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The Washington Post Company Message Board

  • bluecheese4u bluecheese4u Feb 22, 2013 3:16 PM Flag

    The Washington Post Company Reports 2012 and Fourth Quarter Earnings

    The Washington Post Company Reports 2012 and Fourth Quarter Earnings

    WASHINGTON--(BUSINESS WIRE)--Feb. 22, 2013-- The Washington Post Company (NYSE: WPO) today reported net income attributable to common shares of $131.2 million ($17.39 per share) for the fiscal year ended December 31, 2012, compared to $116.2 million ($14.70 per share) for the fiscal year ended December 31, 2011. Net income includes $83.2 million in income ($11.30 per share) and $28.5 million in losses ($3.60 per share) from discontinued operations for 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $48.0 million ($6.09 per share) for 2012, compared to $144.7 million ($18.30 per share) for 2011. As a result of the Company’s share repurchases, there were 6% fewer diluted average shares outstanding in 2012. For the fourth quarter of 2012, the Company reported a net loss attributable to common shares of $45.4 million ($6.57 per share), compared to net income of $61.7 million ($8.03 per share) for the same period of 2011. Net income includes $0.3 million ($0.03 per share) in income from discontinued operations for the fourth quarter of 2011. The Company reported a loss from continuing operations attributable to common shares of $45.4 million ($6.57 per share) for the fourth quarter of 2012, compared to income from continuing operations of $61.4 million ($8.00 per share) for the same period of 2011.

    The results for 2012 and 2011 were affected by a number of significant items as described in the following paragraphs. Excluding these items, income from continuing operations attributable to common shares was $181.0 million ($24.39 per share) for 2012, compared to $206.5 million ($26.08 per share) for 2011. Excluding these items, income from continuing operations attributable to common shares was $78.8 million ($10.61 per share) for the fourth quarter of 2012, compared to $68.4 million ($8.91 per share) for the fourth quarter of 2011. (Refer to the Non-GAAP Financial Information schedule attached to this release for additional details.)

    Items included in the Company’s income from continuing operations for 2012 are listed below, and fourth quarter activity, if any, is highlighted for each item:

    a fourth quarter $111.6 million noncash goodwill and other long-lived assets impairment charge at Kaplan Test Preparation (KTP) (after-tax impact of $81.9 million, or $11.33 per share);
    $63.7 million in early retirement, severance and other restructuring charges at the education and newspaper publishing divisions (after-tax impact of $45.5 million, or $6.18 per share); $41.2 million of these charges were recorded in the fourth quarter (after-tax impact of $31.1 million, or $4.31 per share);
    a fourth quarter $18.0 million write-down of a marketable equity security (after-tax impact of $11.2 million, or $1.54 per share);
    a $5.8 million gain on the sale of a cost method investment (after-tax impact of $3.7 million, or $0.48 per share); and
    $3.1 million in non-operating unrealized foreign currency gains (after-tax impact of $2.0 million, or $0.27 per share).
    Items included in the Company’s income from continuing operations for 2011 are listed below, and fourth quarter activity, if any, is highlighted for each item:

    $31.3 million in severance and other restructuring charges at the education and newspaper publishing divisions (after-tax impact of $19.4 million, or $2.46 per share); $11.7 million of these charges were recorded in the fourth quarter (after-tax impact of $7.3 million, or $0.94 per share);
    a $9.2 million impairment charge at one of the Company’s affiliates (after-tax impact of $5.7 million, or $0.72 per share);
    a $53.8 million write-down of a marketable equity security (after-tax impact of $34.6 million, or $4.34 per share); and
    $3.3 million in non-operating unrealized foreign currency losses (after-tax impact of $2.1 million, or $0.26 per share); $0.4 million in gains were recorded in the fourth quarter (after-tax impact of $0.3 million, or $0.03 per share).
    Revenue for 2012 was $4,017.7 million, down 3% from $4,131.1 million in 2011. Revenues were down at the education and newspaper publishing divisions, partially offset by increases at the television broadcasting and cable television divisions. Operating income for 2012 decreased to $144.5 million, from $325.9 million in 2011. Operating results declined at all of the Company’s divisions, except for the television broadcasting division.

    For the fourth quarter of 2012, revenue was $1,050.1 million, up 1% from $1,040.4 million in 2011. The Company reported an operating loss of $14.4 million in the fourth quarter of 2012, compared to operating income of $109.3 million in 2011. Revenues and operating results were down at the education and newspaper publishing divisions, while revenues and operating income increased at the television broadcasting and cable television divisions.

    washpostcoDOTcom/phoenixDOTzhtml?c=62487&p=irol-newsArticle&ID=1787984&highlight=

 

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