and prepared for; all that matters is finding rent money. Even if the job market becomes as robust as it was in 2007 - something economists say could take more than a decade - my generation will have lost years of career-building experience.
The uprisings in the Middle East and North Africa are a warning for the developed world. Even if an Egyptian-style revolution breaking out in a rich democracy is unthinkable, it is easy to recognize the frustration of a generation that lacks opportunity. Indeed, the "desperate generation" in Portugal got tens of thousands of people to participate in nationwide protests on March 12. How much longer until the rest of the rich world follows their lead?”
vallence
14 years ago
You Be The Judge
Below is a letter I just sent to the top echelon of McGraw-Hill regarding one of their authors. In my past articles I have told the story of the perverted nature of the US college and university campuses created by professors and upper level management that allows for and propagates creatures like Dr Burdge who writes for McGraw-Hill. This is a systemic sickness of greed and arrogance that runs through all the text book publishing companies and the university professors and management. They all think that they are to big to be reached which allows for their cult mystic both on the campuses and in the board rooms of the publishing companies. I told my oldest son Beau 4 years ago, now 20, that evil can be defeated if it is drug out into the light of day and exposed. Dr Burdge and McGraw-Hill and others will be exposed. As Warren Buffet said, we will see who is wearing a bathing suit when the tide goes out. Read my other post on the subject and the information site http://fallofthehouseofmcgrawhill.com/ . You judge for yourself if you want to be invested in companies like this.
McGraw-Hill Companies
Dr Julia Burdge is a writer for you and has a text book out “Chemistry” under your label. Below is an email communication between my youngest son Sam Burdge and me. I want to make this VERY clear to all those in your company, your Dr Burdge is a sick demented perverted individual in which your company had a big part in creating. To lie to her youngest son regarding his passport is truly sick. Sam will be free of the evil creature Dr Burdge in June of this year but she will still be associated with you and I will never let McGraw-Hill forget that. Every mistake you make, every drop in your stock price in the coming economic depression I will be there and I will publish the truth, all in graphic detail until you rid your sick company of Dr Burdge and apologize to Sam and his brother Beau for what you have done.
Regards,
Christopher Burdge
From: ########52@hushmail.com
To: ########rior@hushmail.com
Cc: ###otwb@hushmail.com
Date: Tue, 01 Mar 2011 15:40:14 -0800
Sam
Just another lie from a sick evil person. The fact is she could not have left Malta with you Sam, without your passport(customs would not allow it) or entered Germany with out it or leave
Germany(German customs would not allow it) nor entered the USA with out you having your passport(USA customs would not allow it).There are no exceptions here in this, this is the law of the land in ALL countries. I want both you and Beau to remember this lie (of many she has said) as an example of her demented perverted behavior. Beau knows you had the passport when you left and you saw she had it in Frankfurt, Germany to get you in and out of that country. She has degenerated down into this state where she tells lies she cannot possible defend and for nothing as she knows you are leaving and has no control over you after 18. The way "she" meaning Dr Burdge deals with her behavior is totally blocking out the past just like she has blocked out her oldest son Beau and to her he
does not exist. His only crime was to stand up to her at 16 during your forced abduction from Malta Sam at 14 years old and completely against your will. Dr Burdge's life time of clinical depression and
15 years on medication along with McGraw-Hill Publishing telling her the big money was coming for writing books for them has created a creature that will in the end destroy herself and sow the seeds of Mcgraw-Hill Publishing's decline. McGraw-Hill Publishing and the people who run it are no better than the demented pervert of a text book writer they hired in Dr Julia Burdge, the creature that was once your mother. Your Dad
On Tue, 01 Mar 2011 15:02:17 -0800 ########ior@hushmail.com wrote:
<Neil has returned to his home after some time in the hospital with
<pneumonia, Julia has adamantly claimed that she does not have my
<passport and that you do, though I sense that this is complete
<######## because I remember her having my passport while in the
<frankfurt ariport in germany.
<Sam Burdge
vallence
14 years ago
“The McGraw-Hill School Education Group's revenue declined by 7.7% in the fourth quarter in 2010, and their Higher Education, Professional and International Group's revenue declined 3.3% in 2010 compared to 2009.” This decline will look infinitesimal when compared to the same figures two years from now. I stated it best in a previous article, “Dump The Publishers Like McGraw-Hill” which is copied below. Read http://fallofthehouseofmcgrawhill.com/ and my other post on the message boards about them and get out while you can.
Dump The Publishers Like McGraw-Hill
The number two prediction of the National Inflation Association top 10 predictions for 2011 is the the beginning of the bankruptcy of the American colleges. The article posted below explains what I have been saying for some time. The college and university system is as corrupt and wasteful as the Federal Government is. The publishing companies that supply the flashy text books at exorbitant prices which students are forced to buy, by demand of corrupt professors who may be the author or aspiring to be one are as guilty as the university system itself. The party is ending and publishing companies like McGraw-Hill who supply such text books are going to take the fall in the next few years. With the the rapid decline of the university population because of the imploding economy and soon to be shut down of the also corrupt student loan scam, there will be no need for more flashy text books. The older ones in the 4th or above additions will be used until the pages fall out and professors will have to actual get off their ass and learn to teach instead of being parasites. Read my free website http://fallofthehouseofmcgrawhill.com/ and sell McGraw-Hill now if you own it and buy it back south of $1.00 per share in 3-5 years from now. Read my other post about the company and corrupt system which is not just limited to Mcgraw-Hill.
