Feb 22 Washington Post Co posted a
fourth-quarter loss on Friday after taking a $111.6 million
writedown of one of its troubled educational businesses, Kaplan
The company, which publishes its namesake newspaper and
operates cable and education businesses, reported a loss of
$45.4 million, or $6.57 per share, compared with year-earlier
net income of $61.7 million, or $8.03 per share.
Washington Post Co has been struggling with two problems of
late: the precipitous decline of print advertising revenue at
its flagship publication and tougher regulations aimed at
for-profit colleges that affect its Kaplan business.
The education business accounts for half of the company's
total revenue. In the fourth quarter, revenue at that division
declined 6 percent to $544.4 million.
At the newspaper division, revenue dropped 6 percent to
$162.1 million due on a 12 percent decline in print advertising
at the Washington Post.
Online advertising revenue, which includes Slate, rose 5
percent to $33.1 million.
The newspaper division's operating income fell to $2.6
million in the fourth quarter from $6.8 million a year earlier
because of pension and severance expenses.
In recent weeks, the company sold some newspapers in
Washington state and put the Washington Post newspaper's
headquarters building up for sale.
Shares of the Washington Post were down 1.3 percent at
$407.01 in morning trading.