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MCGRAW-HILL REPORTS 1991 EARNINGS

 MCGRAW-HILL REPORTS 1991 EARNINGS
 NEW YORK, Feb. 3 /PRNewswire/ -- McGraw-Hill Inc. (NYSE: MHP) today


reported 1991 earnings of $148,010,000, or $3.03 per share. In 1990, the company earned $172,475,000, or $3.53 per share. Revenue for 1991 increased 0.2 percent to $1,943,012,000.
 For the fourth quarter of 1991, earnings were $45,359,000, or 93 cents per share. In the fourth quarter of 1990, the company's net income was $51,429,000, or $1.05 per share. Revenue for the fourth quarter of 1991 increased 1.8 percent to $568,118,000.
 "The bright spots for the year were Financial Services, with a 16.6 percent increase in operating profits, and our joint venture, the Macmillan/McGraw-Hill School Publishing Company, where our share of profits climbed by 27.2 percent," said Joseph L. Dionne, chairman and chief executive officer of McGraw-Hill, Inc.
 Financial Services: "In this segment, our expansion overseas and record new debt issuance helped produce the best year in the history of the Standard & Poor's Ratings Group. We also got good performances from many of S&P's information businesses, including MMS International, Commodity Information Services and Compustat.
 Information & Publication Services: "Although we saw improvement in Business Week's ad page count in the fourth quarter compared to the first nine months, the continued weakness in advertising, construction and computer markets led to a 35.4 percent decline in operating profits for this segment.
 Educational and Professional Publishing: "Operating profits for this segment fell 26.8 percent for the year despite a strong fourth quarter performance by the healthcare group and the continued success of our Spanish language publishing program overseas.
 "Shepard's, our legal publisher, produced substantial operating profits for the year, but still experienced a decline because it postponed the revision of a major Citator series in 1991. That decision had a major impact on operating profits in the third quarter. In addition, cutbacks in library funding and growing white collar unemployment hurt professional book operations.
 Broadcasting: "The absence of political advertising had a major impact on 1991's fourth quarter results, but our four stations finished the year on a positive note with a year-to-year sales gain in December. Operating profits for the year dropped 22.6 percent.
 Joint Venture: "A successful new basal math series and excellent cost controls combined to produce another fine year for the Macmillan/McGraw-Hill School Publishing Company. Despite reduced funding levels in many school districts, the joint venture company completed its second full year of operations as the nation's No. 1 elementary-high school publisher.
 "In the face of some of the worst market conditions in years, McGraw-Hill completed 1991 in excellent financial shape and with a better outlook for 1992 when the economy begins to improve."
 MCGRAW-HILL, INC.
 Statement of Income
 (Amounts in thousands, except earnings per share)
 Three months ended Dec. 31 1991 1990
 Operating revenue $568,118 $558,061
 Expenses - net 471,162 435,018
 Share of profit/(loss) of
 Macmillan/McGraw-Hill
 joint venture (7,289) (18,036)
 Income from operations 89,667 105,007
 Interest expense - net (10,506) (14,781)
 Income before taxes on income 79,161 90,226
 Provision for taxes on income 33,802 38,797
 Net income $ 45,359 $ 51,429
 Earnings per common share $ .93 $ 1.05
 Average number of common
 shares outstanding 48,796 48,811
 Years ended Dec. 31 1991 1990
 Operating revenue $1,943,012 $1,938,638
 Expenses - net 1,665,201 1,602,025
 Share of profit/(loss) of
 Macmillan/McGraw-Hill
 joint venture 27,483 21,601
 Income from operations 305,294 358,214
 Interest expense - net (46,987) (55,627)
 Income before taxes on income 258,307 302,587
 Provision for taxes on income 110,297 130,112
 Net income $ 148,010 $ 172,475
 Earnings per common share $ 3.03 $ 3.53
 Average number of common
 shares outstanding 48,821 48,819
 Operating Results by Segment
 (Thousands of dollars)
 Three months ended Dec. 31 1991 1990
 Revenue
 Information and Publication
 Services $ 225,296 $ 239,375
 Educational and Professional
 Publishing 159,845 152,044
 Financial Services 156,304 137,492
 Broadcasting 26,673 29,150
 Total operating segments $ 568,118 $ 558,061
 Share of loss of
 Macmillan/McGraw-Hill
 joint venture -- --
 General corporate expense-net -- --
 Interest expense-net -- --
 Total company $ 568,118 $ 558,061
 Operating profit
 Information and Publication
 Services $ 35,320 $ 52,889
 Educational and Professional
 Publishing 25,488 33,622
 Financial Services 38,217 33,733
 Broadcasting 7,291 11,772
 Total operating segments 106,316 132,016
 Share of loss of
 Macmillan/McGraw-Hill
 joint venture (7,289) (18,036)
 General corporate expense-net (9,360) (8,973)
 Interest expense-net (10,506) (14,781)
 Total company $ 79,161(A) $ 90,226(A)
 Years ended Dec. 31 1991 1990
 Revenue
 Information and Publication
 Services $ 699,757 $ 746,495
 Educational and Professional
 Publishing 548,278 550,661
 Financial Services 596,840 537,528
 Broadcasting 98,137 103,954
 Total operating segments 1,943,012 1,938,638
 Share of profit of
 Macmillan/McGraw-Hill
 joint venture -- --
 General corporate expense-net -- --
 Interest expense-net -- --
 Total company $1,943,012 $1,938,638
 Operating profit
 Information and Publication
 Services $ 81,743 $ 126,600
 Educational and Professional
 Publishing 56,960 77,788
 Financial Services 142,291 121,982
 Broadcasting 25,948 33,537
 Total operating segments 306,942 359,907
 Share of profit of
 Macmillan/McGraw-Hill
 joint venture 27,483 21,601
 General corporate expense-net (29,131) (23,294)
 Interest expense-net (46,987) (55,627)
 Total company $ 258,307(A) $ 302,587)A)
 (A) -- Income before taxes on income.
 -0- 2/3/92
 /CONTACT: Elizabeth L. Russo, 212-512-3493, or Donald S. Rubin, 212-512-4321, both of McGraw-Hill/
 (MHP) CO: McGraw-Hill Inc. ST: New York IN: PUB SU: ERN


CK -- NY035 -- 6105 02/03/92 11:01 EST
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