The McGraw-Hill Companies (NYSE: MHP) today reported diluted earnings per share of $1.23 for the third quarter of 2008 compared to $1.34 for the same period last year. The results include a pre-tax restructuring charge of $23.4 million ($14.6 million after tax) or $0.05 per diluted share primarily for severance costs related to a workforce reduction of approximately 270 positions to contain costs and mitigate the impact of the current and expected future economic conditions.  Including the restructuring charges, total expenses in the third quarter decreased by 3.2% or $47.1 million, primarily driven by a $117 million reduction in 2008 incentive compensation across the company.  Net income for the third quarter decreased 13.7% to $390.2 million.  Revenue declined 6.4% to $2.0 billion.   Source:  McGraw-Hill Companies Press Release

BIIA Newletter October 2008 Issue