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McGraw-Hill reports solid growth in 2002

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New York--Bucking the overall business trend, The McGraw-Hill Cos., publisher of Business Week, Tuesday reported that overall earnings in 2002 increased 54% compared with 2001.

Net income for 2002 was $577 million, compared with $377 million a year earlier.

Revenue grew 3% to $4.8 billion, from $4.6 billion. The company’s earnings per share were $2.96 for 2002--exceeding the First Call consensus forecast of $2.93--compared with $1.92 for 2001.

Revenue for the information and media services unit, which includes Business Week, declined 4.3% to $809 million, while operating profit increased to $118 million from $65 million.

Ad pages for Business Week declined 12% for the year, reflecting the ongoing ad recession.

--Matthew Schwartz

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