Education Divisions Boost McGraw-Hill and Pearson Earnings

Two of the biggest players in education publishing had good news to report in their most recent earnings filings, even though McGraw-Hill (MHP) supplied more tangible information than its U.K.-based competitor, Pearson (PSO).

McGraw-Hill Sees Strong Gains in Education Division

For its third quarter, McGraw-Hill's profit rose to $380 million, or $1.23 a share, from $336 million, or $1.07 a share in the year-earlier period -- a 15% increase from the same time last year and way above analysts' expectations of $1.10 EPS. Total revenue grew by 5.5% to $1.98 billion, also beating analysts' projections for the company.

On the education side, revenue jumped 5.5% to $1.1 billion while operating profit grew 19.9% to $357.5 million. That took into account a $3.8 million pre-tax gain on the divestiture of a secondary school business in Australia, while foreign exchange had negligible impact this quarter, a far cry from previous earnings periods.

Looking at specific education segments, revenue for the School Education Group increased by 6.7% to $534.7 million compared to the same time last year, while the higher education side went up 4.3% to $520.0 million. The School Education Group is now on track to capture 30% of the estimated $825 million to $875 million state new adoption market in 2010, owing in large part to substantial orders from the adoption states with the biggest student enrollments, such as Texas, California, and Florida.

Good news also came from the Standard & Poor's side, as that division's revenue increased 9.5% to $697.4 million compared to 12 months ago. The biggest reason? High-yield debt issuance.

As for information and media, Q3 revenue declined by 4.7% to $227.8 million compared to the same period last year, but it would have increased 5.1% if not for lingering residue from the sale of BusinessWeek to Bloomberg. Operating profit for this division also increased by 55.1% to $45.8 million in the third quarter.

In a statement, Chairman, CEO and President Harold McGraw III attributed the earnings jump to a slew of factors, including "surging global high-yield issuance in the bond market, a solid gain at S&P Indices, increases in U.S. elementary-high school and higher education in the seasonally most important quarter of the year, double-digit increases in the sales of digital products and services in higher education and professional markets, and global growth in energy information products."

Looking ahead, the company is bumping up its guidance, now anticipating earnings per share somewhere between $2.60 and $2.65, even with a one-time gain of 2 cents EPS from recent acquisitions.

Pearson Finds Success in Move to Global Learning Technology

As for Pearson, its nine-month trading report was thin on numbers and long on percentage-driven positive news. Overall, the company increased sales by 7% and adjusted operating profit 15% in the first nine months of 2010. Its trade book publishing arm, Penguin, saw revenue grow 5% compared to last year, and the education side increased 7% from 12 months ago. That piece of news caused Pearson to remark that it continues "to accelerate our transformation from book publisher to the leading global learning technology and services company through organic investment and bolt-on acquisitions."

An 11% jump in revenue for the Financial Times came about because of "strong demand for its print and digital content," increased M&A activity and sustained advertising growth. For Penguin, Pearson noted that "physical retail markets are tough," but they were offset "by strong publishing and rapid growth in eBook sales" for 16,500 titles currently available. Industry newsletter Publishers Lunch ran the numbers, and for e-books that means "if Penguin ebooks went from 8.5% of U.S. sales after two quarters to 10% of U.S. sales in the third quarter, that would comprise revenue of approximately $4 million."

In other words, as is the case for almost all big publishers right now, e-books are growing, but the story is still small potatoes compared to larger sectors like education -- and print publishing as a whole.

This post has been edited to correct various figures. The original numbers cited for Standard & Poor's revenue referred to the Credit Market Services Division, while the overall operating profit grew 19.9%, not 9.9% as originally cited. 

NEWS BY:http://www.dailyfinance.com/2010/10/26/mcgraw-hill-pearson-earnings/

UK students switch to US universities

Within four years, a quarter of sixth formers at a leading UK independent school will be heading for universities in the United States.

That's the prediction of Anthony Seldon, head of Wellington College in Berkshire.

