McGraw-Hill, one of the major publishers of college textbooks, recently released its financial results. I recently wrote about Pearson Education’s increased sales, and I’ve written an extensive post on how to assess the financial health of a textbook publishers like Pearson Education.
McGraw-Hill has fingers in a lot of pies, and it has taken a financial hit during the recession. However, according to these excerpts from the press release accompanying the earnings statement, the McGraw-Hill higher education division has done well:
The McGraw-Hill Higher Education, Professional and International Group’s revenue increased 7.5% to $370.2 million in the fourth quarter and was off by 0.1% to $1.3 billion for full year 2009 versus 2008.
————————
In the fourth quarter, the McGraw-Hill Higher Education, Professional and International Group benefited from a surge in second semester ordering in the U.S. college and university market and improved performances in professional and international markets.
Strong growth in enrollments, a robust front list, and an expanded line of digital products produced a solid gain in U.S. higher education. Double-digit revenue increases were recorded for e-books, online courses and online study tools for students, including McGraw-Hill Connect(TM), the industry’s most advanced interactive platform.
McGraw-Hill Higher Education’s best sellers in the fourth quarter included:
- McConnell, Brue and Flynn, Economics, 18th Edition
- Lucas, The Art of Public Speaking, 10th Edition
- Nickels, McHugh and McHugh, Understanding Business, 9th Edition
- Garrison, Noreen and Brewer, Managerial Accounting, 13th Edition
- Shier, Butler and Lewis, Hole’s Human Anatomy and Physiology, 12th Edition
A changing product mix in professional markets contributed to improved sales in the fourth quarter. Digital products and services continued their year-long double-digit growth rate while traditional book sales at retail produced the first year-over-year increase in 2009 in the fourth quarter.
In international markets, the demand for higher education products in most regions and favorable exchange rates were the keys to fourth quarter growth.
McGraw-Hill is a profitable company and is definitely a viable market for college instructors and freelance writers that want to create M-H’s college textbook supplements and ancillaries.
