WASHINGTON POST CO. EARNINGS DOWN IN THIRD QUARTER

By: Staff Reports New Business Spending Contributes To Decline





New business spending, higher interest expense, and lower magazine earnings contributed to lower third-quarter earnings at The Washington Post Co.



The company said it earned $33.5 million, or $3.51 per share, down $18.2 million, or 35% from a year ago. Analysts polled by First Call Corp. called for $4.29 EPS.



New business spending was mainly on marketing and Web development at Kaplan Inc. and marketing and sales at Washingtonpost.Newsweek Interactive.



Newspaper publishing revenue rose 7% to $227.6 million as operating income declined 10% to $35 million, due mainly to higher newsprint costs and increased Internet spending.



Political and Olympics advertising drove a 16% gain in television revenue to $88.9 million as operating income rose 23% to $41.9 million.



Magazine publishing revenue rose 4% to $95.9 million as operating income dropped 70% to $4.6 million, due mainly to reduced pension credits and higher subscription acquisition costs at Newsweek.



Cable revenue rose 7% to $90.6 million as operating income declined 9%. Education revenue rose 48% to $99.4 million, due mainly to acquisitions, as the company reduced its operating losses.







3rd Quarter Earnings Reports:



TRIBUNE POSTS EARNINGS DECLINE (10/20/00)

McCLATCHY EARNINGS MEET EXPECTATIONS (10/17/00)

KNIGHT RIDDER PROFITS FLAT IN THIRD QUARTER (10/17/00)

NEW YORK TIMES CO. MEETS ANALYSTS' EXPECTATIONS (10/12/00)

DOW JONES' ELECTRONIC PUBLISHING REVENUE UP 10% (10/12/00)

ACQUISITION EXPENSES TEMPER EARNINGS AT GANNETT (10/11/00)

BROADCAST UNITS DRIVE EARNINGS AT SCRIPPS (10/10/00)







Copright 2000, Editor & Publisher.