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  • bluecheese4u bluecheese4u Aug 3, 2012 9:16 AM Flag

    The Washington Post Company Reports Second Quarter Earnings

    The Washington Post Company Reports Second Quarter Earnings

    WASHINGTON--(BUSINESS WIRE)--Aug. 3, 2012-- The Washington Post Company (NYSE: WPO) today reported net income attributable to common shares of $51.8 million ($6.84 per share) for the second quarter ended June 30, 2012, compared to $45.6 million ($5.74 per share) for the second quarter of last year. Net income includes $17.8 million ($2.36 per share) in income from discontinued operations and $2.0 million ($0.26 per share) in losses from discontinued operations for the second quarter of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $34.0 million ($4.48 per share) for the second quarter of 2012, compared to $47.6 million ($6.00 per share) for the second quarter of 2011.

    Items included in the Company’s income from continuing operations for the second quarter of 2012:
    ■$8.4 million in severance, early retirement and restructuring charges at Kaplan and the newspaper publishing division (after-tax impact of $5.2 million, or $0.69 per share); and
    ■$2.6 million in non-operating unrealized foreign currency losses (after-tax impact of $1.6 million, or $0.21 per share).

    Items included in the Company’s income from continuing operations for the second quarter of 2011:
    ■$11.7 million in severance and restructuring charges at Kaplan (after-tax impact of $7.3 million, or $0.91 per share); and
    ■$0.3 million in non-operating unrealized foreign currency gains (after-tax impact of $0.2 million, or $0.03 per share).

    Excluding these items, the Company’s net income attributable to common shares was $58.6 million ($7.74 per share) for the second quarter ended June 30, 2012, compared to $52.6 million ($6.62 per share) for the second quarter of last year. Excluding these items, income from continuing operations attributable to common shares was $40.8 million ($5.38 per share) for the second quarter of 2012, compared to $54.6 million ($6.88 per share) for the second quarter of 2011. (Non-GAAP measures are discussed below.)

    Revenue for the second quarter of 2012 was $1,006.9 million, down 5% from $1,061.3 million in the second quarter of 2011. The Company reported operating income of $60.4 million in the second quarter of 2012, compared to operating income of $82.1 million in the second quarter of 2011. Revenues were down at the education and newspaper publishing divisions, offset by increases at the television broadcasting and cable television divisions. Operating results were down at all of the Company’s divisions, except for the television broadcasting division.

    For the first six months of 2012, the Company reported net income attributable to common shares of $82.9 million ($10.87 per share), compared to $60.7 million ($7.57 per share) for the same period of 2011. Net income includes $38.1 million ($5.02 per share) in income from discontinued operations and $4.8 million ($0.59 per share) in losses from discontinued operations for the first six months of 2012 and 2011, respectively. Income from continuing operations attributable to common shares was $44.8 million ($5.85 per share) for the first six months of 2012, compared to $65.5 million ($8.16 per share) for the first six months of 2011. As a result of the Company’s share repurchases, there were 6% fewer diluted average shares outstanding in the first six months of 2012.

    Items included in the

    http://www.washpostco.com/phoenix.zhtml?c=62487&p=irol-newsArticle&ID=1722246&highlight=

 
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