By: E&P Staff The Washington Post Co. reported Friday that its first-quarter net income was $39.3 million, or $4.08 a share, down from $64.4 million, or $6.70 a share, from Q1 2007. Most of the decrease came from a $24.6 million charge, with an after-tax impact of $1.60 a share, related to an early retirement program at Newsweek magazine.
Total revenue for the Post Co., which refers to itself as a "diversified education and media company, was up 8% to $1.06 billion in the quarter, on increases in its education and cable TV divisions that offset decreases at its newspapers, magazines, and broadcast television outlets.
Newspaper revenue totaled $206.1 million for the first quarter -- a 6% decline from $219.2 million for the first quarter of 2007.
Newspaper operating income was $1.2 million, down from $14.9 million in 2007.
Print advertising revenue at The Washington Post fell 11% to $111.6 million, on a steep decline in classified advertising and declines in retail and general advertising.
Newspaper online revenues, mostly from washingtonpost.com, increased 8% to $27.1 million for the first quarter.
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