(RTTNews) - Friday, diversified education and media company Washington Post Co. (WPO: News ) reported a 69% rise in profit for the third quarter, as revenues grew 2% from last year on increased growth at education and cable television divisions. However, print advertising revenue at its flagship newspaper declined 28% year-over-year, reflecting decreases in classified, general, zones and retail advertising.

For the third quarter, the Washington, District of Columbia-based company's net income available for common stock soared to $17.05 million from $10.10 million in the year earlier quarter. On a per share basis, earnings surged 68% to $1.81 from $1.08 last year.

Results for the quarter included after tax impact of $3.8 million or $0.40 per share in accelerated depreciation at The Washington Post, $18.8 million or $2.00 per share goodwill and other long-lived assets impairment charge related to Kaplan Ventures, and a $18.8 million or $2.00 per share impairment charges at two of its affiliates.

In the previous second quarter, Washington Post reported net income available for common stock of $12.2 million or $1.30 per share, compared to a loss of $2.94 million or $0.31 per share in the year-earlier quarter.

Operating revenues for the recent third quarter edged up 2% to $1.15 billion from $1.13 billion in the prior-year quarter.

For the preceding second quarter, Washington Post reported revenues that improved 2% to $1.13 billion from the previous year's revenue of $1.11 billion.
Segment wise, the company's Education division revenues for the latest third quarter grew 14% to $684.52 million and revenues at Kaplan, which organises test preparation courses, advanced 14% year-over-year to $684.52 million.

Cable television division revenue for the quarter rose 4% to $189.65 million from last year , boosted by continued growth in the division's cable modem and telephone revenues, and a $4 monthly rate increase for most basic subscribers in June 2009.

Newspaper publishing division revenue was $156.28 million, down 20% from the year earlier quarter, while print advertising revenue at The Post tumbled 28% to $70.00 million from the year ago quarter owing to large decreases in classified, general, zones and retail advertising.

Revenue for the television broadcasting division decreased 17% year-over-year to $64.60 million due to weaker advertising demand in all markets and most product categories, particularly automotive. Meanwhile, revenue for the magazine publishing division slipped 33% to $40.17 million from a year earlier due to a 48% reduction in advertising revenue at Newsweek.

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