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Washington Post' newspaper down, profit up

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Staff writer |
Washington Post CompanyThe Washington Post Company reported net income of $93.8 million for Q3 2012, compared with a loss of $6.2 million a year earlier. The bad news is that company's newspaper continued to lose circulation and print ad revenue.


Regarding to share, that's $12.64 per share, compared to the loss per share of $0.82 a year earlier, and revenue for the quarter was $1.01 billion. Newspaper publishing division revenue totaled $137.3 million for the third quarter of 2012, down 4% from revenue of $143.5 million for the third quarter of last year, and division revenue declined 7% to $419.6 million for the first nine months of 2012. Print advertising revenue at The Washington Post in Q3 2012 declined 11%, and 14% in the first nine months of 2012. The decline is largely due to reductions in general and retail advertising.

Revenue generated by the Company’s newspaper online publishing activities, primarily washingtonpost.com and Slate, increased 13% for the third quarter of 2012, newspaper online revenues increased 4%, and display online advertising revenue increased 18%. Online classified advertising revenue increased 1% for the third quarter and decreased 1% for the first nine months of 2012.

For the first nine months of 2012, Post daily and Sunday circulation declined 9.2% and 6.5%, compared to the same periods of the prior year. For the nine months, average daily circulation at The Washington Post totaled 471,200 and average Sunday circulation totaled 689,000.

Revenue for Q3 2012 was $1,011.3 million, flat compared to $1,012.5 million in the third quarter of the last years. The operating income was $75.9 million in the third quarter of 2012 ($70.2 million in the same period last years). Revenues and operating income increased at the television broadcasting and cable television divisions, offset by declines at the education and newspaper publishing divisions.

Group's affiliates were also performing well. The company holds a 49% interest in Bowater Mersey Paper Company, a 16.5% interest in Classified Ventures, and interests in several other affiliates.

The equity in earnings of affiliates, net, was $4.1 million for Q3 compared to a loss of $1.5 million last year, and or the first nine months of 2012, the company’s equity in earnings of affiliates, net, totaled $11.3 million ($5.4 million last year).

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