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THE WASHINGTON POST COMPANY PROJECTS 1991 EARNINGS

 THE WASHINGTON POST COMPANY PROJECTS 1991 EARNINGS
 NEW YORK, Dec. 13 /PRNewswire/ -- The Washington Post Company


(NYSE: WPO) said today that 1991 net income and earnings per share will be well below the company's 1990 earnings of $174.6 million ($14.45 per share). In addition to weak operating income, the company's 1991 results will reflect a one-time, after-tax accounting charge of approximately $50 million ($4.30 per share) to comply with Financial Accounting Standards Number 106, "Employers Accounting for Postretirement Benefits Other Than Pensions."
 Employers traditionally have reported their retiree health care and life insurance expenses on a pay-as-you-go basis. Under FAS No. 106, companies will accrue -- and charge against current earnings -- postretirement medical and life insurance liabilities, beginning from the date an employee is hired, until the employee becomes eligible for future benefits. Accordingly, in addition to the one-time charge covering prior years, The Washington Post Company will recognize higher annual charges necessitated by the new accounting requirement. In 1991, this charge will approximate $8 million.
 Donald E. Graham, president and chief executive officer, told analysts at the PaineWebber media conference here that The Washington Post Company expects soft operating results in 1992, unless there is some significant upturn in the economy. Graham said that The Washington Post Company's 1992 earnings also will reflect substantially higher losses at its newsprint manufacturing affiliates.
 Despite current economic conditions and a soft market for advertising, the company remains optimistic about future prospects. Alan G. Spoon, executive vice president and chief operating officer, said, "With our good businesses, high investment criteria, over $300 million in cash and marketable securities, and increasing opportunity, I believe we will continue to deliver for our shareholders long term."
 -0- 12/13/91
 /CONTACT: Lauren LeVine of The Washington Post Company, 202-334-6692/
 (WPO) CO: The Washington Post Company ST: New York ST: PUB SU:


TW-SB -- DC008 -- 2412 12/13/91 13:46 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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