Posted on 02/25/2009 11:24:57 AM PST by freespirited
The Washington Post Co. earnings fell 77 percent in the fourth quarter of last year compared with the same period in 2007, as a large impairment charge drove down net income.
The Post Co. reported fourth-quarter net income of $18.8 million ($2.01 per share) on revenue of $1.16 billion, compared with net income of $82.9 million ($8.71) on revenue of $1.13 billion in the fourth quarter of 2007.
The company's newspaper division, which includes the flagship Washington Post, reported a $14.4 million operating loss for the fourth quarter and a $192.7 million operating loss for all of 2008, nearly half of which came from the cost of early-retirement packages taken by some 231 Post employees. The charge dragged The Post Co. into the red in the second quarter of 2008, for the first time in its 37-year history as a publicly traded company.
The company's magazine division -- largely Newsweek -- reported a $10.9 million operating profit for the fourth quarter but a $16.1 million operating loss for 2008. ...
The Post Co.'s newspaper division -- including The Post newspaper, Newsweek magazine, Slate, Washingtonpost.com, Express and other properties -- continued to suffer declining circulation and advertising spending ...the newspaper division reported a $24.9 million operating loss for 2008.
Print advertising revenue at The Post dropped 17 percent in 2008 compared with 2007. Daily circulation dropped 2.6 percent in 2008 and now stands at 633,100. On Sundays, a 3.3 percent decline puts circulation at 872,500.
(Excerpt) Read more at washingtonpost.com ...
;-)
Woohoo! Great news. Hope the NY & LA Slimes are next.
Holder Live press briefing on C-Span 3 and not other broadcast or C-Span3 is showing it. Fox cut away at beginning.
Not many people have C-Span3
Gotta watch if you can!
Meant need to watch C-Span 3 regarding Holder and drug cartels and Mexico!
Good news. This will be the last lib paper to fall. they have a DC customer base so the fools will keep reading plus they own local TV. I have been wondering if they would be hurting as much as the others.
Washington Post editors and reporters, there is an easy way to turn this trend around, stop your one sided bias reporting. You and the NY Times are going down because your turn off half the people in this country and half the advertisers. You are reporting at your own peril.
Wow, that’s not a decrease in profit but of earnings!
Worse than that...they turn off the half that can read...
Not to worry since as NoNewsWeak had as a cover story “We Are All Socialists Now”, all that is required is to have the government subsidize this party newspaper and magazine. They will then have a permanent circulation to the entire country and thus - No Problem. Eventually there will be the name change as the NY Slime, Bahstan Glibe, LA Tries and other liberal mouthpieces get combined under one umbrella. The only question is what name, Izvestia or Pravda?
You’ll notice that revenue was up
Ouch, misinterpreted the reference. I took “earnings” for “gross income,” not “profit.”
I read the first sentence and left it at that. Thanks for catching that.
The Post Co.'s newspaper division -- including The Post newspaper, Newsweek magazine, Slate, Washingtonpost.com, Express and other properties -- continued to suffer declining circulation and advertising spending, as the ongoing recession added to the declines in print advertising and readers fleeing to the Internet.
Excluding the impairment charges, the newspaper division reported a $24.9 million operating loss for 2008.
Print advertising revenue at The Post dropped 17 percent in 2008 compared with 2007. Daily circulation dropped 2.6 percent in 2008 and now stands at 633,100. On Sundays, a 3.3 percent decline puts circulation at 872,500.
The newspaper division provided 18 percent of the company's 2008 revenue, but that figure was down 10 percent compared with 2007.
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