BIN numbers reflect pockets of Q1 growth McGraw-Hill cutting nearly 400 jobs

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B-to-b magazine revenue totaled $2.49 billion in the first quarter, down from 5.3% in the year-earlier period, according to the latest Business Information Network (BIN) report from American Business Media. However, five of the 21 BIN categories experienced revenue growth. Leading the growth categories was the aviation, aerospace, military category, up 10.15% in the first quarter compared with the same period last year. Other gainers were: agriculture (3.99%); manufacturing, processing (3.82%); professional services (2.22%); and architecture, design, lighting (2.14%). In addition, trade shows continue to post modest growth, with first quarter revenue increasing 1.5% to $2.98 billion. The BIN report is based on data from IMS/The Auditor and PERQ/HCI (for health care figures). McGraw-Hill Cos. announced it was cutting 395 jobs in its financial services and education segments as part of a restructuring. The job cuts do not affect McGraw-Hill's information and media division, which publishes BusinessWeek, Aviation Week and other titles. “We are taking actions to further streamline our operations and lower our costs in the areas most affected by current market challenges,” Harold McGraw III, chairman, president and CEO of McGraw-Hill, said in a news release. “The decision to reduce staff is always difficult, but we believe these actions will help improve efficiency while enabling us to focus our resources on those parts of our business that are experiencing the strongest growth.” The restructuring was driven by the current credit market environment as well as the consolidation of several functions within the financial services and education divisions.
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