By: E&P Staff Washington Post Co. Friday reported a second-quarter net loss of $2.7 million, or 31 cents a share, from a year-ago profit of $68.8 million, or $7.19 a share, mostly on a charge for it early retirement program to cut jobs at its flagship Washington Post and Newsweek magazine.
Overall revenue at the company was up 5.7% to $1.11 billion on growth in its Kaplan education and cable television divisions.
The Post Co. reported losses at its newspaper publishing and magazine publishing divisions, and operating results were also down at its television broadcasting division.
Newspaper revenue in the quarter fell 13% from a year ago to $197.3 million.
Lehman Brothers analyst Craig Huber had expected the company to report a profit of $6.19 per share on revenue of $1.12 billion.
The Post Co. recorded a $79.8 million expense in the second quarter for its retirement buyout offer, which was accepted by 231 Washington Post employees.
The newspaper division reported an operating loss of $96.7 million in the second quarter of 2008, compared to operating income of $17.8 million in the second quarter of 2007.
Print advertising revenue at the Post fell 22% to $99.8 million, mostly on big declines in classified plus a "significant" fall-off in retail advertising, the company said.
Online revenue increased 4% to $29.3 million in the second quarter.
Online classified advertising revenue on washingtonpost.com actually declined 1% in the second quarter, but was up "slightly" for the first six months of 2008, the company said.
Comments
No comments on this item Please log in to comment by clicking here