That’s a headline you’ll not likely see for many other companies this year. The boost is only two cents per year – a half cent for each quarterly payout to 22 and a half cents – but it keeps intact McGraw-Hill’s record of increasing dividends for 36 consecutive years. The announcement came a day after the company reported a double digit decline in 2008 net income.
"Our Board recognizes the importance of the dividend to our shareholders, and we are pleased that our strong financial position has enabled us to again increase the dividend, despite the difficult economic environment," said CEO Terry McGraw. "Our disciplined fiscal approach in the current environment has helped us maintain a strong balance sheet and the cash flow needed to fund operations, make investments, pay down debt, and return cash to shareholders," he added.
The quarterly dividend will increase 2.3% from $0.22 to $0.225 per share. The dividend will be payable on March 11th to shareholders of record on February 25th.