Washington Post profit down 67 percent

May 06, 2011
The Washington Post, pictured in 2009, said that revenue was flat in its newspaper publishing division in the first quarter but net profit fell by two-thirds on lower enrollment in its education business.

The Washington Post Co. said Friday that revenue was flat in its newspaper publishing division in the first quarter but net profit fell by two-thirds on lower enrollment in its education business.

The Post Co., which owns the Kaplan chain of schools and television outlets in addition to its flagship newspaper The , said was down 67 percent in the quarter at $15.2 million.

Revenue was down seven percent in the quarter that ended on April 3 to $1.06 billion while earnings per share fell to $1.87 from $4.91 per share a year ago.

The Post Co.'s results for the quarter included a $30.7 million write-down of its investment in Corintian Colleges.

The Post Co. said newspaper publishing division revenue was nearly unchanged during the quarter at $155.0 million compared to $155.8 million a year ago.

revenue at The Washington Post fell eight percent to $63.2 million while online publishing revenue at the WashingtonPost.com and Slate rose eight percent to $25.7 million.

Daily circulation for The Washington Post declined 2.9 percent during the period and Sunday circulation was down 3.4 percent.

Like other US newspapers, the Post has been grappling with declining print and circulation and the migration of readers to online.

The newspaper division reported an operating loss of $12.8 million compared to an operating loss of $13.8 million a year ago.

The Post Co. said education division revenue fell 10 percent to $640.6 million on lower student enrollment at its Kaplan schools.

Cable television division revenue edged up to $190.3 million from $189.4 million a year ago and while television broadcasting division revenue fell two percent to $72.2 million.

Washington Post Co. shares were down 2.45 percent at $421.97 in early trading on Wall Street.

Explore further: BlackBerry courts iPhone users with cash

add to favorites email to friend print save as pdf

Related Stories

Washington Post stems tide of red ink

Jul 31, 2009

The Washington Post Co. reversed its slide and posted a quarterly profit on Friday despite a steep decline in advertising revenue at its flagship newspaper.

New York Times net profit dips 26 percent

Feb 03, 2011

The New York Times Co. on Thursday reported a 26-percent drop in quarterly net profit as an increase in digital advertising revenue failed to make up for what it lost in print ads and circulation.

Gannett net profit down 23 percent on ad slide

Apr 18, 2011

USA Today publisher Gannett said Monday that net profit fell 23 percent in the first quarter as a double-digit boost in digital revenue failed to make up for a continued print advertising slide.

News Corp. net profit up on movie, cable TV showing

Nov 04, 2009

Global media giant News Corp. posted an 11 percent rise in quarterly net profit on Wednesday as strong results from its movie, cable television and book publishing divisions offset a newspaper slump.

Washington Post axes national weekly edition

Aug 10, 2009

The Washington Post is axing its national weekly edition, a publication featuring a selection from the daily newspaper whose circulation has dropped from 150,000 a decade ago to just 20,000 today.

Recommended for you

BlackBerry courts iPhone users with cash

4 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

5 hours ago

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

11 hours ago

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.