The Company reported first quarter 2013 revenue of $1,181 million, an increase of 14% compared to the same period last year. Net income and diluted earnings per share from continuing operations were $153 million and $0.54, respectively. Excluding the impact of one‐time costs related to the separation of McGraw‐Hill Education and legal settlements, adjusted net income from continuing operations increased 29% to $228 million, and adjusted diluted earnings per share from continuing operations increased 29% to $0.80.
The company will be renamed McGraw Hill Financial pending approval at the annual Shareholders Meeting. The New Ticker Symbol, MHFI, will begin trading on May 14th. The Company reaches settlement in Abu Dhabi and King County cases at a cost of US$77 million.
DOJ Lawsuit: On April 22nd the Company responded to the DOJ complaint with a motion to dismiss the entire complaint. The DOJ now has the opportunity to respond to our motion, and the arguments of both sides will be heard by the Judge later in 2013. Additional information is available at www.standardandpoors.com/response.
“The Company is off to a strong start with the revenue and earnings growth we delivered in the first quarter,” said Harold McGraw III, chairman, president, and chief executive officer of McGraw Hill Financial. He continued, “McGraw Hill Financial is focused on providing clients with the essential intelligence they need to make better informed decisions. Our mission is to be the foremost provider of ratings, benchmarks, and analytics in the global capital and commodity markets. Our long‐term growth prospects are excellent because of the outstanding people, culture and capabilities of this Company—and the powerful enduring trends in our markets.”
McGraw‐Hill Education was sold in the latter part of 2012 and was classified as a discontinued operation beginning in 4Q 2012 and its results are excluded from continuing operations.