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WASHINGTON POST COMPANY REPORTS EARNINGS

 WASHINGTON, July 27 /PRNewswire/ -- The Washington Post Company (NYSE: WPO) today reported net income of $38.0 million ($3.23 per share) for the second quarter of 1993, compared to net income of $45.8 million ($3.87 per share) in the second quarter of 1992. Net income and earnings per share decreased 17 percent, compared with the second quarter of 1992. A weak economy in Washington and a soft market for national advertising at Newsweek were the principal reasons for the decline.
 Revenue for the second quarter of 1993 was $376.7 million, even with revenue of $376.9 million in the second quarter of 1992.
 For the first six months of 1993, the company's net income was $78.1 million ($6.63 per share), compared with net income of $65.4 million ($5.53 per share) in the first half of 1992. Net income and earnings per share for the first half of 1993 rose 19 percent and 20 percent, respectively. Results for the first six months of 1993 included a one-time credit of $11.6 million (98 cents per share) resulting from the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS No. 109), which requires the company to adjust its deferred income tax balances using current tax rates. Excluding this credit, both net income and earnings per share in the first half of 1993 increased 2 percent.
 Revenue for the first half of 1993 was $738.4 million, up 5 percent over revenue of $706.0 million in the first six months of 1992.
 Newspaper division revenue decreased 2 percent in the second quarter of 1993, and increased 4 percent in the first half, compared with the comparable periods last year. Advertising volume at The Washington Post totaled 856,100 inches in the second quarter of 1993, down 4.4 percent from 895,800 inches in the second quarter of 1992. Post advertising linage declined 1 percent in the first six months of 1993 to 1,688,700 inches, from 1,701,200 inches in the first half of 1992. For the first six months of 1993, daily circulation at The Post was up 1 percent over the same period last year, while Sunday circulation decreased 1 percent.
 Revenue at the broadcast division increased 7 percent in both the second quarter and first six months of 1993. Newsweek revenue decreased 10 percent in the second quarter and 3 percent in the first half of the year.
 Cable division revenue increased 10 percent in the second quarter of 1993 and 11 percent in the first six months. Excluding operations in the United Kingdom, cable revenue increased 9 percent in both the second quarter and the first half.
 Revenue from other businesses, principally Stanley H. Kaplan Educational Center, Pro Am Sports System (PASS) and Legi-Slate, rose 30 percent in the second quarter and 28 percent in the first half. Revenue from PASS, which was acquired at the end of 1992, was the major contributor to the increase.
 The company's equity in earnings of affiliates in the second quarter was a loss of $.6 million (a loss of $2.4 million in the first half), compared with a loss of $1.7 million in the second quarter (a loss of $6.6 million in the first half) last year. Better results at the company's newsprint affiliates were the major factor contributing to the improvement in 1993.
 THE WASHINGTON POST COMPANY
 Consolidated Statements of Income
 (Unaudited)
 (In thousands, except per share amounts)
 Second Quarter Twenty-Six Weeks
 1993 1992 1993 1992
 Operating revenues $ 376,705 $ 376,933 $ 738,411 $ 706,004
 Costs and expenses (312,704) (295,879) (624,619) (587,156)
 Income from operations 64,001 81,054 113,792 118,848
 Interest income 2,488 2,820 5,094 5,850
 Interest expense (985) (1,780) (2,431) (3,315)
 Equity in losses
 of affiliates (591) (1,709) (2,386) (6,557)
 Other income (expense),
 net 638 (108) 587 (19)
 Income before income taxes
 and cumulative effect
 of change in
 accounting principle 65,551 80,277 114,656 114,807
 Provision for
 income taxes (27,560) (34,525) (48,160) (49,375)
 Income before cumulative
 effect of change
 in accounting principle 37,991 45,752 66,496 65,432
 Cumulative effect
 of change in method
 of accounting for
 income taxes -- -- 11,600 --
 Net income $ 37,991 $ 45,752 $ 78,096 $ 65,432
 Earnings per share:
 Before cumulative effect
 of change in accounting
 principle $ 3.23 $ 3.87 $ 5.65 $ 5.53
 Net income $ 3.23 $ 3.87 $ 6.63 $ 5.53
 Average shares
 outstanding 11,755 11,835 11,775 11,835
 -0- 7/27/93
 /CONTACT: Guyon Knight of The Washington Post Company, 202-334-6642/
 (WPO)


CO: The Washington Post Company ST: District of Columbia IN: PUB SU: ERN

MH-DC -- DC012 -- 6188 07/27/93 11:33 EDT
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Date:Jul 27, 1993
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