logo
Share SHARE
FONT-SIZE Plus   Neg

Washington Post Reports Loss In Q4

Washington Post Co. (WPO) Friday reported a swing to loss in the fourth quarter, with its bottom line weighed down by hefty charges at its educational subsidiary, Kaplan, and a sluggish revenue growth.

Revenues for the quarter grew 1 percent, as performance at its four segments were mixed. Revenues and operating profit declined at the education and newspaper publishing divisions, while revenues and operating income increased at the television broadcasting and cable television business.

Newspaper publishing revenues declined 6 percent to $162.1 million, reflecting a 12 percent decline in print advertising revenue at The Washington Post, partially offset by a 5 percent increase in revenue at the company's newspaper online publishing activities. Display online advertising revenue increased 7 percent.

Television broadcasting division's revenues increased 32 percent to $116.2 million due to increase in political advertising and summer Olympics-related advertising. Revenues at the cable television grew 6 percent to $201.7 million, due to continued growth in internet and telephone service revenues as well as rate increases.

Total operating revenues grew 1 percent to $1.05 billion from $1.04 billion last year. Revenue declined 6 percent at the education division to $544.4 million.

Kaplan's operating loss for the quarter was $111.9 million, compared to operating profit of $30.9 million last year, reflecting a significant decline in Kaplan Higher Education results, a $111.6 million assets impairment costs related to Kaplan Test Preparation, and $45.2 million in restructuring costs.

Washington Post's fourth-quarter loss attributable to stockholders was $45.4 million or $6.57 per share, compared to a profit of $61.7 million or $8.03 per share last year.

Excluding special items, income from continuing operations improved to $78.8 million or $10.61 per share from $68.4 million or $8.91 per share last year.

WPO is currently trading at $406.52, down $5.88 or 1.43% on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Senate Republicans appear poised to approve a budget resolution that will serve as the legislative vehicle for their tax reform plan. The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate. President Donald Trump intends to nominate antitrust attorney Joseph Simons as chairman of the Federal Trade Commission, the White House announced on Thursday. Simons, who served as an FTC official under President George W. Bush, is currently a partner and co-chair of the antitrust group at law firm Paul Weiss. Less than four months after its debut on the New York Stock Exchange, Blue Apron Holdings Inc. said it is laying off 6 percent of its workforce. In a regulatory filing on Wednesday, the embattled meal-kit delivery company said it has implemented a company-wide realignment of personnel to support its strategic priorities.
comments powered by Disqus
Follow RTT