Washington Post Co. first-quarter earnings double; ad revenue continues slide
By Steven Mufson, Published: May 4
The Washington Post Co.s first-quarter earnings doubled from a year earlier, but profits excluding one-time items fell.
The companys broadcast division did well, and its cable division held steady, but the once-*lucrative Kaplan education unit lost money, the flagship Washington Post newspapers weekday circulation plunged to less than half a million, and ad revenue continued to slide both in print and online publications.
Overall, the company on Friday announced net income of $31 million, or $4.07 a share, compared with $15.2 million, or $1.87 a share, in the first quarter of 2011. Revenue was $972.5 million in the first quarter, down 7 percent from $1.04 billion.
The figures include several one-time charges, and the company said earnings from continuing operations were $10.8 million for the first quarter, compared to $17.9 million a year earlier.
Because of continuing share buybacks, the number of outstanding shares fell 6 percent.
The newspaper division reported an operating loss of $22.6 million, compared with a loss of $12.8 million in the first quarter of 2011. Print advertising at the flagship newspaper plunged 17 percent from a year earlier, to $52.7 million, with declines in general, classified and preprint ads. Despite increases in online readership, online revenue primarily from washingtonpost.com and Slate fell 7 percent to $24.2 million...