<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>firstquarter8k.txt
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 5, 2003
THE MCGRAW-HILL COMPANIES, INC.
------------------------------
(Exact Name of Registrant as specified in its charter)
New York 1-1023 13-1026995
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation or
organization)
1221 Avenue of the Americas, New York, New York 10020
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(Address of Principal Executive Offices) (Zip Code)
(212) 512-2564
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(Registrant's telephone number, including area code)
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Item 9. Regulation FD Disclosure
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Pursuant to Regulation FD, the Registrant hereby furnishes materials which
are, concurrently with the filing of this Report on Form 8-K, being sent to
certain investors of the Registrant as a follow-up to information publicly
disclosed by the Registrant on its 2003 First Quarter Earnings Conference Call
which was held on April 29, 2003.
<page>
Item 7. Exhibits
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(99) Materials sent to certain investors of the Registrant as a follow-up
to information publicly disclosed by the Registrant on its 2003 First Quarter
Earnings Conference Call which was held on April 29, 2003.
<page>
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Form 8-K Report to be signed on its behalf by
the undersigned hereunto duly authorized.
THE McGRAW-HILL COMPANIES, INC.
By:
------------/s/---------------
Kenneth M. Vittor
Executive Vice President and
General Counsel
Dated: May 5, 2003
<page>
INDEX TO EXHIBITS
Exhibit Number
(99) Materials sent to certain investors of the Registrant as a follow-up
to information publicly disclosed by the Registrant on its 2003 First Quarter
Earnings Conference Call which was held on April 29, 2003.
<page>
May 5, 2003
Dear Investors:
As a follow-up to the 2003 First Quarter Earnings Conference Call, which was
held on April 29, 2003, we thought it would be helpful to provide the following
information.
With respect to the sale of S&P ComStock in February 2003, the first
quarter 2003 and 2002 results from S&P ComStock operations were excluded from
the Financial Services segment and reported in the consolidated statement of
income in a section entitled "Discontinued operations." Since the sale of S&P
ComStock occurred in February 2003, there will be no further operating results
associated with S&P ComStock in 2003. The 2003 and 2002 revenue by quarter for
S&P ComStock is shown below.
(000's) 2002 2003
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S&P ComStock Revenue
1st-Q $16,109 $11,076
2nd-Q $16,129 -
3rd-Q $16,404 -
4th-Q $16,734 -
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Total S&P ComStock Revenue $65,376 $11,076
======= =======
Results from MMS International, which was divested in September 2002, will
continue to be included in the Financial Services segment. Revenue for MMS
International in 2002 by quarter is shown below.
(000's) 2002 2003
---- ----
MMS International Revenue
1st-Q $ 9,344 $ -
2nd-Q $ 9,040 -
3rd-Q $ 6,469 -
4th-Q $ - -
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Total MMS International Revenue $24,853 $ -
======= =======
The following table sets forth certain information which was discussed on the
Earnings Conference Call with respect to the Global Transformation Project (GTP)
and deferred spending on all technology products for 2002, the first quarter of
2003 and an estimate for 2003.
(000's) GTP All Technology Projects GTP
Deferred Spending Deferred Spending Expensed
Full Year 2002 $36,300 $ 55,477 $ 21,500
First Quarter 2003 $ - $ 7,742 $ 7,600
Full Year Estimate 2003 $14,000 $ 75,000 $ 20,000
The forward-looking statements in this letter involve risks and uncertainties
and are subject to change based on various important factors, including
worldwide economic, financial and political conditions, the pace of recovery in
the economy and the health of the education market.
Sincerely,
--------/s/-----------
Donald S. Rubin
Senior Vice President
Investor Relations
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