Net Income Down at Washington Post in Q4
Broadcasting Revenue Down 6% for Full-Year 2007
By Michael Malone -- Broadcasting & Cable, 2/27/2008 12:39:00 PM
Washington Post’s net income for the fourth quarter of 2007 was $82.9 million, down from $95.5 million the same quarter in 2006.
Revenue for the quarter was $1.126 billion, up 8% from the same quarter of 2006. Revenue was up in the education and cable divisions and down at the newspaper, magazine and broadcasting divisions.
Operating income for the quarter was up 28% over the same quarter in 2006 to $149.3 million thanks to a number of “unusual” operating items that the company outlined in its release.
Net income for the full year 2007 was $288.6 million, down from $324.5 million for 2006. Revenue was up 7% compared with 2006 while operating income was up 4% to $477 million.
Washington Post reported a 6% drop in broadcasting revenue for the year (to $340 million) thanks to a decline in political and Olympic Games advertising from 2006. Operating income for the year was down 12% to $142.1 million.
Revenue dropped 11% in fourth quarter 2006 to $93.5 million, while operating income for the quarter slipped 17% to $41.5 million.
The company’s cable division saw a 12% increase in the fourth quarter to $165.3 million and an 11% increase (to $626.4 million) for the year 2007. The yearly increase is based on “continued growth in the division’s cable-modem and digital revenues, along with revenues from telephony services.”
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