McGraw-Hill posts gains in earnings, revenue

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New York--The McGraw-Hill Cos., publishers of Business Week and Aviation Week, reported Tuesday that its net income for 1999 rose 19.7% to $401.6 million, before one-time items, which included the $39.7 million sale of Chemical Engineering and other publications to Chemical Week Associates. Including the one-time items, net income for 1999 was $425.8 million. Revenue for the year increased 7% to $4 billion. In the fourth quarter, McGraw-Hill saw its net income rise 29.7% to $96.6 million, not including the one-time gain. Net income was $120.8 million including the one-time gain. Revenue in the fourth quarter climbed 10.2% to $1 billion. In its information and media services group, which includes Business Week and other business publications, McGraw-Hill's operating profit rose 4.5% to $127.7 million, excluding the one-time gain. Operating profit including the one-time gain rose to $167.4 million, an increase of 36.9%.
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