McGraw-Hill profits up

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New York -- The McGraw-Hill Cos. announced Thursday that net income in the first quarter increased 21.4% to $24.4 million. First-quarter revenue grew by 1.9% to $716.5 million. The company's information and media services division, which includes Business Week magazine, saw its revenue decline 6.8% to $199 million and operating profits fall 12% to $15.4 million. The decline in revenue was due in large part to the sale of the Information Technology and Communications Group, which was acquired by CMP Media last year.
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