Washington Post Co. profit down 67% in first quarter
The Post's first-quarter net income fell to $15.2 million from $45.4 million a year earlier. Revenue declined 6.9 percent to $1.06 billion. Operating earnings fell 73 percent at the Post's Kaplan unit, which accounts for more than half of total revenue. The newspaper division had an operating loss of $12.8 million, compared with $13.8 million a year earlier.
From the Washington Post's story:
For several years, the Kaplan division has been the engine of The Post Co., as its enrollments soared and the newspaper division faltered. But in the first quarter, Kaplan reported operating income of $15.5 million, down from $57.9 million in the first quarter of 2010. Revenue slid 10 percent to $640.6 million, still the largest segment of the overall Post Co. But the operating income was smaller than the Post’s cable or broadcast television divisions.