That hurts!
Washington Post: Washington Post Co. Earnings Plummet in Third Quarter By Frank Ahrens
The Washington Post Co. today reported an 86 percent decline in third-quarter earnings compared with the same period last year, as a significant loss at the flagship newspaper offset gains at the company’s education and cable divisions.
For the quarter, The Post Co. had net income of $10.3 million ($1.08 per share) on $1.1 billion in revenue, compared with net income of $72.5 million ($7.60) on $1 billion in revenue in 2007.
Circulation of the Monday-Saturday editions of The Post dropped 2.4 percent through the first nine months of the year, with Sunday circulation dropping 3.6 percent. The Post’s daily circulation now stands at 623,100 with Sunday at 872,700.
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Print advertising revenue at The Post dropped 14 percent for the quarter to $97.2 million, and was down 16 percent for the first nine months of 2008, to $308.6 million. The company’s online revenue — generated chiefly by washingtonpost.com — grew 13 percent to $30.8 million in the quarter, although online classified revenue dropped 8 percent.
Kaplan Inc., The Post Co.’s education division, which now provides 53 percent of company revenue, reported $603 million in third-quarter revenue, a 17 percent gain over last year, and $51 million in operating income, a 36 percent gain over the same period last year.
So half of the Post’s revenue is not from news at all. It’s from the overrated standard exam preparation program!
Filed under: Everything Else, What Liberal Media? , earnings, revenue, Washington Post
