Declines in both local and national advertising lower revenues for the second quarter to $20.4 million. The company also revises its predictions for overall revenue decline this year from 4%-5% to 5.5%-6.5%.
The McGraw-Hill Companies reported that revenue for its broadcasting group in the second quarter was off 23.1% to $20.4 million as both local and national time sales declined.
Looking forward, the company said: “In view of weakening market conditions in advertising and school education, we now expect revenue to decline 5.5% to 6.5% in 2009. Previously, we had anticipated a decrease of 4.0% to 5.0%.”
For the company as a whole, net income for the second quarter of 2009 decreased 22.7% to $164.1 million compared to the same period last year.
Revenue in the second quarter decreased 12.4% to $1.5 billion.