Charges Lead to Loss at McGraw-Hill Education

With the sale of McGraw-Hill Education to the Apollo Global Management Group expected to be completed by the end of the first quarter, McGraw-Hill Cos. reported the company’s results as discontinued operations, a move that provided only a snapshot of how the publishing company finished the year.

According to MHC, the net loss from discontinued operations in in the fourth quarter was $406 million and $239 million for the full year. In 2011, MHE posted full year operating income of $320 million on sales of $2.29 billion, and had fourth quarter operating income of $38 million on revenue of $516 million. The loss in 2012 includes $497 million of impairment charges related to goodwill, prepublication investment, and inventory assets at MHE’s school group.