Washington Post Co. Profit Plunges 77%

By: The Washington Post Co. says its fourth-quarter profit plunged 77%, hurt by hefty one-time charges despite modest revenue growth led by the company's education and cable TV businesses.

The company, which owns the Kaplan academic testing service and publishes Newsweek magazine along with its flagship newspaper, posted net income of $18.8 million, or $2.01 per share, compared with $82.9 million, or $8.71 per share, in the same quarter a year ago.

Revenue grew 3% to $1.16 billion from $1.13 billion.

The company said its results included a $142.3 million write-down on the value of its newspapers and other assets, a $111.1 million charge for early retirement expenses and other one-time items.