McGraw-Hill posts narrower profit

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New York--McGraw-Hill Cos. Tuesday reported first-quarter net income of $75.7 million, compared with $95.4 million for the year-earlier period.

Net income from continuing businesses increased 91.3% to $76.3 million, from $39.9 million in last year's first quarter.

Operating revenues rose 9.7% to $991.6 million, from $830.8 million in the first quarter of 2003.

Revenue from the company’s information and media services segment increased 1.3% to $176.7 million and operating profits grew 9.4% to $13.7 million.

In the business-to-business group, which includes BusinessWeek, Architectural Record and Aviation Week & Space Technology, revenue was up 0.6% to $152.0 million for the first quarter.

--Sean Callahan

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