NEW YORK, April 27, 2011 /PRNewswire-FirstCall/ -- The Board of Directors of The McGraw-Hill Companies (NYSE: MHP) today approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.250 is payable on June 10, 2011, to shareholders of record on May 26, 2011.
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 38 years. The annualized rate of $1.00 per share, which includes a 6.4% increase approved by the Board in January of 2011, represents an average compound annual dividend growth rate of 9.8% since 1974.
The McGraw-Hill Companies also intends to exceed its previous guidance on share repurchases, which called for buying back approximately 4.2 million shares this year. Yesterday, the Corporation announced it has repurchased 3.3 million shares for $124 million during the first quarter of 2011. During the remainder of 2011 the Corporation will purchase shares subject to market conditions. Approximately 5.1 million shares are remaining under the current share repurchase program approved by the Board in 2007.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies is a leading global financial information and education company that helps professionals and students succeed in the Knowledge Economy. Leading brands include Standard & Poor's, McGraw-Hill Education, Platts energy information services and J.D. Power and Associates. The Corporation has approximately 21,000 employees with more than 280 offices in 40 countries. Sales in 2010 were $6.2 billion. Additional information is available at http://www.mcgraw-hill.com.
Investor Relations: http://www.mcgraw-hill.com/investor_relations
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Release issued: April 27, 2011
Contacts for The McGraw-Hill Companies:
Media Relations Contact:
Director, Corporate Media Relations
(212) 512-3151 (office)
(347) 419-4169 (mobile)
Investor Relations Contact:
Donald S. Rubin
Senior Vice President, Investor Relations
(212) 512-4321 (office)
(212) 512-3840 (fax)
SOURCE The McGraw-Hill Companies