Q3 Profit Up at Washington Post Co. -- No Thanks to Newspapers

By: Mark Fitzgerald The Washington Post Company Friday reported a third-quarter profit of $17.1 million, or $1.81 per share, an improvement from its year-ago net income of $10.4 million, or $1.08 per share.

But the profit was entirely due to strong results at its Kaplan education division. During the quarter, losses deepened at its flagship Washington Post and community newspapers.

The newspaper division reported an operating loss of $23.6 million for the quarter, narrower than its year-ago quarterly loss of $82.7 million.

Newspaper publishing revenue fell 20% to $156.3 for the quarter.

Print advertising at the Washington Post plunged 28% to $70 million, and is down 27% for the first nine months of 2009 compared to last year.

?The print revenue decline in 2009 is due to large decreases in classified, general, zones and retail advertising,? the company said.

Newspaper online revenue also fell, by 18% to $22.6 million for the third quarter. Display online advertising revenue was off 14%, and classified fell 27%.


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