The McGraw-Hill Co. Expands Share Repurchase Program
"These actions once again demonstrate the Board's long-standing commitment to maximizing total shareholder value," said Harold McGraw III, chairman, president, and CEO of The McGraw-Hill Companies. "Since 1996, we have returned more than $5 billion to shareholders through dividend payments and share buybacks, including more than $1 billion in the first quarter of 2006."
The quarterly dividend of USD 0.1815 per share is payable on 12 June to shareholders of record on 26 May.
The corporation's repurchase of up to 10 million additional shares this year would be over and above the 18.4 million shares The McGraw-Hill Companies has already purchased in 2006. Shares will be purchased from time to time on the open market, subject to market conditions.
In January, the board authorized a new stock repurchase program for up to 45 million shares and announced plans to repurchase up to 18.4 million shares in 2006, including 15 million shares from the new program and 3.4 million shares remaining from the buyback program authorized in 2003. The corporation completed repurchase of all 18.4 million shares earlier this year.
The McGraw-Hill Companies has paid a dividend each year since 1937 and is one of fewer than 32 companies in the S&P 500 that has increased its dividend annually for the last 33 years. The annualized rate of USD 0.726 per share, which includes a 10% increase approved by the board in January of 2006, represents an average compound annual dividend growth rate of 10.3% since 1974.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education, and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek, and J.D. Power and Associates. The corporation has more than 290 offices in 38 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com.
SOURCE The McGraw-Hill Companies