Dr Seldon, one of the UK's most prominent head teachers, says that ambitious teenagers are looking further afield than ever before in their university choices.

The lure of well-funded US universities, with more broad-based course options, is proving increasingly attractive to youngsters in the UK, he says.

At a recent talk with pupils, he said that about 40% claimed to want to go to US universities, with the expectation that many of these will actually go on to enrol.

This surge in academic wanderlust reflects the experience of the Fulbright Commission, which promotes educational links between the US and UK.

The level of interest is "rising sharply" this year, says commission director Lauren Welch.

They were taken aback when 4,000 students turned up for a US university recruitment fair in London last month - double previous years.

When admissions figures are known in the new year, she expects a spike in applications.

The most recent figures, from this autumn's intake, saw big increases in applications from students in the UK to universities such as Harvard, Yale and the University of Pennsylvania.

Students wanting to apply to US universities can take the SAT common entrance test in the UK - and the College Board which runs the test reported a 30% increase in such UK candidates.

The introduction of higher tuition fees at UK universities, up to £9,000 per year, is pushing students to think much harder about their options. It's also changing the balance of what is affordable.

Dr Seldon says that universities in the UK are going to have to take more care about what they're offering in terms of contact hours, subject options and pastoral care. The competition is now global.

He says that for the price of UK fees, students are being offered courses in Hong Kong, with change for the air fares home. There are also pupils looking at universities in Canada, Australia, China, South Africa and in continental Europe, he says.
Budget Harvard

The headline price of US universities can be dauntingly high - the top bracket are above $50,000 (£32,000) per year - but this is often offset by high levels of means-tested financial support.

Harvard spokesman Jeff Neal says the university has seen growing numbers of students from the UK and that families with "low and middle incomes will likely pay no more to send their students to Harvard than to a UK university".

From next year, students at Harvard from families earning below $65,000 (£41,000) per year will not have to pay any tuition fees.

The most competitive US universities, hungry for the most talented students, recruit from around the world, with means-tested support available.

So what's it like to go from a school in England to an Ivy League institution?

Jason Parisi, from Leighton Buzzard in Bedfordshire, has started this term at Yale and talks enthusiastically about his experiences.

He says he was drawn by the quality of the course on offer, and the belief that the international experience would give him an advantage in the jobs market when he returned, marking him out from the rest of the graduates.

NEWS BY:http://www.bbc.co.uk/news/business-15963688

The Friends of Dulwich College - Grand Festive Fair 2011

Our ‘Deck the Halls’ annual festive event run by the Friends of Dulwich College, is in the final stages of planning and promises to be bigger and better than ever. With over 120 fabulous stalls, selling high quality gifts for all ages and tastes, it is an unmissable seasonal event. Many describe it as a one stop Christmas shopping day. We have been inundated with applications for stalls this year and have vendors travelling from as far away as Wales, Dorset & Norfolk to sell their wares. (do remember that we have no credit card facilities!)

Our hugely popular Food Hall will again have mouth-watering fare that rivals that in Knightsbridge , and this year we are extending our catering courtyard to a traffic free zone in the car park. Hot food, mulled wine and lots of other warming treats will be available. Our popular café run by the Junior School, will as ever, be a place to take a break over hot drinks and lovely home made baked goodies. There is festive musical entertainment planned alongside the café and this year the Art Department are staging an exhibition of their work, which can be purchased as unusual gifts for family and friends.

As always, we carefully choose a charity to which we donate a large proportion of our overall proceeds .This year we have decided to support Hassan White a Dulwich College pupil who was sadly involved in a road accident last year and is only just learning to take his first steps again after months of recuperation. We hope to support his recovery by the purchase of a special piece of equipment for him. We do not usually charge an entrance fee for the fair but this year we will have buckets at the doors for donations of change for this worthy cause.  Please dig deep into your pockets for him.

Staff members are again donning their boots for sporting entertainment, so do take time out to watch their endeavours! They will also be raising money for Hassan. Our U15 footballers will be raising money to help towards their tour costs and will be organising Beat the Goalie competitions. They are also planning to wash cars while you shop (weather permitting).

