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Pearson Makes Big Buy as Revenues Rise
Jim Milliot -- 8/7/00

Pearson, which reported nearly $1 billion in revenues in the first half of 2000 in its education business, made another major move in that area last week with a $2.5 billion tender to acquire National Computer Systems, one of the country's largest commercial testing and educational services companies. NCS had revenues of $630 million and earnings of $43 million for the fiscal year ended January 29, 2000, with 75% of its sales coming from the education market and 25% from the corporate sector. NCS will become part of Pearson Education under the direction of group chairman Peter Jovanovich. Pearson chief executive Marjorie Scardino said the NCS purchase will help put Pearson "at the heart of the knowledge and service economy."

For the first six months of the year, revenues at Pearson Education rose 16% to $992 million and the operating loss was cut to $33 million from $54 million. All three of Pearson Education's segments posted double-digit increases in the January through June period: revenues at the U.S. school operation rose 19% to $346 million; revenues in the higher education and professional group increased 21% to $307 million; and international sales increased 17% to $307 million. Pearson noted that sales gains were due to improvements in its print and online programs.
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