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Washington Post Earnings Fall 95 Percent
Yahoo! News ^
| Oct. 19, 2001
Posted on 10/19/2001 12:39:58 PM PDT by Alissa
WASHINGTON (AP) - The Washington Post Co. reported a 95 percent decline in third quarter net earnings Friday due to an advertising slump and charges to write down investments.
The company, whose properties include The Washington Post and Newsweek, reported net income of $1.6 million, or 14 cents per share, compared to $33.5 million, or $3.51 per share, in the same period a year ago.
Excluding the effect of about $26 million in investment write-downs, earnings for the most recent quarter were $15.1 million, or $1.56 a share, above the $1.39 per share analysts polled by Thomson Financial/First Call were expecting.
The company attributed the decline in earnings to a 19 percent drop in advertising revenue at its advertising-based businesses. That includes its flagship newspaper, where ad revenue fell 20 percent in the quarter, as well as at its television stations, which saw a 23 percent decline.
However, Newsweek magazine had what the company described as a ``significant spike'' in newsstand sales following the Sept. 11 terrorist attacks. Revenues were also higher at its Kaplan test preparation and educational services division.
Total revenues fell 1 percent to $595.5 million from $602.4 million in the same period a year ago.
The company's shares were off $1.75 to $521 in afternoon trading on the New York Stock Exchange.
For the first nine months of the year, net income was $215.1 million, which included gains from the sale and exchange of cable TV systems. In the same period a year ago the company earned $98.8 million. Nine-month revenues edged up 3 percent to $1.79 billion from $1.74 billion.
TOPICS: News/Current Events
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1
posted on
10/19/2001 12:39:58 PM PDT
by
Alissa
To: Alissa
I shan't sleep a wink tonight.
2
posted on
10/19/2001 12:41:29 PM PDT
by
AppyPappy
To: Alissa
BWAAAAHHHHHH!!
3
posted on
10/19/2001 12:43:17 PM PDT
by
GunsareOK
To: Alissa
Schadenfreude!
To: Alissa
Heartbreaking. Simply heartbreaking. I'll take the time now to wish all WP employees an early Merry Christmas....
5
posted on
10/19/2001 12:44:16 PM PDT
by
TomServo
To: Alissa
after that first editorial howard fineman wrote after the attack, it is no wonder. Paybacks are a bit** for these traitors it looks like.
6
posted on
10/19/2001 12:44:29 PM PDT
by
lawgirl
To: Alissa
Yes, I'm crying real tears for them. Advertisers have cut their expenditures, readers no longer take them seriously... Geez -- I wonder why the decline? Maybe the old lady took the money with her!!
7
posted on
10/19/2001 12:44:38 PM PDT
by
TommyDale
To: Alissa
Great news, also AOL down, CNN in tatters. Just hope they do not hype too much more than they already have-6 Questions for Osama-to boost their revenues.
8
posted on
10/19/2001 12:47:40 PM PDT
by
Helms
To: Alissa
Doncha just LOVE it?
9
posted on
10/19/2001 12:48:48 PM PDT
by
Maceman
To: AppyPappy
I shan't sleep a wink tonight.
Enjoy the party!
10
posted on
10/19/2001 12:49:03 PM PDT
by
patent
To: Alissa
If the WP is in trouble, just guess what other companies' book are going to look like.We can all enjoy their misfortune, however, they are the premier media company in America, and with a tremendous franchise, and yet they have profitability problems.Christmas bonuses are going to be slim this year, for everyone.
To: Alissa
Let's all chip in with condolence cards, while we're at it..
12
posted on
10/19/2001 12:50:29 PM PDT
by
TomServo
To: Alissa
The Washington Post Co. reported a 95 percent decline in third quarter net earnings Friday......due to Bill Clinton's leaving town. "All the political news is so boring, so ADULT," a spokesman replied when asked why that would make a difference. "People have gone about their business trusting that now that the adults are here, they don't have to be constantly focused on the latest antics of our erstwhile boy-President."
13
posted on
10/19/2001 12:51:01 PM PDT
by
Illbay
To: Alissa
Oh woe! Oh Woe! Let us all proceed collectively to the nearest cliff where we will throw ourselves off. Oh woe! Oh woe!
To: Alissa
Good for the lying clymers. And W's approval is 90+. Sweet. Very, very, sweet....
15
posted on
10/19/2001 12:51:42 PM PDT
by
eureka!
To: habs4ever
Christmas bonuses are going to be slim this year,My company spells it with two words: BONE US!
To: Alissa
Good! The Washington Times rules.
To: Alissa
News that's worth at least a chortle or two. Maybe even three.
To: Alissa
Washington Post? Whats that?
19
posted on
10/19/2001 12:58:13 PM PDT
by
carlo3b
To: Alissa
Wonder how their web site is doing. "Copyright infringement" may be a moot point
. . .
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