Cable Rises as Broadcast Slides at Wash. Post Co.
By Jon Hemingway -- Broadcasting & Cable, 8/3/2007 5:31:00 AM
Results from The Washington Post Co.’s television broadcasting division were down in the second quarter, but the cable segment is seeing solid growth.
The Washington Post Co. recorded consolidate revenues of $1.047 billion in the second quarter, up 8% from $969 million in the same quarter a year ago while operating income rose 29% to $125 million from $97 million.
Net income was $68.8 million in the quarter, down 13% from $78.7 million in Q2 2006 on an increase in tax expense.
A decline in political advertising was the main catalyst for lower results in the television broadcasting segment. Broadcasting revenue was down 1% in Q2 to $87.9 million from $89 million a year earlier while operating income slid 13% to $35.2 million from $40.6 million.
The company’s cable division revenues rose 9% in Q2 to $154.4 million from $141.1 million on the back of growth in cable modem and digital revenues and revenues from telephone services. Operating income in Q2 was down 8% to $32 million from $40 million in Q2 2006, when the company recorded $10.4 million in insurance recoveries related to Hurricane Katrina. Excluding the insurance gain, the company noted income growth would have been positive in the quarter.
Cable revenue generating units (RGUs) rose 9% in the quarter to 1.26 million from 1.16 million a year ago led by 21% increase in high speed data customers and an establishing telephone service. Telephone grew from 185 subscribers in Q2 2006 to 23,990 in the latest quarter.
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