Our raffle promises to be another star attraction and all proceeds will go this year to Childline.

Last year we introduced a Fun Zone, run by our Lower School Boys. By popular demand we are repeating this as it was not only huge fun for our younger visitors but also allowed the boys to raise money for charities close to their own hearts.

Our smallest guests will be charmed by the elves in our Santa’s workshop and all visitors receive a fabulous Christmas Gift from the man himself.

We hope to see you at this fabulous event ….wrap up warm and do bring good weather if you can….

NEWS BY:http://www.dulwich.org.uk/college/news-events/events/college-events/2011/10/06/the-friends-of-dulwich-college---grand-festive-fair-2011

University students protest higher tuition

TALLAHASSEE -- Some students protested tuition increases. Some lamented cuts to the Bright Futures scholarship program. And some said they were only after the extra credit.

But when the 200 or so university students cheered, chanted and booed on the Capitol steps Thursday, they all seemed to have one common goal.

“Being a student means you’ve sometimes got to speak truth to power, and let them know where you stand,” Rep. Darryl Rouson, D-St. Petersburg, said in preacher’s cadence, drawing wild cheers from the crowd.

Many of the students were en route to Tallahassee before dawn, on buses from the state’s 11 universities. Nearly three dozen attended from the University of South Florida.

The rally came at a time when tuition has hiked 60 percent in four years, said Michael Long, chairman of the Florida Student Association.

The proposed House budget would bump tuition another 8 percent. Most universities also expect to seek an additional “differential” tuition of up to 7 percent. The Senate’s budget proposals are not out.

“We don’t mind contributing to our education, as long as it’s reasonable,” Long said.

The Florida Student Association, which organized the rally, handed out pamphlets with three legislative goals.

•  Maintain the current level of state funding.

•  Increase money for Bright Futures but strengthen qualification requirements.

•  Reject proposals pending in the Legislature that would allow the governor to appoint the student member on the Board of Governors. Traditionally, Florida Student Association members elect the position.

Senate President Mike Haridopolos, R-Merritt Island, in his speech, promised to protect Bright Futures and criticized former legislatures for misspending money that could have gone toward education.

“For those who don’t know, Florida has the fifth-lowest tuition in the United States today,” he said.

“Keep it that way!” a student shouted.

NEWS BY:http://www.miamiherald.com/2012/01/27/2610838/university-students-protest-higher.html

Robert Pattinson, Sarah Palin And “Prometheus” In New TRAILER PARK

Three trailers have reached the Web as people attempt to scurry away from their laptops and enjoy the holidays with friends and family. But they are worth watching, so take a moment and enjoy the cinematic teases.

First, Ridley Scott has dropped our first look at “Prometheus,” a sci-fi adventure with a stellar cast (Michael Fassbender, Charlize Theron, Noomi Rapace) that most thought would be a prequel to his seminal “Alien” (and many still believe will be connected somehow). Either way, Scott’s return to science-fiction heralds attention no matter what he’s attempting, and so “Prometheus” is high on our radar heading into 2012.

Next up is “Bel Ami,” Robert Pattinson’s steamy period romance that finds the “Twilight” heartthrob sleeping his way through Europe in search of wealth and power. Now that sounds like a tough task for the young actor, don’t you think? “Bel Ami” opens in March. The trailer is an MSN exclusive.

Finally, Julianne Moore and Ed Harris tackle real-life politicians Sarah Palin and John McCain in HBO’s “Game Change,” the adaptation of the best-selling book about their failed presidential campaign. “So find me a woman,” Harris’ McCain says when looking for a game-changing running mate. And Moore’s impersonation of Palin is a game changer, indeed.

I take it back. That’s not an impersonation. That’s the spitting image of Palin. It’s scary. And the movie looks scary good, no matter what side of the political fence you fall on. All three films will be out next year.


Source:
hollywoodnews.com