here's a final look at WPO, Big miss..
The Washington Post Co. lost more than $19 million last quarter, compared to earning more than $39 million a year ago, as efforts to restructure the company sank the bottom line.
The District-based media giant, which owns television stations, Newsweek magazine, and the flourishing Kaplan education business along with its eponymous newspaper, reported Friday that it posted a loss of $19.5 million, or $2.04 per share, in its first quarter ended March 29, compared to net income of $39.3 million, or $4.08 per share, in the first quarter of last year.
The company said that results for the quarter included $36.9 million in charges for depreciation, restructuring and early retirement programs that had a combined after-tax impact of $22.9 million, or $2.45 per share. Excluding them, the company would have earned 37 cents per share. That was much less than the average Wall Street analyst estimate of earnings excluding charges of $3.48 per share, as reported by Bloomberg News.
Revenue in the quarter declined 1 percent to $1.05 billion, hurt by a 22 percent decline in newspaper publishing revenue, a 21 percent drop in television broadcasting revenue, and a 14 percent decrease in magazine publishing revenue. Education division revenue increased 9 percent. Cable television revenue grew 5 percent. |
