Wednesday, February 25, 2009

Washington Post Co. Earnings Decline 77 Percent

The Washington Post Co. earnings fell 77 percent in the fourth quarter of last year compared with the same period in 2007, as a large impairment charge drove down net income.

The Post Co. reported fourth-quarter net income of $18.8 million ($2.01 per share) on revenue of $1.16 billion, compared with net income of $82.9 million ($8.71) on revenue of $1.13 billion in the fourth quarter of 2007.

The company's newspaper division, which includes the flagship Washington Post, reported a $14.4 million operating loss for the fourth quarter and a $192.7 million operating loss for all of 2008, nearly half of which came from the cost of early-retirement packages taken by some 231 Post employees. The charge dragged The Post Co. into the red in the second quarter of 2008, for the first time in its 37-year history as a publicly traded company.


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