Education revenues were up sharply again for the Washington Post Company, offsetting an 8% decline for the flagship newspaper and 5% for the TV group. On the bottom line, profits slipped 1% to 72.5 million, although that still worked out to the same 7.60 per share as a year ago.
Although the company’s recent growth driver, education, saw revenues increase 22% to 514.6 million, operating income declined 2% to 37.6 million.
Post-Newsweek Stations, the TV group, saw revenues decline 5% to 77.8 million, due to a 7.6 million decline in political revenues. Operating income rose 10% to 36 million, but that was because of the sale of the studios of WPLG-TV (Ch. 10, ABC) Miami, which is being leased back while the company builds new studios, expected to be completed in 2009.
Revenues for the Washington Post newspaper declined 7% to 210.2 million and operating income plunged 50% to 8.8 million. For the remaining divisions, cable TV revenues were up 11% to 157.8 million and magazine revenues declined 18% to 62.5 million.