Printer Friendly

THE WASHINGTON POST COMPANY REPORTS FIRST QUARTER EARNINGS

 WASHINGTON, April 27 /PRNewswire/ -- The Washington Post Company (NYSE: WPO) today reported net income of $40.1 million ($3.40 per share) for the first quarter of 1993, an increase of 104 percent over net income of $19.7 million ($1.66 per share) in the first quarter of 1992.
 The company's 1993 earnings include 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. This credit represents the cumulative effect on prior periods resulting from adopting SFAS No. 109. Excluding this one-time credit, the company's net income for the first quarter of 1993 would have increased 45 percent to $28.5 million ($2.42 per share).
 Strong performances by all of the company's major operating units contributed to first-quarter results. However, the company said that the first quarter's 45 percent rate of growth would not continue throughout the year.
 Revenue for the first quarter of 1993 was $361.7 million, up 10 percent from $329.1 million in 1992. Operating income for the quarter rose 32 percent to $49.8 million, from $37.8 million in the same period last year.
 Newspaper division revenue increased 10 percent in the first quarter of 1993 from the comparable period last year. At The Washington Post, advertising volume totaled 832,600 inches in the first quarter of 1993, up 3.4 percent from 805,400 inches in the first quarter of 1992. Daily circulation at The Post was up 1 percent over the first quarter last year, while Sunday circulation decreased 1 percent.
 Revenues at the broadcast division and Newsweek rose 6.5 percent and 5 percent, respectively, from the first quarter of 1992.
 Cable division revenue was up 11 percent in the first quarter of 1993 (9.5 percent excluding operations in the United Kingdom).
 Revenue from other businesses, principally Stanley H. Kaplan Educational Center, Pro Am Sports System (PASS) and Legi-Slate, increased 27 percent over the first quarter last year. 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 first quarter of 1993 was a loss of $1.8 million, compared with a loss of $4.8 million in the first quarter of 1992. Contributing to this improvement were better results at the company's affiliated newsprint mills, which included a gain on the sale of land in the first quarter of 1993.
 THE WASHINGTON POST COMPANY
 Consolidated Statements of Income
 (Unaudited)
 (In thousands, except per share amounts)
 First Quarter
 1993 1992
 Operating revenues $ 361,706 $ 329,071
 Costs and expenses (311,915) (291,277)
 Income from operations 49,791 37,794
 Interest income 2,606 3,030
 Interest expense (1,446) (1,535)
 Equity in earnings of affiliates (1,795) (4,848)
 Other income, net (51) 89
 Income before income taxes
 and cumulative effect of
 change in accounting principle 49,105 34,530
 Provision for income taxes (20,600) (14,850)
 Income before cumulative effect
 of change in accounting principle 28,505 19,680
 Cumulative effect of change in
 method of accounting for
 income taxes 11,600 --
 Net income $ 40,105 $ 19,680
 Earnings per share:
 - Before cumulative effect of
 change in accounting principle $ 2.42 $ 1.66
 - Net income $ 3.40 $ 1.66
 Average shares outstanding 11,796 11,835
 -0- 4/27/93
 /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

DC-TW -- DC012 -- 1286 04/27/93 11:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1993
Words:620
Previous Article:BALDWIN & LYONS, INC. UNAUDITED FIRST QUARTER REPORT
Next Article:WOLVERINE WORLD WIDE REPORTS FIRST-QUARTER RESULTS, INTRODUCES NEW OFFICERS AT ANNUAL MEETING
Topics:


Related Articles
WASHINGTON POST COMPANY REPORTS FOURTH QUARTER AND YEAR END RESULTS
LUKENS INC. REPORTS SECOND QUARTER SALES UP 21 PERCENT DUE TO STRONG STEEL SHIPMENTS
WASHINGTON POST COMPANY REPORTS EARNINGS
THE WASHINGTON POST ISSUES FIRST QUARTER EARNINGS
/C O R R E C T I O N -- WASHINGTON POST COMPANY/(Correction Notice)
THE WASHINGTON POST COMPANY REPORTS THIRD QUARTER EARNINGS
The Washington Post Company Reports First Quarter Earnings.
The Washington Post Company Reports First Quarter Earnings.
The Washington Post Company Reports First Quarter Earnings.
The Washington Post Company Reports First Quarter Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters