By: (AP) Newspaper publisher Washington Post Co. said Friday its third-quarter profit fell 19%, weighed down by hurricane-related charges and lost revenue at its cable division.
Earnings after preferred dividends fell to $66.3 million, or $6.89 per share, in the three months ended Oct. 2 from $82.2 million, or $8.57 per share, last year. Revenue rose 7% to $873.7 million from $820 million.
The company, which said its cable division had 94,000 subscribers on the Gulf Coast of Mississippi, said costs from Hurricane Katrina cut operating earnings by $1.17 per share. The company also recorded gains of 54 cents per share.
Analysts expected Washington Post to report earnings, excluding one-time items, of $8.01 per share on revenue of $888.7 million, according to Thomson Financial.
Washington Post said revenue rose on growth at its education division, along with improved results at its newspaper publishing division. Revenue fell at its television broadcasting, magazine publishing and cable divisions.
The company said newspaper publishing division revenue totaled $235.5 million, up 5% from $224.9 million in the third quarter of 2004. Operating earnings, however, fell 13% on higher newsprint costs at the Post newspaper and higher pension and payroll costs.
Print advertising revenue at the Washington Post newspaper edged up 3% to $145.3 million in the quarter, from $140.9 million in 2004, as zoned, classified and retail advertising gains more than offset a continued drop in national and supplements advertising.
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