2) Colleges will begin to go bankrupt and close their doors.
We have a college education bubble in America that was made possible by the U.S. government's willingness to give out cheap and easy student loans. With all of the technological advances that have been taking place worldwide, the cost for a college education in America should be getting cheaper. Instead, private four-year colleges have averaged 5.6% tuition inflation over the past six years.
College tuitions are the one thing in America that never declined in price during the panic of 2008. Despite collapsing stock market and Real Estate prices, college tuition costs surged to new highs as Americans instinctively sought to become better educated in order to better ride out and survive the economic crisis. Unfortunately, American students who overpaid for college educations are graduating and finding out that their degrees are worthless and no jobs are available for them. They would have been better off going straight into the work force and investing their money into gold and silver. That way, they would have real wealth today instead of debt and would already have valuable work place experience, which is much more important than any piece of paper.
Colleges and universities took on ambitious construction projects and built new libraries, gyms, and sporting venues, that added no value to the education of students. These projects were intended for the sole purpose of impressing students and their families. The administrators of these colleges knew that no matter how high tuitions rose, students would be able to simply borrow more from the government in order to pay them.
Americans today can purchase just about any type of good on Amazon.com, cheaper than they can find it in retail stores. This is because Amazon.com is a lot more efficient and doesn't have the overhead costs of brick and mortar retailers. NIA expects to see a new trend of Americans seeking to become educated cheaply over the Internet. There will be a huge drop off in demand for traditional college degrees. NIA expects to see many colleges default on their debts in 2011. These colleges will be forced to either downsize and educate students more cost effectively or close their doors for good.
MWM
15 years ago
Raters Face Fresh Push in House Over Claims
SEPTEMBER 25, 2009
By SERENA NG, SARAH N. LYNCH and LESLIE SCISM
Credit-ratings firms came under pressure as lawmakers and regulators renewed scrutiny of the ratings process.
A congressional committee called on Moody's Corp. to respond to allegations its Moody's Investors Service unit continues to inflate credit ratings. Meanwhile, state insurance regulators gathering in National Harbor, Md., grilled executives of major ratings firms about their botched analysis of mortgage bonds and discussed ways to pare ratings firms' role in assessing risk.
Moody's shares slid 4.4% on Thursday and have tumbled 28% this month amid scrutiny of the firm. Former Moody's analyst Eric Kolchinsky went public earlier this week with allegations that the firm knowingly gave inaccurate ratings to complex securities this year. The House Oversight and Government Reform Committee on Thursday released a letter written by Mr. Kolchinsky detailing his complaints to Moody's officials.
More
Document: Kolchinsky's memo to Moody's compliance officer A Moody's spokesman said the company "takes very seriously all allegations of impropriety," and a review into Mr. Kolchinsky's most recent claims is in process. The spokesman said Mr. Kolchinsky's previous claims were found by Moody's to be unsupported. "Moody's has strong policies in place to manage potential conflicts of interest," the spokesman said.
Committee Chairman Edolphus Towns (D., N.Y.) on Thursday postponed a scheduled hearing at which Mr. Kolchinsky was to testify, and said he wants Moody's to respond to the allegations.
Rep. Towns slated the new hearing for next Wednesday. The Moody's spokesman said the company "intends to continue the ongoing dialogue it maintains with legislators, regulators and other market participants."
In the 14-page letter released by the committee, Mr. Kolchinsky said Moody's engaged in conduct he believed was illegal and he urged the firm "to take action" to prevent the company from being held liable for its ratings.
In an interview Thursday, Mr. Kolchinsky said the tone of the August memo was out of character for him, but he was frustrated by what he felt was a lack of action within the company.
"The reason it was so harshly worded is that I really wanted them to act and do something, and not sit on their hands," he said, adding that he tried to get his message across for the past two years.
As his primary example, Mr. Kolchinsky said Moody's gave a high rating to complicated debt securities in January 2009, knowing that it was planning to downgrade assets that backed the securities. Within months, the securities were put on review for downgrade. He said he had reviewed internal Moody's memos that showed executives had approved ratings methodology changes in December 2008 that they expected to lead to large-scale ratings downgrades.
He also wrote that he fears that conflicts of interest, which arise because Moody's is paid by debt issuers to rate securities, have become worse in recent months. The group that rates complex securities takes "analytical short-cuts in their quest for revenue," he wrote.
Shares of McGraw-Hill Cos., owner of ratings firm Standard & Poor's, have tumbled 28% this month, falling 6.5% Thursday.
"It's clear to me we can no longer rely solely on the ratings agencies," Sean Dilweg, Wisconsin's insurance commissioner, said following the hearing of the National Association of Insurance Commissioners on Thursday in Maryland.
At the hearing, executives from Moody's, S&P and Fitch Ratings, which is owned by Fimalac SA of France, described changes they have made to improve their analytical processes, corporate governance and compliance.
"Everyone who testified knows that changes have to be made. It's just a question of what changes and to what extent," said James Wrynn, New York's insurance superintendent.
Write to Serena Ng at serena.ng@wsj.com and Leslie Scism at leslie.scism@wsj.com
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Penny Roger$
13 years ago
