NEW YORK, Jan. 30, 2013 /PRNewswire/ -- The Board of Directors of The McGraw-Hill Companies (NYSE: MHP) today approved a 9.8% increase in the regular quarterly cash dividend on the Corporation's common stock.
"The Board's action underscores the strength of our business and our bright prospects as we prepare to launch McGraw Hill Financial," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies. "Adding 10 cents to the dividend marks four decades of steady cash divided increases and demonstrates our ongoing commitment to maximizing value for shareholders."
The McGraw-Hill Companies has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500 that has increased its dividend annually for the last 40 years.
The quarterly dividend will increase from $0.255 to $0.28 per share. The dividend will be payable on March 12, 2013, to shareholders of record on February 26, 2013. The new annualized dividend rate of $1.12 per share represents an average compound annual dividend growth rate of 9.6% since 1974.
About The McGraw-Hill Companies: The McGraw-Hill Companies (NYSE: MHP), a financial intelligence and education company, signed an agreement to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management, LLC in November 2012. Following the sale closing, expected in early 2013, the Company will be renamed McGraw Hill Financial (subject to shareholder approval) and will be a powerhouse in benchmarks, content and analytics for the global capital and commodity markets. The Company's leading brands will include: Standard & Poor's, S&P Capital IQ, S&P Dow Jones Indices, Platts, Crisil, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Company will have approximately 17,000 employees in more than 30 countries. Additional information is available at www.mcgraw-hill.com.
Forward-Looking Statements: Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. In particular, the sale transaction described is subject to certain risks and uncertainties, including the ability of the buyer to obtain financing, as well as risks relating to any unforeseen liabilities, losses, declines in economic performance or future prospects. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained at its website at http://www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations: http://www.mcgraw-hill.com/investor_relations
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Contacts for The McGraw-Hill Companies:
Media Relations Contacts:
Senior Vice President, Marketing and Communications
(212) 512-3533 (office)
Investor Relations Contact:
Vice President, Investor Relations
Director, Corporate Media Relations
(212) 512-3151 (office)
(347) 419-4169 (cell)
SOURCE The McGraw-Hill Companies